Looking at the daily this morning XRP has been trading in about a 10k satoshi zone, which breaks down to two key zones on a 4HR in my opinion.
In order to get a sense of which way price action is looking to trend, i'll be looking for a daily candle close above or below this zone.
On the daily, the zone I've charted (pink box) covers from about .00011600 to .00012500, which i believe once clearly broken (topside or bottom) will clearly see price action move in that direction.
I bullish XRP long terms, so i'd like to see a break and close about .00012500 and above .00013000 would be even better.
However, considering on the 4HR price action is riding the 200 EMA like a stallion, if we break and close to the downside, i would not be surprised to see price move to .00010500 to .0009500 area.
I'll be watching this closely.
4HR Chart - Pink box reflect daily range with no daily closes above or below. blue boxes represent 4HR consolidated ranges within the past 4-5 days.
4HR View
In order to get a sense of which way price action is looking to trend, i'll be looking for a daily candle close above or below this zone.
On the daily, the zone I've charted (pink box) covers from about .00011600 to .00012500, which i believe once clearly broken (topside or bottom) will clearly see price action move in that direction.
I bullish XRP long terms, so i'd like to see a break and close about .00012500 and above .00013000 would be even better.
However, considering on the 4HR price action is riding the 200 EMA like a stallion, if we break and close to the downside, i would not be surprised to see price move to .00010500 to .0009500 area.
I'll be watching this closely.
4HR Chart - Pink box reflect daily range with no daily closes above or below. blue boxes represent 4HR consolidated ranges within the past 4-5 days.
4HR View
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Looks like we did break to the downside yesterday from our zone that formed over the last 5 days or so. An easy project for a downside target would have been measuring the size of the box drawn earlier in the day.
So what's next for XRP/BTC Pair. I'm still very bullish on XRP overall, but considering we've gone bearish on the 4HR time frames and below (price under the 200EMA) I expect we might see a little more downside before getting any significant moves back up in price.
Price is sitting just above a support line (.00010800 there about level) that actually was pretty good support/resistance back from May-July 2017.
I except we'll see a test of the current bounce and if we get a break and close a move down to .00010000 to possible .00009500. A test of the lows from last week.
So what's next for XRP/BTC Pair. I'm still very bullish on XRP overall, but considering we've gone bearish on the 4HR time frames and below (price under the 200EMA) I expect we might see a little more downside before getting any significant moves back up in price.
Price is sitting just above a support line (.00010800 there about level) that actually was pretty good support/resistance back from May-July 2017.
I except we'll see a test of the current bounce and if we get a break and close a move down to .00010000 to possible .00009500. A test of the lows from last week.
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Since my update yesterday, XRP has played out as expected with more downward price action and breaking a minor support line. As of right now, we are moving sideways beneath this level.
The MA's across all timeframe and telling me we'll see more downward movement, but the question is how low??
I think the .0009500 area is fair game and would line up with previous support level from last week.
Now and if we get lower are great buying opportunities.
The MA's across all timeframe and telling me we'll see more downward movement, but the question is how low??
I think the .0009500 area is fair game and would line up with previous support level from last week.
Now and if we get lower are great buying opportunities.