johnny_repass
Short

XRP analysis. Analysis, counter-trend pin bar.

KRAKEN:XRPUSD   Ripple / U.S. Dollar
1. Support @ ~0.66
2. Resistance @ 0.96
3. 8-day EMA (Dynamic support/resistance ). The resistance has held since Jan 9.
4a. Bullish pin bar formed at key support level . Price retraced 50% of pin bar , which is not unusual.
4b. Potential reasons not to take this as a buy signal:
-Counter trend
-Pin bar spans both support and resistance
-Subsequent failed test of resistance @ 0.96 (yesterday and today). (See 5)
-Strong downward momentum (see 6)
-Poor risk/reward.
6. EFI {Close (current period) - Close (prior period)} x Volume-------------EFI has been negative since Jan 10. MACD lines also crossed around this time.
?. Prices are likely to soon retest support @ 0.66

Things to look for ( bullish )
-break of resistance (horizontal levels and/or break above EMA )
-higher highs, higher lows
-counter-trend trades near support with good risk/reward potential and strong signals.
-EFI heading for positive territory.
-MACD cross
Comment: XRP heading towards for support @ 0.66

Comment: weak bounce off of support

Comment:
Also, if there Ripple breaks support, the next levels of support are at MUCH lower prices
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