🔥 XRP'S ASCENDING CHANNEL 🔥🔥 Hey hey! Hope everyone's doing well, this is gonna be a pretty quick idea so feel free to tune in for a short bit, thanks!
🔥 In our last XRP idea, chart which is linked below we added in this ascending channel and some horizontal channels to help keep a reference on the chart.
🔥 Since that idea we see a couple things have happened notably. I've extended the ascending channel with some dotted lines to represent the before, after. First point is that we managed to find support again at 0.525 and rebound, even after we'd lost the 200 EMA which brings us to where we're at now. So we managed to avoid losing our ascending channel and regain the 200 EMA again.
🔥 I'll keep this simple, we're at a pivot point, if bulls can manage to keep us from falling and losing the ascending channel then they can use it as a support and that'll help us push for higher prices. We did manage to hit that 0.537 before retracing so if we can pull back up, I'd expect it to give us a fight with 0.54 being the main battle. We break that and we could possibly see a breakout should we form that higher high for the last couple days.
🔥 Another case is that we lose the 200 EMA, we fall below and out the ascending channel and fall hard by which I'd refer to the horizontal levels we have to test for support and resistance levels should that happen.
🔥 Said this idea was gonna be quick and I have to get ready for work so we'll leave things there, simply wanted to come back to our chart and go over a couple things we're looking at currently. I know it ain't much but I simply wanted to make a quick follow up for now and we'll do a deeper technical analysis for our next idea.
🔥 Anyway, thanks for joining me for a bit, appreciate all of you guys as always! Here's to a good future for crypto. As always, many blessings till next and Keep tuned for more.
~ Rock '
