Is XRP ready for a massive short squeeze?
XRP is in symmetrical tringle for some longer period o time. The upper and downtrend lines represent perfect resistance and support for now. Price is moving from resistance to support and back.
But in the last 2 weeks, the thing has changed a little bit and the price has had a problem with testing support and is above Bigred aka 200 days MA for some time which is way more bullish than bearish. This is an indication price doesn't want to retest support anymore and wants to move up.
RSI is neutral and has room for the price to move in both directions before it would go to the extreme.
MACD is more bullish than bearish until MACD and the signal lines stay above zero line.
With a possible break out of the triangle, the target would be around 0.6 or higher. Having in mind how XRP can move the target could be even higher. But the most important thing it needs to break the triangle first.
On the other side if the price falls below BigRed it will likely test support or lower trend line and then start moving up.
I would not be in a short position in this one because violent moves is in front of us.
But in the last 2 weeks, the thing has changed a little bit and the price has had a problem with testing support and is above Bigred aka 200 days MA for some time which is way more bullish than bearish. This is an indication price doesn't want to retest support anymore and wants to move up.
RSI is neutral and has room for the price to move in both directions before it would go to the extreme.
MACD is more bullish than bearish until MACD and the signal lines stay above zero line.
With a possible break out of the triangle, the target would be around 0.6 or higher. Having in mind how XRP can move the target could be even higher. But the most important thing it needs to break the triangle first.
On the other side if the price falls below BigRed it will likely test support or lower trend line and then start moving up.
I would not be in a short position in this one because violent moves is in front of us.
Nota
It is breaking out at the moment. XRP needs just more volume because now at the same place of resistance, there is BigRed and a trend line. If it breaks and closes the day above it the major pump for XRP is here. Could be short-lived due to the FED, Powell, Inflation, bla bla bla but money is money, the pump is a pump, trade is trade. We are here to trade not hodl
Consistency is the key of success....
Penafian
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Consistency is the key of success....
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.