1. Support @ ~0.66
2. Resistance @ 0.96
3. 8-day EMA (Dynamic support/resistance). The resistance has held since Jan 9.
4a. Bullish pin bar formed at key support level. Price retraced 50% of pin bar, which is not unusual.
4b. Potential reasons not to take this as a buy signal:
-Counter trend
-Pin bar spans both support and resistance
-Subsequent failed test of resistance @ 0.96 (yesterday and today). (See 5)
-Strong downward momentum (see 6)
-Poor risk/reward.
6. EFI {Close (current period) - Close (prior period)} x Volume-------------EFI has been negative since Jan 10. MACD lines also crossed around this time.
?. Prices are likely to soon retest support @ 0.66
Things to look for (bullish)
-break of resistance (horizontal levels and/or break above EMA)
-higher highs, higher lows
-counter-trend trades near support with good risk/reward potential and strong signals.
-EFI heading for positive territory.
-MACD cross
2. Resistance @ 0.96
3. 8-day EMA (Dynamic support/resistance). The resistance has held since Jan 9.
4a. Bullish pin bar formed at key support level. Price retraced 50% of pin bar, which is not unusual.
4b. Potential reasons not to take this as a buy signal:
-Counter trend
-Pin bar spans both support and resistance
-Subsequent failed test of resistance @ 0.96 (yesterday and today). (See 5)
-Strong downward momentum (see 6)
-Poor risk/reward.
6. EFI {Close (current period) - Close (prior period)} x Volume-------------EFI has been negative since Jan 10. MACD lines also crossed around this time.
?. Prices are likely to soon retest support @ 0.66
Things to look for (bullish)
-break of resistance (horizontal levels and/or break above EMA)
-higher highs, higher lows
-counter-trend trades near support with good risk/reward potential and strong signals.
-EFI heading for positive territory.
-MACD cross
Note
XRP heading towards for support @ 0.66Note
weak bounce off of supportNote
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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.
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.