XRPUSD Update
The entire crypto market is taking a beating, led by Bitcoin...Volatility and bloodbath are back, and in these times (which I'm sure is scary for some) it is best to zoom out to higher timeframes...
Looking at the weekly chart:
1. We've witnessed a low-volume sell-off - could point to capitulation from weak long hands, and that would largely support the Fear & Greed Index being in extreme fear over the past few weeks.
2. XRP is retesting the 100-day Moving Average, as it did back in November (and was rejected). Hopefully, this holds as key support once again.
3. Stoch RSI is deeply oversold, reversal may not be too far off.
My take (And don't take this as investment advice - please do your own research):
- Long term uptrend should remain intact - we just need a high volume pullback, to stabilise price and resume the accumulation phase
- While I look at this as a great buying opportunity, until we start seeing seller exhaustion I'll be sitting back and waiting for the right time to buy more. Don't want to be catching a falling knife
- Remaining calm is critical in these phases, and remember the drop has nothing to do with XRP fundamentals. These remain strong.
Stay safe trading!
Looking at the weekly chart:
1. We've witnessed a low-volume sell-off - could point to capitulation from weak long hands, and that would largely support the Fear & Greed Index being in extreme fear over the past few weeks.
2. XRP is retesting the 100-day Moving Average, as it did back in November (and was rejected). Hopefully, this holds as key support once again.
3. Stoch RSI is deeply oversold, reversal may not be too far off.
My take (And don't take this as investment advice - please do your own research):
- Long term uptrend should remain intact - we just need a high volume pullback, to stabilise price and resume the accumulation phase
- While I look at this as a great buying opportunity, until we start seeing seller exhaustion I'll be sitting back and waiting for the right time to buy more. Don't want to be catching a falling knife
- Remaining calm is critical in these phases, and remember the drop has nothing to do with XRP fundamentals. These remain strong.
Stay safe trading!
Penafian
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