Hello, Traders!
Monfex is at your service and today we overview XRP/USD.
On the chart, we see two large channels (ascending) that set the PPP trend up. Locally, it is located in a small downward channel.
The first scenario: there is a support zone where the support line of one of the channels ~ $ 0.15 - 0.20 also crosses, from which an impulsive push up to new historical peaks is possible. Also, it can be assumed that the RSI will move to the positive bull level of 0.40+ by the end of the year. This triangles pattern looks confident.
There is also another assumption: MA100 is located above the valuable one and acts as a resistance, which is not a very good buy signal. Having sold this zone, there is an option to go to the support of the second large channel of ~ $ 0.5 , which will be an apocalypse for the entire cryptocurrency market and then we can expect massive cleaning in the market, many will not survive in this state of affairs.
I am inclined to consider the first scenario more likely, but I could not afford to not consider the second.
Share your thoughts, ideas about the market under the chart.
Watch for our Updates to be the first who gets well-timed signals !
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any trading assets. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Monfex is at your service and today we overview XRP/USD.
On the chart, we see two large channels (ascending) that set the PPP trend up. Locally, it is located in a small downward channel.
The first scenario: there is a support zone where the support line of one of the channels ~ $ 0.15 - 0.20 also crosses, from which an impulsive push up to new historical peaks is possible. Also, it can be assumed that the RSI will move to the positive bull level of 0.40+ by the end of the year. This triangles pattern looks confident.
There is also another assumption: MA100 is located above the valuable one and acts as a resistance, which is not a very good buy signal. Having sold this zone, there is an option to go to the support of the second large channel of ~ $ 0.5 , which will be an apocalypse for the entire cryptocurrency market and then we can expect massive cleaning in the market, many will not survive in this state of affairs.
I am inclined to consider the first scenario more likely, but I could not afford to not consider the second.
Share your thoughts, ideas about the market under the chart.
Watch for our Updates to be the first who gets well-timed signals !
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any trading assets. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
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