Overall I'm looking for a move back to 0.32 and/or 0.28 for $XRPUSD. I am expecting the old weekly high at 0.52467 to now provide resistance and assist in limiting the upward momentum at this time. A spike through could be expected but a close above that level on the daily time frame would negate my bearish bias and I'd look for the level to become support.
For now I am watching for the H4 order block to hold and send us up to the weekly level. If this block doesn't hold, then expect it to become resistance and watch for a move down to 0.38 in the interim.
For now I am watching for the H4 order block to hold and send us up to the weekly level. If this block doesn't hold, then expect it to become resistance and watch for a move down to 0.38 in the interim.
Comment:
Well, continuation it is. I doubt there will be much upside on this retrace. Levels to watch are 0.424 and 0.444 for possible short entries with targets of 0.34 and 0.28
Comment:
Not quite how I had it mapped out, but the level was hit beautifully
Now we wait; looking for a shift in market structure showing interest in moving up or a continuation down. Either way, I am out of the short and sitting on my hands until it becomes clearer.