Hey Folks!
Quick Analysis on XRPUSD. We have been consolidating heavily between the 23.8 & 38.2 fib level while respecting both an upward and downward trendline on the 1hr & 4hr. Resistance has been found at the 38.2 fib retracement level and at the .29460 price.
As you can see we're forming an Ascending Triangle & getting closer to a possible breakout. We're looking to see if a candle can close over the crossing of the downward trendline & 38.2 fib level (Orange Circle) for a potential buy opportunity. Things to consider for multiple confirmations: EMA cross over SMA & DI + cross over DI- to show a shift in trend.
Happy Trading!
Quick Analysis on XRPUSD. We have been consolidating heavily between the 23.8 & 38.2 fib level while respecting both an upward and downward trendline on the 1hr & 4hr. Resistance has been found at the 38.2 fib retracement level and at the .29460 price.
As you can see we're forming an Ascending Triangle & getting closer to a possible breakout. We're looking to see if a candle can close over the crossing of the downward trendline & 38.2 fib level (Orange Circle) for a potential buy opportunity. Things to consider for multiple confirmations: EMA cross over SMA & DI + cross over DI- to show a shift in trend.
Happy Trading!
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Broke out opposite way of ascending triangle.