RIPPLE - How To Trade This Parallel Channel
In our last XRP analysis, we had a sell set up from the 0.78 level where we indicated that price may break and retest that level before moving lower. Price did exactly as we anticipated and it dropped over 30%!
Now we are approaching the support of the parallel channel where we may see a bounce.
We have 3 key areas we are looking at.
Descending Trendline
We have a descending trendline in place where we can monitor for a break. Once broken, we can look for bull flags to take XRP higher.
Parallel Channel Support
Another area we are looking at is the parallel channel support where price previously bounced off twice. We can look for a third touch of that channel support to take XRP back up.
Double Bottom
We also have a lower timeframe structure we can monitor for a double bottom. Price bounced off the 0.52 level and we can see how price reacts to that level again. If we get buying pressure from that level, we can enter with stops below 0.52.
Now we are approaching the support of the parallel channel where we may see a bounce.
We have 3 key areas we are looking at.
Descending Trendline
We have a descending trendline in place where we can monitor for a break. Once broken, we can look for bull flags to take XRP higher.
Parallel Channel Support
Another area we are looking at is the parallel channel support where price previously bounced off twice. We can look for a third touch of that channel support to take XRP back up.
Double Bottom
We also have a lower timeframe structure we can monitor for a double bottom. Price bounced off the 0.52 level and we can see how price reacts to that level again. If we get buying pressure from that level, we can enter with stops below 0.52.
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