XRP needs help! What to look for
Hey there,
Let's get to it.
Where is the follow through?
After an exhausting series of attempts to breakout, it looks like the bulls are losing this battle, but a higher low could save the movement.
The RSI is cooling off, volume is going down, and a fat bear candle formed on the day.
The bearish crossover isn't helping any bull here, but the bears are sitting pretty on such a large drop on low volume.
Bulls look absintee in the market right now. The large rally from last week is dwindling away after bears look to take control on a snippet of volume (relative to this week)
If we are going to see an entry for a long position, we need to see some extra bull volume, or some divergence in the RSI. Bouncing off of the EMA could be good news, but its too messy to tell at this point int he market. We might need a few days to see what is really going on.
The volume will always preceed divergence or a crossover, but we need at least two to confirm a long entry.
For bulls, STAY AWAY until we see some bull patterns start to form. Watch for a higher low confirmation, and play the rest of the trend.
For bears, stay frosty as consolidation starts to form. Avoid losing on a spike up to a higher high.
Any new players out there, save yourself from loss and wait until a strong market move forms.
What do you think? Is this a higher low for XRP, or another move?
-Block
Let's get to it.
Where is the follow through?
After an exhausting series of attempts to breakout, it looks like the bulls are losing this battle, but a higher low could save the movement.
The RSI is cooling off, volume is going down, and a fat bear candle formed on the day.
The bearish crossover isn't helping any bull here, but the bears are sitting pretty on such a large drop on low volume.
Bulls look absintee in the market right now. The large rally from last week is dwindling away after bears look to take control on a snippet of volume (relative to this week)
If we are going to see an entry for a long position, we need to see some extra bull volume, or some divergence in the RSI. Bouncing off of the EMA could be good news, but its too messy to tell at this point int he market. We might need a few days to see what is really going on.
The volume will always preceed divergence or a crossover, but we need at least two to confirm a long entry.
For bulls, STAY AWAY until we see some bull patterns start to form. Watch for a higher low confirmation, and play the rest of the trend.
For bears, stay frosty as consolidation starts to form. Avoid losing on a spike up to a higher high.
Any new players out there, save yourself from loss and wait until a strong market move forms.
What do you think? Is this a higher low for XRP, or another move?
-Block
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