XRP - Hovering in support zone....
Thoughts
- Usually when bouncing within support level, the result is a downward movement.
- On the 1HR the range between 10700 and 8038 is the 0.382 and 0.236 fib respectfully. I would think that a downward movement to 8100 sats would be a move before heading upwards.
- Although on the 4hr is seems to be on the 0.382 support, but i think usually a sharp pin would be sign to attempt resistance on 0.5 fib.
- The Resistance line from the ATH is approaching, this is what we are waiting
- For now, no trade zone
- Risky play would be to short with a stop above the trend line (Bright green) in case we break upwards.
- Usually when bouncing within support level, the result is a downward movement.
- On the 1HR the range between 10700 and 8038 is the 0.382 and 0.236 fib respectfully. I would think that a downward movement to 8100 sats would be a move before heading upwards.
- Although on the 4hr is seems to be on the 0.382 support, but i think usually a sharp pin would be sign to attempt resistance on 0.5 fib.
- The Resistance line from the ATH is approaching, this is what we are waiting
- For now, no trade zone
- Risky play would be to short with a stop above the trend line (Bright green) in case we break upwards.
- Still following the downward trend line closely
- Broken down from support zone
- It didn't hit the 0.236 Fib as I thought
- If XRP breaks above 0.000085 then I would re-evaluate and possibly look for a long position
- Still likely to test the 0.236 Fib.