Good day Traders!
Today I present you with this possible Wyckoff Accumulation in progress chart. It seems that XRP is currently in the Phase C or Spring/test phase. Price has been also bouncing off previous daily lows quite well in the past.
A few scenarios are possible from here onward:
- price continues moving higher from here into Phase D;
- a possible dip for a test of the lows and to form a "double bottom" as well as a bullish divergence on RSI, then continue higher;
- price moves lower, closes below the current low and invalidates this setup, in which case the next major support is around 0.15
Of course as traders our focus is on risk management and to be ready for any possible scenario.
Good luck and thank you for your attention, thoughts/comments/likes etc are appreciated.
Today I present you with this possible Wyckoff Accumulation in progress chart. It seems that XRP is currently in the Phase C or Spring/test phase. Price has been also bouncing off previous daily lows quite well in the past.
A few scenarios are possible from here onward:
- price continues moving higher from here into Phase D;
- a possible dip for a test of the lows and to form a "double bottom" as well as a bullish divergence on RSI, then continue higher;
- price moves lower, closes below the current low and invalidates this setup, in which case the next major support is around 0.15
Of course as traders our focus is on risk management and to be ready for any possible scenario.
Good luck and thank you for your attention, thoughts/comments/likes etc are appreciated.