📉 Hope everyone's doing alright today, I won't keep you long so thanks for joining ladies and gentlemen.
📉 XRP slipped down below the new support that we added in yesterday losing that level at 0.736 before basically plunking to 0.683 and bouncing back up. Main reason is likely the fact that XRP has failed to regain the 200 EMA on the 15 minutes and lost the hourly 200 EMA as shown on the main chart above.
📉 I have encircled two opposite points of interest which both can offer us some important points to note. Both are roughly/extend to 0.68 thus I'm just going to say it's that for now. And both points have been annotated in white showing the 1st and second test as both are tests of the support at 0.68 which seems to be vital.
📉 Now that we've lost the 200 on the hourly the biggest thing traders will be looking for is a test of support above 0.68 as that was our last major test. If we lose that the most bearish outlook would have us looking at 0.58 followed 0.48. I don't say that to incite fear but simply to let you guys know the next major levels below. Here's the 15 minute chart below:
📉 It's mostly the same chart as yesterday but with the new annotation and volume bars. By looking at the volume we can identify the selloff as mostly whales closing out big positions alongside some retail traders.
📉 Current hourly bar has that wick extending both up and down indicating weak buy and sell pressure thus traders/the market is looking to identify the next trend and whether or not we'll recover prices or continue to slide. For that again refer to 0.68 as a final support if we get there which ofc we'll hope to avoid.
📉 Don't want to keep you guys to long but that's all for today's idea, wanted to at least get something out for you guys, gonna go rest now but feel free to leave a like or follow, never hurts, and all the best.
~ Rock '
📉 XRP slipped down below the new support that we added in yesterday losing that level at 0.736 before basically plunking to 0.683 and bouncing back up. Main reason is likely the fact that XRP has failed to regain the 200 EMA on the 15 minutes and lost the hourly 200 EMA as shown on the main chart above.
📉 I have encircled two opposite points of interest which both can offer us some important points to note. Both are roughly/extend to 0.68 thus I'm just going to say it's that for now. And both points have been annotated in white showing the 1st and second test as both are tests of the support at 0.68 which seems to be vital.
📉 Now that we've lost the 200 on the hourly the biggest thing traders will be looking for is a test of support above 0.68 as that was our last major test. If we lose that the most bearish outlook would have us looking at 0.58 followed 0.48. I don't say that to incite fear but simply to let you guys know the next major levels below. Here's the 15 minute chart below:
📉 It's mostly the same chart as yesterday but with the new annotation and volume bars. By looking at the volume we can identify the selloff as mostly whales closing out big positions alongside some retail traders.
📉 Current hourly bar has that wick extending both up and down indicating weak buy and sell pressure thus traders/the market is looking to identify the next trend and whether or not we'll recover prices or continue to slide. For that again refer to 0.68 as a final support if we get there which ofc we'll hope to avoid.
📉 Don't want to keep you guys to long but that's all for today's idea, wanted to at least get something out for you guys, gonna go rest now but feel free to leave a like or follow, never hurts, and all the best.
~ Rock '
