The previous game at XRP was played in a masterly fashion.
Now we have an interesting situation and how to approach it.
As you can see, the earlier correction was reflected to the level of 618 fibbo, which is the level of entering shorty. After reaching the bottom again, we had another retest of the level of 618, which confirmed the weak trend and deepened declines.
The current situation is a bit different, but this play has a chance, at least in a sense, to come true. After such a strong decline, a rebound must come ...
The only question is when. In my opinion, we need a consolidation to reset the MACD and then we will see a move towards the level of at least 382, then 618 and the least likely 786. This fact further strengthens the RSI indicator which again curves around 40 on the 4h chart.
* warning * RSI still has not reached the bottom, which may mean that another downward wave is waiting for us to around x <0.3 $, so it is important to observe what is happening in the consolidation,
Below is a link to all traffic from two months ago:
Now we have an interesting situation and how to approach it.
As you can see, the earlier correction was reflected to the level of 618 fibbo, which is the level of entering shorty. After reaching the bottom again, we had another retest of the level of 618, which confirmed the weak trend and deepened declines.
The current situation is a bit different, but this play has a chance, at least in a sense, to come true. After such a strong decline, a rebound must come ...
The only question is when. In my opinion, we need a consolidation to reset the MACD and then we will see a move towards the level of at least 382, then 618 and the least likely 786. This fact further strengthens the RSI indicator which again curves around 40 on the 4h chart.
* warning * RSI still has not reached the bottom, which may mean that another downward wave is waiting for us to around x <0.3 $, so it is important to observe what is happening in the consolidation,
Below is a link to all traffic from two months ago:
Comment:
At 4h, the RSI looks great and starts to turn back. The next 8h will show us if the trend continues, but judging by the strength of the breakout, we are going according to plan. First stop $ 0.5
Comment:
the consolidation takes place in the rectangular triangle - another good signal for an upside breakout. Triangle moves range up to $ 0.5
Comment:
first targer almost reached
Comment:
XRP is struggling with previous support at 0.44 which has now become resistance. It's a bearish signal