XRP/USD has been trading the downside considerably after a peak ignited a correction of the 16th January. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play.
Price has broken out of the side-wards support. When price was testing the support previously it was making lower highs. But on the last retest of support on January 2, it is having clear a higher high, which indicated bullish momentum. The side-wards line is very likely to be retested as support.
I am expecting Ripple to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at 1.1230 before the up move begins.
This trade could play out in 2 ways, I have outlined these below:
-Price successfully breaks out, and retests the side-wards resistance line at 1.1230. Price then has an up move to the target zone at 1.4790. -Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at 1.4790.
Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.
If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.
I will updating this analysis if it receives more than 40 likes.
Dagangan ditutup: sasaran tercapai
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Here we have the update for XRP/USD.
Price has perfectly fulfilled it's predicted analysis and had a retest on the side-wards resistance turned structure and then hit our target zone.
Well done to any of you guys that followed me ! :-)
Great call, @TomProTrader ! Is it posible the price to go down to the spotted support level again before the next general increase? My analysis show a drop to 1.10 before the next raise. I'd appreciate your comment. Thank you!
TomProTrader
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@stanpantel, Yes, it'll either retest the support zone, or breakout and test the new target zone as a support. We will soon find out :)
stanpantel
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@TomProTrader, Thank you for replying! My expectations are now confirmed with yours :)
It's always a pleasure to read your posts and comments!
eminyilmazer
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@stanpantel, hi, do you think it can still drop to 1.10. Or going up now
stanpantel
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@eminyilmazer, please refer to Tom's comment above: "Yes, it'll either retest the support zone, or breakout and test the new target zone as a support. We will soon find out :)"
MagicPoopCannon
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lol
mike21ap
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@MagicPoopCannon, doesnt seem unreasonable, support holds so far
TomProTrader
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@mike21ap, Supports still in play and there's some buying. Maybe it'll hold :-)