XRP Project 2019, P01, E01, A little more to go
This will be my first XRP Analysis as it looking good soon.
Observations:
1) Very Symmetrical, aligned with Fib. Levels.
2) On the Daily chart:
> decline in volume, squeeze is happening
> RSI declining % level and seems within a resistance line as indicated on the chart
> Bounced off major fib. levels within a downward wedge channel, approach major support
> Is heading towards 55 EMA (green) and 100 EMA (orange)
> ASX and DI indicating more downwards direction
> MACD indicating more downwards direction
3) On the 4 Hrly chart:
> decline in volume
> RSI level previous high in the channel as per other fib. levels and hence a resistance line as indicated on the chart (green horizontal line)
> Bounced off major fib. levels within a downward wedge channel, approach major support (green line)
> The 10 and 20 EMA acting as support and the 200 as resistance
** If the current red candle stick stays above the 10 and 20 EMA, we might see a break out from the channel.
> ASX and DI indicating more downwards direction
> MACD indicating more downwards direction
Conclusion:
Likely for further drop to the next fib. level or EMA support as on the daily and creating a bounce as per other times in the channel.
As per the chart, I see at this point a likely scenario for an uptrend.
DAILY Chart:
4 HRLY Chart:
2 HRLY Chart:
Observations:
1) Very Symmetrical, aligned with Fib. Levels.
2) On the Daily chart:
> decline in volume, squeeze is happening
> RSI declining % level and seems within a resistance line as indicated on the chart
> Bounced off major fib. levels within a downward wedge channel, approach major support
> Is heading towards 55 EMA (green) and 100 EMA (orange)
> ASX and DI indicating more downwards direction
> MACD indicating more downwards direction
3) On the 4 Hrly chart:
> decline in volume
> RSI level previous high in the channel as per other fib. levels and hence a resistance line as indicated on the chart (green horizontal line)
> Bounced off major fib. levels within a downward wedge channel, approach major support (green line)
> The 10 and 20 EMA acting as support and the 200 as resistance
** If the current red candle stick stays above the 10 and 20 EMA, we might see a break out from the channel.
> ASX and DI indicating more downwards direction
> MACD indicating more downwards direction
Conclusion:
Likely for further drop to the next fib. level or EMA support as on the daily and creating a bounce as per other times in the channel.
As per the chart, I see at this point a likely scenario for an uptrend.
DAILY Chart:
4 HRLY Chart:
2 HRLY Chart:
Trade active:
The bears are trying to push bitcoin below 8200. Having said that, an updated view on XRP.
4 HRLY chart update
4 HRLY XRP/BTC pairing chart
4 HRLY chart update
Comment:
also BTC dominance is pulling back after gains on BTC (will consolidate for a while before the next up move). Usually this is when ALTs do their thing.
Comment:
Trade closed: target reached:
Current status
Comment:
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
