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Long

XRP Short Term Trend

BITFINEX:XRPUSD   XRP / U.S. Dollar
The trend lines in blue are for a the short term trend, and the trend lines in red are for the shorter terms trend. We see a a wedge created by the short term trend, and the point of the wedge XRP shot below the bottom trend line and sustained for over 5 sessions, confirming the down trend. The shorter trend shows downward parallel channels, meaning XRP could be trading sideways or downward for the next day or two before being able to break over current resistance. In the shorter term trend, resistance is at $1.20 and support at $1.03. MACD at the same level when XRP hit a lower low, indicative of the same difference between moving averages even at a lower level, meaning the 5 day average has gotten lower and hitting resistance becomes more likely. Likely breakout for XRP to be seen within 3-4 days. Huge breakouts are highly co-related with large increases in volume , especially for XRP. Keep a check on RSI , Volume , and Money flow index (if necessary) . Buy price between $1.1-1.2 if market doesn't go into a corrective mode, below $1 if the bottom trend is broken.
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