Hello Traders Investors And Community,
Welcome to this analysis looking at XRPUSD 4-hour timeframe perspective, the recent events, the current formational structure, what is likely to happen next times and how to handle the situation appropriately. XRPUSD currently is one of the more weaker pairs mingling in the range while other cryptocurrencies making new highs this is why it still has a more pace at the moment which we should not keep by side, next times will be highly interesting and there can come some important conclusions at the end of the day.
Looking at my chart you can watch XRPUSD trading in this minor channel marked in blue within the major channel marked in black, the last times XRPUSD already touched the upper and lower boundary of the minor channel several times and also confirmed the 60-EMA in red as resistance, this resistance together with the lower-line-resistance building a coherent resistance cluster here which has a good possibility to confirm to the downside and will do so when the pair does not manage to move sustainably above the resistance.
When XRPUSD confirms the resistance properly this can result into the right entry setup, in this case, XRPUSD needs to move below the lower boundary and close there, also a pullback to it will be good, in this case, it is from high importance that XRPUSD really shows up with this otherwise it is better to watch the ongoing price action till the lower boundary is really crossed to the downside, nevertheless when it happens the trade can be entered conservative after the pull-back and confirmation which gives a good entry setup.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“Good luck is when opportunity meets preparation.”
Information provided is only educational and should not be used to take action in the markets.
Published at Wed, 16 Sep 2020 18:29:31 +0000