XRPUSD to bounce off Fibonacci retracement level
Updated
XRPUSD is currently in a downtrend channel, but is approaching Fibonacci levels 0.786 at 56 cents and 1 at 46 cents.
The plan here is to wait for a bounce off one of the levels as well as a MACD or SMA crossover to go long, and take profit near the corresponding upper level.
Set a tight stop at 3% under your entry fib level.
Let's see what happens!
The plan here is to wait for a bounce off one of the levels as well as a MACD or SMA crossover to go long, and take profit near the corresponding upper level.
Set a tight stop at 3% under your entry fib level.
Let's see what happens!
Note
XRPUSD weakly bounced off 0.56 to almost touch the SMA7 at 0.58. I expect more downward movement to 0.46 where consolidation will happen.Note
Stoch is oversold on the daily. RSI is approaching oversold on the daily. Possible breakout could be soon
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