Good day, I would like to speak about the price action on XRP in a smaller time frame in order to catch those smaller price movements. As you can see from my title I am leaning towards a bit more action to the downside around the $0.40 range before we have a pushback up to previous resistance levels seen in the $0.50 range.
On the 26th Sep, we broke out of a triangle pattern which, together with the critical resistance level supplied from prior action, resulted in pushing the price to the bears with the target of $0.42 which was met only 2 days later. From then on the price has been playing itself into an ascending triangle with strong resistance at the $0.45 level. Obviously, this pattern is still in early development and can reform itself into a double bottom on the $0.42 level which in turn breaks my prediction of levels closer to $0.40 but that's what the game is about in the end, using your expertise to push your position into a favorable trade.
If the price continues to fall before retracing off the $0.45 level at least once more, then the price action would be structuring itself for a double bottom, therefore this area is vital for securing a favorable position.
Don't forget to leave a like and comment. I am always open to discussions regarding the crypto market if you feel you have information to share.
Thanks @TradingView
On the 26th Sep, we broke out of a triangle pattern which, together with the critical resistance level supplied from prior action, resulted in pushing the price to the bears with the target of $0.42 which was met only 2 days later. From then on the price has been playing itself into an ascending triangle with strong resistance at the $0.45 level. Obviously, this pattern is still in early development and can reform itself into a double bottom on the $0.42 level which in turn breaks my prediction of levels closer to $0.40 but that's what the game is about in the end, using your expertise to push your position into a favorable trade.
If the price continues to fall before retracing off the $0.45 level at least once more, then the price action would be structuring itself for a double bottom, therefore this area is vital for securing a favorable position.
Don't forget to leave a like and comment. I am always open to discussions regarding the crypto market if you feel you have information to share.
Thanks @TradingView