🗣️ Hey hey, hope this finds you all well. Hope everyone's enjoying this sunny weekend, I know it's Saturday so just gonna keep today's idea short.
🗣️ As of writing this price action has us currently at $1.09 following this descending channel that's dragged us down as we've been following this deep market correction and a hectic week in which we've seen everything fall amidst the ongoing war, global tensions, and the Gulf strait of Hormuz still standing closed to most maritime traffic.
🗣️ With our current chart, we can identify the breakout from the descending channel along with that horizontal black line I've added to highlight the support that's helped the breakout.
🗣️ Should also keep that line noted, chances are if we slip below the line without first regaining the 200 EMA we stand a chance of retracing lower before we get that chance for a real reversal which we'll speak on next.
🗣️ Currently from a technical perspective, we've overstretched our 20, 50 EMA's from that 200 EMA and at one point or another we know we'll have to see those points reconverge.
🗣️ I hear speculation that we may possibly touch $1.00 and even retest the 90 cent range. Fact is you can't be perfect at catching the bottom, no trader is 100% accurate but we have a fairly good guesstimate here that support regardless will hold strong above $90 cents and that $1.00 range. We're just down with the market as a whole but that correlation won't always be the case.
🗣️ Fact of the matter is that one way or another, this asset is going to be worth way more in the next few years, if there's a good chance and opportunity to buy some or open a contract or two on XRP for the long run this wouldn't be a bad time, especially for those considering Dollar Cost Averaging, this is an excellent opportunity.
🗣️ Sure we may slip a bit further, but fact is we're already close to the bottom and I believe XRP is setting up for a real reversal and this fall over the week has been a sort of way to shake off the doubters and stragglers as we've seen in historical past price action with things often retracing heavy before a real and strong reversal kicks in.
🗣️ Have to run but feel free to keep tuned and follow to keep updated on things fundamentally and beyond technical analysis. I like to look at both ends of the analysis, using technical and psychological techniques as a means of understanding my trades and the market better. Feel free to join if you'd like to continue this journey and believe in XRP too.
Appreciate it and all the best till next.
~ Rock '
🗣️ As of writing this price action has us currently at $1.09 following this descending channel that's dragged us down as we've been following this deep market correction and a hectic week in which we've seen everything fall amidst the ongoing war, global tensions, and the Gulf strait of Hormuz still standing closed to most maritime traffic.
🗣️ With our current chart, we can identify the breakout from the descending channel along with that horizontal black line I've added to highlight the support that's helped the breakout.
🗣️ Should also keep that line noted, chances are if we slip below the line without first regaining the 200 EMA we stand a chance of retracing lower before we get that chance for a real reversal which we'll speak on next.
🗣️ Currently from a technical perspective, we've overstretched our 20, 50 EMA's from that 200 EMA and at one point or another we know we'll have to see those points reconverge.
🗣️ I hear speculation that we may possibly touch $1.00 and even retest the 90 cent range. Fact is you can't be perfect at catching the bottom, no trader is 100% accurate but we have a fairly good guesstimate here that support regardless will hold strong above $90 cents and that $1.00 range. We're just down with the market as a whole but that correlation won't always be the case.
🗣️ Fact of the matter is that one way or another, this asset is going to be worth way more in the next few years, if there's a good chance and opportunity to buy some or open a contract or two on XRP for the long run this wouldn't be a bad time, especially for those considering Dollar Cost Averaging, this is an excellent opportunity.
🗣️ Sure we may slip a bit further, but fact is we're already close to the bottom and I believe XRP is setting up for a real reversal and this fall over the week has been a sort of way to shake off the doubters and stragglers as we've seen in historical past price action with things often retracing heavy before a real and strong reversal kicks in.
🗣️ Have to run but feel free to keep tuned and follow to keep updated on things fundamentally and beyond technical analysis. I like to look at both ends of the analysis, using technical and psychological techniques as a means of understanding my trades and the market better. Feel free to join if you'd like to continue this journey and believe in XRP too.
Appreciate it and all the best till next.
~ Rock '
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.