XRPUSD: Strong Resistance and Bearish Signals

In spite of a trend reversal signal from the bullish divergence, I don't think that the market looks bullish. The price reached the strong resistance zone formed by SMA100 and 0.250000 level. We can see a strong bearish candle that will be able to confirm the price reversal. For this, we will have to wait for the close price.

Another strong resistance zone is formed by SMA200 and 0.280000 level. This zone is not far from the 1st one, and the market will need solid arguments to pass through these barriers. Of course, I mean fundamental reasons but not unpredictable manipulated pumps.

RSI is going to confirm the price reversal. MACD histogram is going to support a downward movement. These bearish signals tell us about the downward movement with the target at the previous lows at 0.180000.

If you think about buying, the confirmed reversal signal from the local bottom will be good to open long positions. If we talk about the long term trading, it will be better to wait for a breakout above 0.280000 as a strong bullish signal confirming a new uptrend.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.