Approaching the Moment of Truth for XRPBTC
*Not trading advice*
The next 24 to 48 hours will be telling. XRPBTC chart today looks very similar to where it was in mid-Sept 2018. This even includes the nice slowly ascending platforming. XRP is facing the same type of resistance that it blew past in 2018. It has just barely breached the yellow resistance as I write this but we all know that doesn't mean it will stay above.
When XRP launched in Sept 2018, Bitcoin had mostly completed a correction. We may be in a similar situation now.
My focus now is to observe whether the price moves (1) convincingly through the yellow resistance and (2) begins to consolidate just below or above the 50 EMA (green). That would be the optimal long signal. The further the price action deviates from that scenario, the more bearish my perspective will become.
The next 24 to 48 hours will be telling. XRPBTC chart today looks very similar to where it was in mid-Sept 2018. This even includes the nice slowly ascending platforming. XRP is facing the same type of resistance that it blew past in 2018. It has just barely breached the yellow resistance as I write this but we all know that doesn't mean it will stay above.
When XRP launched in Sept 2018, Bitcoin had mostly completed a correction. We may be in a similar situation now.
My focus now is to observe whether the price moves (1) convincingly through the yellow resistance and (2) begins to consolidate just below or above the 50 EMA (green). That would be the optimal long signal. The further the price action deviates from that scenario, the more bearish my perspective will become.
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