XRP seducing buyers
Updated
Support 1 and 2: major long term support lines.
Green lines: bear flag, confirmed drop, and extended turned resistance.
Blue lines: Daily-Monthly fractals/trendlines.
Purple lines: minor long term support
Shaded area: Bear market panic zone
XRP likes to dance fractals and respect support. Notice we are forming a Bull Flag currently, sitting below right where two fractals are crossing. Illusary.
Price actions suggests another move upwards, but let's not expect too much. When breakouts occur they often slide right back down the rails, and we can all agree 0.41 is quite the obstruction.
Momentum is curving downward, although positive yet! Finally, the RSI. Not much room to move upwards.
Regards,
Cucho
Green lines: bear flag, confirmed drop, and extended turned resistance.
Blue lines: Daily-Monthly fractals/trendlines.
Purple lines: minor long term support
Shaded area: Bear market panic zone
XRP likes to dance fractals and respect support. Notice we are forming a Bull Flag currently, sitting below right where two fractals are crossing. Illusary.
Price actions suggests another move upwards, but let's not expect too much. When breakouts occur they often slide right back down the rails, and we can all agree 0.41 is quite the obstruction.
Momentum is curving downward, although positive yet! Finally, the RSI. Not much room to move upwards.
Regards,
Cucho
Note
update (on the 4h again): June 23 we had a small bull flag begin that completely formed, and dumped invalidating the formation. This was gradual, brought us below major support (yellow), and eventually gave a sweet V shape recovery under the minor support (purple) by June 30 for the fake "portfolio rebalance rally", which immediately left us trading under once more, this time sideways.Today we are left at the crossroads between the minor support (purple) and daily fractal/resistance (blue).
The blue resistance lines seem to be the strongest and we usually break through sideways as we can see today.
The fact that we have yet tested the blue support is reminder that XRP is healthy, but the macro conditions can be labeled the culprit (FED). However, these are strong conditions!
From here I confidently predict sideways movement because the yellow resistance/blue support are strong, barring a surprise fundamental event, but anything's possible! Remember XRP market cap is relatively small compared to other instruments like BTC, stocks, ect hence vulnerable to manipulation!
The next fractal play to look for IMO occurs towards the end of July where the yellow/blue lines cross.
Stay Blessed,
Cucho
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