XRP USD UPDATE
On our last comprehensive breakdown of XRP USD on the 15th of January, we stated that after a break of 0.25$, we would long to the 0.31$ resistance level. Now, I also stated that it was fine to long from 0.23$ if you were feeling brave and to also place stops at 0.21$. However, I insisted that it was safer to long after a break of 0.25$ and some of us had done this after wicks just above this level. None the less, its safe to say that our stop loss had not been breached and price is now trading just above the 0.25$ resistance level. For those that have not yet entered this position, we will advice more clearly about opening a position and continue to inform those already in positions.
- On our daily chart, we can see that price was rejected from 0.26$ with EMA resistance at this level. Initially, EMA resistance was at 0.27$ and on our last update we stated that EMA resistance coming closer to the 0.25$ level was a good sign of bullish activity being confirmed to 0.31$. We can also observe that momentum indicators on RSI and RSI/ROC are at resistance levels on the daily. If we zoom into the 4 hourly chart, we can see that price is using the 0.25$ price level as support, and previously this was a resistance level. We should already know that once resistances are broken, they become support levels. We can also note that EMA support is currently at our previous entry price of 0.23$. If we switch to specialist candlestick setting we can observe that the bullish candles are losing momentum with bearish candlesticks coming into play.
- For those that have not entered a long position yet, I would advice that you open a long position at 0.24$ with stops at 0.225$. For those already in long positions, please move stops to 0.225$ just under the EMA support on the 4 hourly chart.
- With regards to take profits for these positions, I would advice that you keep take profit at 0.31$ and more conservatively at 0.30$. None the less, we could see price spike to highs of 0.34$ given that bitcoin tests highs of 10,500$. An even better option would be to move stops to 0.27$ once the 0.31$ price level is reached and to move take profits from this level to 0.33$ conservatively given us more room for greater profits with good entries. After price maxing out at the 0.31$ and 0.34$ price levels, we expect the bears to take back charge and return price to lows of 0.18$ and this will be when we short the market once again.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
On our last comprehensive breakdown of XRP USD on the 15th of January, we stated that after a break of 0.25$, we would long to the 0.31$ resistance level. Now, I also stated that it was fine to long from 0.23$ if you were feeling brave and to also place stops at 0.21$. However, I insisted that it was safer to long after a break of 0.25$ and some of us had done this after wicks just above this level. None the less, its safe to say that our stop loss had not been breached and price is now trading just above the 0.25$ resistance level. For those that have not yet entered this position, we will advice more clearly about opening a position and continue to inform those already in positions.
- On our daily chart, we can see that price was rejected from 0.26$ with EMA resistance at this level. Initially, EMA resistance was at 0.27$ and on our last update we stated that EMA resistance coming closer to the 0.25$ level was a good sign of bullish activity being confirmed to 0.31$. We can also observe that momentum indicators on RSI and RSI/ROC are at resistance levels on the daily. If we zoom into the 4 hourly chart, we can see that price is using the 0.25$ price level as support, and previously this was a resistance level. We should already know that once resistances are broken, they become support levels. We can also note that EMA support is currently at our previous entry price of 0.23$. If we switch to specialist candlestick setting we can observe that the bullish candles are losing momentum with bearish candlesticks coming into play.
- For those that have not entered a long position yet, I would advice that you open a long position at 0.24$ with stops at 0.225$. For those already in long positions, please move stops to 0.225$ just under the EMA support on the 4 hourly chart.
- With regards to take profits for these positions, I would advice that you keep take profit at 0.31$ and more conservatively at 0.30$. None the less, we could see price spike to highs of 0.34$ given that bitcoin tests highs of 10,500$. An even better option would be to move stops to 0.27$ once the 0.31$ price level is reached and to move take profits from this level to 0.33$ conservatively given us more room for greater profits with good entries. After price maxing out at the 0.31$ and 0.34$ price levels, we expect the bears to take back charge and return price to lows of 0.18$ and this will be when we short the market once again.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
