Took a quick look at the daily for XRP/USD and saw something interesting in my opinion.
Could we be forming a double bottom on the daily that would project us back into the $2.25 range over the next week or so?
I'll be watching to see how this day closes out, as price right now is sitting on a weekly .618 fib area. A close above or below will definitely support the direction of the close.
As with my other post on XRP, i'm very bullish overall on this crypto!
This is what i'm seeing at the moment. If we get a close below that support level (which happens to be a weekly .618 fib area), i think we will see some more downside.
Could we be forming a double bottom on the daily that would project us back into the $2.25 range over the next week or so?
I'll be watching to see how this day closes out, as price right now is sitting on a weekly .618 fib area. A close above or below will definitely support the direction of the close.
As with my other post on XRP, i'm very bullish overall on this crypto!
This is what i'm seeing at the moment. If we get a close below that support level (which happens to be a weekly .618 fib area), i think we will see some more downside.
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Well... we got a little pop on XRP late in the day and the new daily candle forming is looking a little bearish.
Wasn't 100% sold on a double bottom, but today's candle will likely be the candle to decide whether it is or is not a double bottom. A break to the downside of the support line will invalidate it in my opinion.
One could aruge the bottom of the wicks keeps this in play, but I'm not so sure. Crypt is so volatile, i prefer using the candle bodies in general for support and resistance. use wicks only for trend lines
Wasn't 100% sold on a double bottom, but today's candle will likely be the candle to decide whether it is or is not a double bottom. A break to the downside of the support line will invalidate it in my opinion.
One could aruge the bottom of the wicks keeps this in play, but I'm not so sure. Crypt is so volatile, i prefer using the candle bodies in general for support and resistance. use wicks only for trend lines