XRPLong
XRP/USD Long Term View (Daily): Uptrend still in play
Long term view. We are correcting a massive move up to near $3.30 and have strong support so far at 50 day moving average (all price below has been bought up to form two long wicks.). If 50 day moving average breaks with a daily close below, we likely head down to 100 day moving average, which is also right along major trendline support (non-log).
The move up to $3.30 highs was ALWAYS going to be retraced. Noone could tell when (at $3.30, $4, etc) or how much, but a massive move up (in % terms), begs for a proportionate correction... doesnt matter what market you are in or asset you are tracking.
What the trend needs now is a touch on lower trendline (we now have the necessary 2 touchpoints on the upper trendline). If Jan 18 rhymes with May 17, we will:
1. Have a test of the ATH (it likely fails).
2. Trade within a range for a period of time.
3. Resume the bull trend once we touch the lower trend channel.
On #3, don't assume we just head down and touch it right now. It is a rising channel, so could be a few months until we get a touch.
The move up to $3.30 highs was ALWAYS going to be retraced. Noone could tell when (at $3.30, $4, etc) or how much, but a massive move up (in % terms), begs for a proportionate correction... doesnt matter what market you are in or asset you are tracking.
What the trend needs now is a touch on lower trendline (we now have the necessary 2 touchpoints on the upper trendline). If Jan 18 rhymes with May 17, we will:
1. Have a test of the ATH (it likely fails).
2. Trade within a range for a period of time.
3. Resume the bull trend once we touch the lower trend channel.
On #3, don't assume we just head down and touch it right now. It is a rising channel, so could be a few months until we get a touch.
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