Hello Traders Investors And Community,
Welcome to this analysis where we are looking at XRPUSDs 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. On the higher timeframes XRPUSDs is trading within its potential bottom building there are however still some remaining strong resistance levels above which should not be kept by side here and XRPUSDs is currently forming a formation where the outcome should not be underestimated, as there are important levels to hold and establish further we need to elevate these before the bullish breakout and bottom building also on the higher timeframes can establish, therefore I detected all the important levels and likely outcomes to consider in the current structure.
Looking at my chart you can watch there that XRPUSD just recently found support at the 200-EMA after forming the bearish declines within the wave B of the overall wave-count establishing here where the former wave A had already the origin within the 200-EMa marked in red, this EMA is an extremel important reference point here because when it is crossed to the downside it will confirm the bear-flag and therefore point to the lower levels remaining. As XRPUSD bounced now a second time within the 200-EMA we can expect it to form the move from here which will be coherently to the final wave C in the wave-count, this wave will directly run into the resistance-cluster marked in red in my chart where several resistances coming together with such as the Fibonacci-resistance as well as the upper-boundary-resistance and the wave-count is ending in this level.
When XRPUSD forms the final wave C and bounces back from the resistance-cluster then this can possibly confirm the ascending-channel bearishly to the downside, this will show up when XRPUSD closes below the 200-EMA and then also below the lower boundary, when XRPUSD shows up with this price-action it will continue bearishly till it tests the ascending-trend-line marked in blue in my chart, this level will be extremely important to hold for XRPUSD to consider any bullishness and stabilization here because when XRPUSD moves below this level it will show up with more increased bearish pressure to the downside which should not be underestimated as there will be much supply entering below, for now, it is necessary to elevate how XRPUSD forms the final wave C in the wave-count and then shows up with the pullback, it will be a significant development.
In this manner, thank you everybody for watching, have a good day as well as good trading, all the best!
“Science is not only compatible with prospect; it is a profound source of prospect.”
Information provided is only educational and should not be used to take action in the market.
Welcome to this analysis where we are looking at XRPUSDs 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. On the higher timeframes XRPUSDs is trading within its potential bottom building there are however still some remaining strong resistance levels above which should not be kept by side here and XRPUSDs is currently forming a formation where the outcome should not be underestimated, as there are important levels to hold and establish further we need to elevate these before the bullish breakout and bottom building also on the higher timeframes can establish, therefore I detected all the important levels and likely outcomes to consider in the current structure.
Looking at my chart you can watch there that XRPUSD just recently found support at the 200-EMA after forming the bearish declines within the wave B of the overall wave-count establishing here where the former wave A had already the origin within the 200-EMa marked in red, this EMA is an extremel important reference point here because when it is crossed to the downside it will confirm the bear-flag and therefore point to the lower levels remaining. As XRPUSD bounced now a second time within the 200-EMA we can expect it to form the move from here which will be coherently to the final wave C in the wave-count, this wave will directly run into the resistance-cluster marked in red in my chart where several resistances coming together with such as the Fibonacci-resistance as well as the upper-boundary-resistance and the wave-count is ending in this level.
When XRPUSD forms the final wave C and bounces back from the resistance-cluster then this can possibly confirm the ascending-channel bearishly to the downside, this will show up when XRPUSD closes below the 200-EMA and then also below the lower boundary, when XRPUSD shows up with this price-action it will continue bearishly till it tests the ascending-trend-line marked in blue in my chart, this level will be extremely important to hold for XRPUSD to consider any bullishness and stabilization here because when XRPUSD moves below this level it will show up with more increased bearish pressure to the downside which should not be underestimated as there will be much supply entering below, for now, it is necessary to elevate how XRPUSD forms the final wave C in the wave-count and then shows up with the pullback, it will be a significant development.
In this manner, thank you everybody for watching, have a good day as well as good trading, all the best!
“Science is not only compatible with prospect; it is a profound source of prospect.”
Information provided is only educational and should not be used to take action in the market.
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