Potential Long Opportunity - XRP 1W
XRP has seen a considerable increase in volume over the past few weeks, with substantial buying volume bringing the current price to meet the 0.382 Fib shown within this chart.
It appears that the next weekly candle will open at this level - and if the current uptrend continues, will rise above. Should this occur, this will be in conjunction with 1W 20 EMA (yellow) becoming support.
The current weekly candle has also held above the largest High Volume Node within the Volume Profile, with the price rising up to the the next HVN. If the price were to increase from here, then we can expect to rise to the next. The next level happens to meet the 0.618 Fib.
The 1W 100 EMA (purple) has historically shown to be a strong level of resistance. The chart shows multiple previous positions in which price action has wicked to this level and subsequently seen rejection.
Again, with continuation of the current trend, this level is on a trajectory to meet the 0.618 Fib along with the trend line resistance.
Considering this observation, I believe a long opportunity for XRP could prosperous, depending on the opening of the next weekly candle with a target within the range of the darker rectangle of the chart.
It appears that the next weekly candle will open at this level - and if the current uptrend continues, will rise above. Should this occur, this will be in conjunction with 1W 20 EMA (yellow) becoming support.
The current weekly candle has also held above the largest High Volume Node within the Volume Profile, with the price rising up to the the next HVN. If the price were to increase from here, then we can expect to rise to the next. The next level happens to meet the 0.618 Fib.
The 1W 100 EMA (purple) has historically shown to be a strong level of resistance. The chart shows multiple previous positions in which price action has wicked to this level and subsequently seen rejection.
Again, with continuation of the current trend, this level is on a trajectory to meet the 0.618 Fib along with the trend line resistance.
Considering this observation, I believe a long opportunity for XRP could prosperous, depending on the opening of the next weekly candle with a target within the range of the darker rectangle of the chart.
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