Good morning all!
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Last night we saw XRP give us a local top point as we feared might happen, and a deep correction took place taking out 2 previous highs. We need to hold this level here if price is to follow through to the upside. It was contemplated that a descending channel could be forming after the move to the upside - bullish consolidation, a must have for healthy growth - however it broke down below the support momentarily. Price has now made our lower low with bullish divergences on the 1H chart with MACD and volume. In congruence with BTC price action I believe we should be expecting a price move to the upside to follow.
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Last night we saw XRP give us a local top point as we feared might happen, and a deep correction took place taking out 2 previous highs. We need to hold this level here if price is to follow through to the upside. It was contemplated that a descending channel could be forming after the move to the upside - bullish consolidation, a must have for healthy growth - however it broke down below the support momentarily. Price has now made our lower low with bullish divergences on the 1H chart with MACD and volume. In congruence with BTC price action I believe we should be expecting a price move to the upside to follow.
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If price breaks here and $0.30, we should see the previous high tested once more
If price breaks here and $0.30, we should see the previous high tested once more
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Price is now above the falling channel, the bullish signals followed through and there was no further drop.
Price is now above the falling channel, the bullish signals followed through and there was no further drop.
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Bull trap? Underneath support now
Bull trap? Underneath support now
possible third drop before rising