alanmasters

Ripple Bearish - Needs To Break Resistance To Move Up (XRPUSD)

BITFINEX:XRPUSD   XRP / U.S. Dollar
I've been asked to check the XRPUSD chart several times, here is what I see... Hit LIKE to start reading...:

  • XRPUSD Failed to close above EMA10 & EMA50, which is sitting around $368 and $0.376, this level needs to be broken before XRPUSD can move up.

  • This resistance is marked purple on the chart, or you can simply use the indicator EMA50 and it will show up. Once this resistance is broken and the daily candle closes above it, with good volume and momentum, you can expect XRPUSD to do another wave up, for now it needs to retrace more before the next move.

  • First we will look for support at $0.327, if this level fails to hold, XRPUSD will try $0.284 next.

  • I expect $0.284 - $0.300 to hold from which point we can analyze the charts again.

  • The RSI has gone bear as well as the MACD . Bear volume is high today as well.

  • For now expect additional retrace, we can check back by end of week.

  • Hit LIKE and I will update this thread, or post a new one, every few days or as needed.

Thanks a lot for reading.

Your support is highly appreciated.

Namaste.
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