Chart Contents: 1. Rising Channel 2. Bearish Divergence on RSI 3. Stoch RSI at Level 100
Downside Breakout Target: 0.17063 @ the 1.382 Fib
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
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Why would it go down that low if this is the lowest risk area with potential high reward based on TA
RSibayan
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@privatewins, Thank you for viewing my post and asking this question.
There's actually several levels where XRP can get supported.
First target at 0.24365, 2nd @ 0.21385, 3rd @ the descending support line and finally the 1.382 Fibonacci level coinciding with the current high at 0.382.
The trend on the weekly and monthly is downwards but the daily has reversed in the short term.
If the support @ 0.24365 (Target#1) holds and price bounces off that level, we could see a true trend reversal and XRP may continue its bull rally.
The other scenario which is truly bullish would be to just continue going up from here and go straight to the first target of 1.272 @ 0.35712.