We got our 0.990 level test, which failed & we got our return to the bottom boundary of the correction channel (which also just failed to hold), just as I mentioned before, this can be a strong indication of the second wave of the down move.
However, price can attempt another test of the downtrend line in attempt to reach the 0.990 level again. This has a low probability of occurring, to me, but it is still possible.
For now, the behavior at this 0.990 level + break of bullish correction channel may have well sucked in many bulls/longs expecting quick push up to 1.066 and 1.128 levels. Also the 0.800 level will be very important to watch for another bearish confirmation (I didn't label this level on the chart).
This coming week will be very interesting to see how all the emotion will play out. Some longs after the Friday cover spike may get out from volatility & fear, to add more downward pressure; some shorts will pounce on the price struggling to hold after rising.
Let's see if XRP can recover, or if the second wave of shorts will surely come to finish the job.
Everything has unfolded very nicely so far; let's see what happens next!
However, price can attempt another test of the downtrend line in attempt to reach the 0.990 level again. This has a low probability of occurring, to me, but it is still possible.
For now, the behavior at this 0.990 level + break of bullish correction channel may have well sucked in many bulls/longs expecting quick push up to 1.066 and 1.128 levels. Also the 0.800 level will be very important to watch for another bearish confirmation (I didn't label this level on the chart).
This coming week will be very interesting to see how all the emotion will play out. Some longs after the Friday cover spike may get out from volatility & fear, to add more downward pressure; some shorts will pounce on the price struggling to hold after rising.
Let's see if XRP can recover, or if the second wave of shorts will surely come to finish the job.
Everything has unfolded very nicely so far; let's see what happens next!
Trade active:
We are currently hovering around the 0.800 level. Let's see how that plays out. 0.750 support level or bust?
Trade closed: target reached:
We finally got our 0.750 support level. General market session today and very likely throughout this week, should bring more participants to move the price. We are in the confirmation stage of a momentum downtrend.
If longs get shaken out, the 0.666 level is the next level I see for a test in my opinion. There's a free fall space below 0.750 so that should be interesting if there aren't many people to hold up the price. It can get nasty or can have a very impressive bounce from this current 0.750 level.
Good stuff; emotion is the name of the game.
If longs get shaken out, the 0.666 level is the next level I see for a test in my opinion. There's a free fall space below 0.750 so that should be interesting if there aren't many people to hold up the price. It can get nasty or can have a very impressive bounce from this current 0.750 level.
Good stuff; emotion is the name of the game.
Trade closed: target reached:
We have finally arrived at the evil 0.666 level. I will do another XRP analysis soon enough. Stay safe everyone; I love bearish moves because they pay faster than bullish moves. Amazing price action these last few days over all asset classes.
