$XRP Resistances Broke - Dont Get Trapped
There have been a number of formations broken to the upside over the last 24 hours, including bearish formations such as the Ascending Triangle. There is a confluence of resistance here at 0.354 with the descending trend-line from 6/3 which has been touched 4 times since then making it a pretty strong resistance trend-line. There is also the horizontal resistance area at 0.354 from 8/19 which was again tested on 8/21 which preceded a drop within 24 hours to below 0.31.
Beyond the trend-lines sees 1H RSI in overbought territory and the 1H Fisher is in territory that historically precedes a sell-off. It should be noted that the 4H RSI has also crossed into overbought territory this bar, but there is room for 4H Fisher to move. On the daily level we are neutral from the extremely oversold territory that was hit back in the second week of August.
I am still bearishly biased as I exited a position at 0.31601 and am currently looking for an entry lower, targeting 0.20.
The counter to my bearish bias would be a break above 0.37 which would mark a new high on the daily chart since the yearly low. Even a break above 0.354 could be seen as bullish, but I would be careful of a fake-out there without some sort of correction from this level to 0.34 which would be the 0.382 of this move starting two days ago.
Beyond the trend-lines sees 1H RSI in overbought territory and the 1H Fisher is in territory that historically precedes a sell-off. It should be noted that the 4H RSI has also crossed into overbought territory this bar, but there is room for 4H Fisher to move. On the daily level we are neutral from the extremely oversold territory that was hit back in the second week of August.
I am still bearishly biased as I exited a position at 0.31601 and am currently looking for an entry lower, targeting 0.20.
The counter to my bearish bias would be a break above 0.37 which would mark a new high on the daily chart since the yearly low. Even a break above 0.354 could be seen as bullish, but I would be careful of a fake-out there without some sort of correction from this level to 0.34 which would be the 0.382 of this move starting two days ago.
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