XRP: The big picture
Hi all,
This is the big picture view of XRP where you can see what is going on in terms of Price action and resistance levels.
We see that at the moment we are trapped between the 50 DAY Moving Average, the resistance line on the top side and the support level coming up from the two most recent major lows.
The support line is more important than the resistance line, for, if it would be broken, it would be hard for XRP to find new support based on any technicals.
The positives:
The MACD seems to send us Bullish signals on the daily chart.
We broke out heavily and with high volume out of the smaller wedge when it touched the upgoing support line.
What happened?
The Reddit crowd instantly and furiously made this into a coinbase story, so we had the perfect storm of technicals converging into buyer sentiment.
This quickly turned round as we touched the 50 Day moving and struggled to pass it, while coinbase released a statement which reversed day-trade sentiment at roughly the same time.
I am biased towards a long approach from here, but would advise everyone riding the waves to just wait and see what happens at these key resistance levels, the hyped up CNBC interview could add some momentum.
Let's see.
Happy trading all.
This is the big picture view of XRP where you can see what is going on in terms of Price action and resistance levels.
We see that at the moment we are trapped between the 50 DAY Moving Average, the resistance line on the top side and the support level coming up from the two most recent major lows.
The support line is more important than the resistance line, for, if it would be broken, it would be hard for XRP to find new support based on any technicals.
The positives:
The MACD seems to send us Bullish signals on the daily chart.
We broke out heavily and with high volume out of the smaller wedge when it touched the upgoing support line.
What happened?
The Reddit crowd instantly and furiously made this into a coinbase story, so we had the perfect storm of technicals converging into buyer sentiment.
This quickly turned round as we touched the 50 Day moving and struggled to pass it, while coinbase released a statement which reversed day-trade sentiment at roughly the same time.
I am biased towards a long approach from here, but would advise everyone riding the waves to just wait and see what happens at these key resistance levels, the hyped up CNBC interview could add some momentum.
Let's see.
Happy trading all.
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