Hey! Hope everyone's doing well today, we're just gonna dive in today and get going!
💥In yesterday's XRP idea which is linked below we noted most of this stuff already for the most part so that's a great read if you haven't read yesterday's. Anyway we're still within that sideways channel fighting for upwards momentum as those 20 and 50 EMA's enter but it's tough admittedly, one look at the 5 minute chart and you see these big sell orders that just keep getting thrown at XRP. when it tries to form a high or deal with 0.315 which seems to be a resistance right now.
💥Right now is one of those moments we've got to wait for Ripple to do it's thing and face the market though ripple isn't really moving in correlation with Bitcoin as much anymore and seems to be deviating in a way almost. Right now though we've seen XRP deal with that strong support at 0.31 so if you see us fall below that and form a new low against the 0.305 low from the 30th then that could really put some stuff in jeopardy.
💥Why? A strong enough move below that 0.30 could potentially pull us back into that descending channel and like you guys have seen happen with Bitcoin this week once it got pulled into that channel, it isn't very fun at all and it's even more challenging to pull out from there. Watch those EMA's and how we exit our sideways channel. And honestly if we do end up moving back into the descending channel I'll start considering that a real possible low for the crypto and a real good entry point. So stay tuned and leave a like and follow for more! Thank you guys and have a good one!
~ Rock
💥In yesterday's XRP idea which is linked below we noted most of this stuff already for the most part so that's a great read if you haven't read yesterday's. Anyway we're still within that sideways channel fighting for upwards momentum as those 20 and 50 EMA's enter but it's tough admittedly, one look at the 5 minute chart and you see these big sell orders that just keep getting thrown at XRP. when it tries to form a high or deal with 0.315 which seems to be a resistance right now.
💥Right now is one of those moments we've got to wait for Ripple to do it's thing and face the market though ripple isn't really moving in correlation with Bitcoin as much anymore and seems to be deviating in a way almost. Right now though we've seen XRP deal with that strong support at 0.31 so if you see us fall below that and form a new low against the 0.305 low from the 30th then that could really put some stuff in jeopardy.
💥Why? A strong enough move below that 0.30 could potentially pull us back into that descending channel and like you guys have seen happen with Bitcoin this week once it got pulled into that channel, it isn't very fun at all and it's even more challenging to pull out from there. Watch those EMA's and how we exit our sideways channel. And honestly if we do end up moving back into the descending channel I'll start considering that a real possible low for the crypto and a real good entry point. So stay tuned and leave a like and follow for more! Thank you guys and have a good one!
~ Rock
