Waiting, like a sniper.
What we see is that XRP is trading in a tight zone. Recently, it respected the purple trendline as a support again, and almost hit the 38.2% fib retracement, which is an important zone, as it served as support and resistance in the past (black arrows). Now the price is “sleeping” near the “resistance zone”.
Look the hourly chart now:
XRP did some successful chart patterns here, like a H&S, a flag, and the break down of a descending channel. Now it breaked that purple downward trendline and it’s doing a typical pullback.
Let’s if the bulls will have the strength to keep the prices up, as they could hit the 61.8% fib retracement again. But if the bears get the upper hand here, the prices would sink and find the next decent support, which is the U$ 0.17 (red line). Either way, we should wait for a clear sign to hop in.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Look the hourly chart now:
XRP did some successful chart patterns here, like a H&S, a flag, and the break down of a descending channel. Now it breaked that purple downward trendline and it’s doing a typical pullback.
Let’s if the bulls will have the strength to keep the prices up, as they could hit the 61.8% fib retracement again. But if the bears get the upper hand here, the prices would sink and find the next decent support, which is the U$ 0.17 (red line). Either way, we should wait for a clear sign to hop in.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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