Ripple has made an important breakout. The trendline since 10. May has broken on 4. June. It could be a sign that the current bull run, which has happened after the XRP Coinbase listing, starting to become over.
The price action and some certain levels offer us several trading opportunities. There are reversal trades, there are breakout trade possibilities but enough for this small talk let's jump into the action!
REVERSAL TRADES
1. A new Lower High around $0.44
This movement matching almost exactly with the Bitcoin movements. The black area around $0.44 is a pretty solid resistance which consists of several criteria:
- Descending Channel upper trendline should work as a resistance
- The black trendline which worked previously as a support level becomes now resistance, a classical retest situation after the breakout
- The Fibonacci golden ratio - 62% retracement level, it is perfectly on the crossing area inside the black box.
- Let's count this $0,44000... as a round number, ok semi-round number because $0.400.., $0,500... works usually better than those.
Pretty nice area where it might do a new Lower High (LH). Sure, it depends on the BTC, if BTC finds resistance from $8,200 then you can be almost sure that XRP finds it at $0.44
2. A new Lower High around $0.36
The correction may guide us into another reversal area which should stay around $0.36. The criteria are:
- Previously worked support level
- The Fibonacci golden ratio - 62% retracement level
- The Fibonacci Extension 127%
- Descending Channel bottom trendline should act as a support level
- Daily EMA 100 & 200, they are BOTH inside the gray box and they should work as supporters.
So, another pretty good area where you should look at least for a short-term bounce!
BREAKOUT TRADE
Currently, there is only one, if the time goes by then I will make another idea post or an update but currently, there is one breakout trade possibility. It stays pretty high but it is what it is.
I can't put this green breakout confirmation area lower because of the trendline which is pulled from wicks and the starting point is from 18. April 2018.
If the price makes a breakout from the Descending Channel, which could be easily a Bull Flag, then the take profit area should stay just before the dotted trendline and the area between those is so tiny, then there is no point to do that.
I don't think this gonna happen in near future but just in case, the full bullish breakout confirmation should come after the 4H candle close above the black dotted trendline!
SUMMARY: You should get action from the mentioned levels, especially from those reversal trades. Set alerts into the named areas, do your own analysis, if they match then you are ready to go! ;)
Feel free to support my effort by hitting the "LIKE", it is my only fee from You!
Best regards,
Vaido
The price action and some certain levels offer us several trading opportunities. There are reversal trades, there are breakout trade possibilities but enough for this small talk let's jump into the action!
REVERSAL TRADES
1. A new Lower High around $0.44
This movement matching almost exactly with the Bitcoin movements. The black area around $0.44 is a pretty solid resistance which consists of several criteria:
- Descending Channel upper trendline should work as a resistance
- The black trendline which worked previously as a support level becomes now resistance, a classical retest situation after the breakout
- The Fibonacci golden ratio - 62% retracement level, it is perfectly on the crossing area inside the black box.
- Let's count this $0,44000... as a round number, ok semi-round number because $0.400.., $0,500... works usually better than those.
Pretty nice area where it might do a new Lower High (LH). Sure, it depends on the BTC, if BTC finds resistance from $8,200 then you can be almost sure that XRP finds it at $0.44
2. A new Lower High around $0.36
The correction may guide us into another reversal area which should stay around $0.36. The criteria are:
- Previously worked support level
- The Fibonacci golden ratio - 62% retracement level
- The Fibonacci Extension 127%
- Descending Channel bottom trendline should act as a support level
- Daily EMA 100 & 200, they are BOTH inside the gray box and they should work as supporters.
So, another pretty good area where you should look at least for a short-term bounce!
BREAKOUT TRADE
Currently, there is only one, if the time goes by then I will make another idea post or an update but currently, there is one breakout trade possibility. It stays pretty high but it is what it is.
I can't put this green breakout confirmation area lower because of the trendline which is pulled from wicks and the starting point is from 18. April 2018.
If the price makes a breakout from the Descending Channel, which could be easily a Bull Flag, then the take profit area should stay just before the dotted trendline and the area between those is so tiny, then there is no point to do that.
I don't think this gonna happen in near future but just in case, the full bullish breakout confirmation should come after the 4H candle close above the black dotted trendline!
SUMMARY: You should get action from the mentioned levels, especially from those reversal trades. Set alerts into the named areas, do your own analysis, if they match then you are ready to go! ;)
Feel free to support my effort by hitting the "LIKE", it is my only fee from You!
Best regards,
Vaido
