Hey folks. XRP is here:
I noticed that XRPUSD movement is almost dead - it scrambles down the road. Is it the path down to 0.573 Support level? Notice that this level has been already confirmed with a historic resistance level formed at 13/12/2017. So the fall DOWN this area would suggest that somebody is heavily dumping our XRP. So I called it a "You shall not pass" zone. According to my T.A there is a formation of the butterfly harmonic pattern since the first requirement of 78.6% retrace of AB to XA is confirmed. If XRPUSD falls down to "C" angle or a bit lower then this will most likely open the road up to "D" angle. Though, not completely enough evidence that this is a butterfly formation but it really looks like on a 4h char. Yes, MACD crossed but its DEAD - just look at it! Barely moving. RSI is going upwards. Aroon DOWN is taking over Aroon UP - Bearish sign. At the moment I would stay away from XRPUSD pair since its not apparent which direction finally prevails.
I expect it to plunge down to 0.6 area and afterwards to see a bounce off of this level - hence forming a next butterfly wing.
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!
I noticed that XRPUSD movement is almost dead - it scrambles down the road. Is it the path down to 0.573 Support level? Notice that this level has been already confirmed with a historic resistance level formed at 13/12/2017. So the fall DOWN this area would suggest that somebody is heavily dumping our XRP. So I called it a "You shall not pass" zone. According to my T.A there is a formation of the butterfly harmonic pattern since the first requirement of 78.6% retrace of AB to XA is confirmed. If XRPUSD falls down to "C" angle or a bit lower then this will most likely open the road up to "D" angle. Though, not completely enough evidence that this is a butterfly formation but it really looks like on a 4h char. Yes, MACD crossed but its DEAD - just look at it! Barely moving. RSI is going upwards. Aroon DOWN is taking over Aroon UP - Bearish sign. At the moment I would stay away from XRPUSD pair since its not apparent which direction finally prevails.
I expect it to plunge down to 0.6 area and afterwards to see a bounce off of this level - hence forming a next butterfly wing.
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!
Comment:
Road to 1.20