☄️XRP BREAKOUT FOLLOW UP☄️ DAILY ANALYSIS! 'ROCK
Hey guys! Before Is start just wanted to say if you'd like to leave a like and follow it would be much appreciated as always, thank you!
We're gonna follow up with our previous idea basically in which we noted XRP had broken out of the short term descending channel we had noted a few ideas earlier. We called out that if XRP broke above the descending channel then we'd likely get a breakout which has occurred thanks to that as well as the fact that we aren't in the sideways channel and finally seem to be moving away from it.
That risk however likely won't go a way for a while until we pull away pretty far and exit the main descending channel. So just know we're still gonna have a lot of whales try pulling us down and keeping us at low levels for those monthly options expiry which will happen on the 24th tomorrow so keep note, today leading into tonight and especially tomorrow is gonna be a wild ride I'm forewarning so if your a futures or day trader I'd keep note.
I've added a new short term trend line which XRP seems to be following as it's slowly ascended closer to our main descending channel's top. You should watch this line to watch out for any potential dumps or mountain falls as we'll definitely fall a bit if we move below that new trend line we seem to be on.
On top of that we are approaching the descending channel's top and just like I told you guys last time before we had that mountain fall we're always gonna meet real strong resistance when trying to break that descending channel's top and free ourselves. So be on the lookout again to see if we get rejected again and end up moving back down then.
Our 20/50 week EMA's have flipped which is a positive but you can see how we've faced two rejections already when trying to break 0.323 so that'll be our next point to watch for a higher push as well as those EMA's which will be vital in this case as we can most definitely see a mountain fall if bears wanna surprise us and dump.
So watch for all of those things for now and hope you guys have a great day! I just got off my night shift so I'm gonna catch some rest and keep you guys posted later! So leave a like and follow to keep notified and posted! Thank you and always do your own DD/trade responsibly.
~ Rock
We're gonna follow up with our previous idea basically in which we noted XRP had broken out of the short term descending channel we had noted a few ideas earlier. We called out that if XRP broke above the descending channel then we'd likely get a breakout which has occurred thanks to that as well as the fact that we aren't in the sideways channel and finally seem to be moving away from it.
That risk however likely won't go a way for a while until we pull away pretty far and exit the main descending channel. So just know we're still gonna have a lot of whales try pulling us down and keeping us at low levels for those monthly options expiry which will happen on the 24th tomorrow so keep note, today leading into tonight and especially tomorrow is gonna be a wild ride I'm forewarning so if your a futures or day trader I'd keep note.
I've added a new short term trend line which XRP seems to be following as it's slowly ascended closer to our main descending channel's top. You should watch this line to watch out for any potential dumps or mountain falls as we'll definitely fall a bit if we move below that new trend line we seem to be on.
On top of that we are approaching the descending channel's top and just like I told you guys last time before we had that mountain fall we're always gonna meet real strong resistance when trying to break that descending channel's top and free ourselves. So be on the lookout again to see if we get rejected again and end up moving back down then.
Our 20/50 week EMA's have flipped which is a positive but you can see how we've faced two rejections already when trying to break 0.323 so that'll be our next point to watch for a higher push as well as those EMA's which will be vital in this case as we can most definitely see a mountain fall if bears wanna surprise us and dump.
So watch for all of those things for now and hope you guys have a great day! I just got off my night shift so I'm gonna catch some rest and keep you guys posted later! So leave a like and follow to keep notified and posted! Thank you and always do your own DD/trade responsibly.
~ Rock
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.