XRPUSD update. Where to next?
A couple of things to observe from the 2D chart;
- XRPUSD has been making higher highs and higher lows - a sign that an uptrend is in play
- Price got rejected twice at the 0.5 Fibonacci retracement level ($0.919). Could it be 3rd time lucky?
- Price is currently trading sideways in the Golden pocket of the Fibonacci retracement (.618 - 0.65) but is bumping against the upward trendline, which could result in a breakout soon.
- The golden pocket is also providing strong support at the moment at the $0.822 level.
- The EMA20 and EMA 200 are about to cross over, which would be quite a bullish signal.
It looks more likely to break upwards, and retest the 0.5 Fib retracement level, which is a strong area of resistance.
A downward breakout is also possible, though less likely, and this should take us to the 200EMA at $0.80 and if that is broken the next support level at the 0.786 FIB ($0.73)
We wait and see.
This is not investment advice. Kindly do your own research.
Follow me for regular updates.
- XRPUSD has been making higher highs and higher lows - a sign that an uptrend is in play
- Price got rejected twice at the 0.5 Fibonacci retracement level ($0.919). Could it be 3rd time lucky?
- Price is currently trading sideways in the Golden pocket of the Fibonacci retracement (.618 - 0.65) but is bumping against the upward trendline, which could result in a breakout soon.
- The golden pocket is also providing strong support at the moment at the $0.822 level.
- The EMA20 and EMA 200 are about to cross over, which would be quite a bullish signal.
It looks more likely to break upwards, and retest the 0.5 Fib retracement level, which is a strong area of resistance.
A downward breakout is also possible, though less likely, and this should take us to the 200EMA at $0.80 and if that is broken the next support level at the 0.786 FIB ($0.73)
We wait and see.
This is not investment advice. Kindly do your own research.
Follow me for regular updates.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.