XRP Possible Reversal Zones
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As much as I love XRP and big fan, it's time to let it be for a while.
XRP broke the ascending channel (blue parallel lines),
Important key points:
a. Price broke the ascending channel.
b. Bearish divergence in the MACD
c. Before breaking there was a sort of a diamond pattern. (This patterns can be continuations but it is also common to see reversals)
d. That V reversal inside the diamond indicated there was a willingness to short at that level
e. Price is in a very gray zone, meaning that it could either continue its downward correction or continue its long term bullish trend.
f. Price trading below its EMA20.
The zones of possible reversals are the following:
First support around 1.07 -1.12 (Very Likely)
Second support around 0.88 - 0.94 (Likely)
Third Support around 0.50 - 0.64 (less likely)
In the first two supports we will be looking for a double bottom reversal.
In the third support zone, which is a zone of liquidity, given by the volume profile, in other words the range of prices where XRP was mostly traded recently, we will look for an AB/CD reversal.
Hope this helps a bit.
Just an OPINION please LIKE and FOLLOW. Best of Best :)
XRP broke the ascending channel (blue parallel lines),
Important key points:
a. Price broke the ascending channel.
b. Bearish divergence in the MACD
c. Before breaking there was a sort of a diamond pattern. (This patterns can be continuations but it is also common to see reversals)
d. That V reversal inside the diamond indicated there was a willingness to short at that level
e. Price is in a very gray zone, meaning that it could either continue its downward correction or continue its long term bullish trend.
f. Price trading below its EMA20.
The zones of possible reversals are the following:
First support around 1.07 -1.12 (Very Likely)
Second support around 0.88 - 0.94 (Likely)
Third Support around 0.50 - 0.64 (less likely)
In the first two supports we will be looking for a double bottom reversal.
In the third support zone, which is a zone of liquidity, given by the volume profile, in other words the range of prices where XRP was mostly traded recently, we will look for an AB/CD reversal.
Hope this helps a bit.
Just an OPINION please LIKE and FOLLOW. Best of Best :)
Note
We are still in very critical levels, we are at the mercy of BTC.Note
Still in a very gray zone, and a potential bull trap. If it flies above $2 then we can look for a new high, and a possible buy entry. If the bull trap plays out then we can look for entries at the levels shown in this analysis.Note
Finally it broke the channel, the last call was a fake breakout, but already too weak. If BTC decides to go up, then it will be beneficial for XRP.Note
Potential range at this level for XRP. Price got rejected deep down at 1.20s. Dump continuation very likely.Note
Dump imminent until evidence of the contrary. Fasten your seatbelts. If you look in the weekly BTC has been forming a huge top. BTC is mentioned because if BTC goes down everything goes down indiscriminately. Look to scale in at the levels shown in chart.
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
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