We had a failed breakout in Ripple above that descending trend line around .26. Unfortunately, we were unable to hold that level and now we've fallen back down to .21 and we are back in the consolidation range between .18 and .25
Bullish signs:
Healthy consolidation range continues after big run in April/May
200 day moving average is sloping upwards - overall trend is up
Breakout attempt in October hit oversold conditions on RSI (bullish momentum)
Bearish signs:
Failed breakout of consolidation
We need to see a solid hold of the 200 day moving average to keep our bullish thesis. If we break down below the 200 day moving average on the close of a daily candle, then the 200 day will become resistance and we start to see pressure to the downside. If we further break the lower support of the consolidation level, then look out below. There is a huge air pocket down to .07
MAKE OR BREAK IT TIME
So it looks innocent, but it is getting to be make or break it time for XRP. If we see a crash below the 200 day and support of consolidation, we can see much lower prices. But, on the other hand, if we see a bounce off that 200 day moving average and a break of the consolidation resistance, then we can expect much higher prices.
ENTER NOW?
I would wait to see how XRP reacts on the 200 day to enter any positions.
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MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Bullish signs:
Healthy consolidation range continues after big run in April/May
200 day moving average is sloping upwards - overall trend is up
Breakout attempt in October hit oversold conditions on RSI (bullish momentum)
Bearish signs:
Failed breakout of consolidation
We need to see a solid hold of the 200 day moving average to keep our bullish thesis. If we break down below the 200 day moving average on the close of a daily candle, then the 200 day will become resistance and we start to see pressure to the downside. If we further break the lower support of the consolidation level, then look out below. There is a huge air pocket down to .07
MAKE OR BREAK IT TIME
So it looks innocent, but it is getting to be make or break it time for XRP. If we see a crash below the 200 day and support of consolidation, we can see much lower prices. But, on the other hand, if we see a bounce off that 200 day moving average and a break of the consolidation resistance, then we can expect much higher prices.
ENTER NOW?
I would wait to see how XRP reacts on the 200 day to enter any positions.
!! PM me with chart requests !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Comment:
Ripple still looking ok in this range. But if it breaks that 200 day average, look out below.
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591