🔥 Won't take too long her, just gonna keep things short as simple, and thanks for joining as always. Appreciate it.
🔥 XRP's managed to do pretty well with this rise up and keeping above our ascending channel that we added in the previous idea, can see that in one instance we did enter the channel and nearly lost our 200 EMA but support kicked in pretty well with that rebound shooting us up in a pretty good manner.
🔥 On the local though I see this 0.49-0.50 point as a resistance that'll probably have us see more of a move down first than up more unless we can really get a push here. We already know how exhausted the market seems to get when at these points of sideways trading but we've also got the psychological aspect.
🔥 For traders the chances look more likely then not on the local that we'll retrace and possibly reenter the ascending channel as it has pulled up to us so that'll be another downward force on us if we enter. Personally hoping that doesn't happen but knowing how past price action has done us it's definitely not out of the picture by any means. That and we've yet to form a higher high since the 15th so that's something to note too.
🔥 So there's that as well as the psychological aspect of seeing XRP where it's at right now, 0.50 tends to be a pretty crazy point in the chart as far as the past has shown us. In some cases it has rejected us pretty bad igniting reversals but in some it's also kicked off rather big jumps when broken. There isn't much volume going on though however currently and seems like the market's much more hesitant to enter and like I mentioned previously things currently looks more like the first option right now.
🔥 If we retrace look to 0.49 and 0. 492 for that support but keep in mind the ascending channel to and the effect it'll have with 0.50 as the main resistance right now. I personally see the market as being exhausted for the day following the quite frankly really good and natural climb up we've had this week. It wasn't some quick or fast impulsive rise, it was slow and a very natural rise in terms of technicality of course so happy to see that.
🔥 I'm going to work early today so have to go now but I wish you all the best, and thanks for joining me for a few minutes of your day, really appreciate it and to anyone who'd like, feel free to leave a like or follow, really helps me out, thanks and keep well as always.
~ Rock '
🔥 XRP's managed to do pretty well with this rise up and keeping above our ascending channel that we added in the previous idea, can see that in one instance we did enter the channel and nearly lost our 200 EMA but support kicked in pretty well with that rebound shooting us up in a pretty good manner.
🔥 On the local though I see this 0.49-0.50 point as a resistance that'll probably have us see more of a move down first than up more unless we can really get a push here. We already know how exhausted the market seems to get when at these points of sideways trading but we've also got the psychological aspect.
🔥 For traders the chances look more likely then not on the local that we'll retrace and possibly reenter the ascending channel as it has pulled up to us so that'll be another downward force on us if we enter. Personally hoping that doesn't happen but knowing how past price action has done us it's definitely not out of the picture by any means. That and we've yet to form a higher high since the 15th so that's something to note too.
🔥 So there's that as well as the psychological aspect of seeing XRP where it's at right now, 0.50 tends to be a pretty crazy point in the chart as far as the past has shown us. In some cases it has rejected us pretty bad igniting reversals but in some it's also kicked off rather big jumps when broken. There isn't much volume going on though however currently and seems like the market's much more hesitant to enter and like I mentioned previously things currently looks more like the first option right now.
🔥 If we retrace look to 0.49 and 0. 492 for that support but keep in mind the ascending channel to and the effect it'll have with 0.50 as the main resistance right now. I personally see the market as being exhausted for the day following the quite frankly really good and natural climb up we've had this week. It wasn't some quick or fast impulsive rise, it was slow and a very natural rise in terms of technicality of course so happy to see that.
🔥 I'm going to work early today so have to go now but I wish you all the best, and thanks for joining me for a few minutes of your day, really appreciate it and to anyone who'd like, feel free to leave a like or follow, really helps me out, thanks and keep well as always.
~ Rock '
