On Sep 17, XRP rallied up from 0.2640 to 0.3240 on Sep 18, hitting the high since Aug 05. Prices was then pushed back down to level of 0.2880, its previous resistance on Aug 18, now turned support. Unfortunately, price broke down further despite consolidating on this 'turned' support level for 2 days, and reaches level of 0.2772.
During this consolidation, note that lower high and lower low were created, indicating that more Bears are determined to push the prices down.
Notice that price is currently respecting the previous resistance since Aug 25 (level of 0.2770). I would like to see the following for each bearish and bullish perspectives.
Bearish ---> Price should potentially correct itself to previous resistance level of 0.2880, and fall further down to level of 0.2640.
Bullish ----> Price should potentially consolidate around level of 0.2770 (turned support level), creating higher high and higher low to break level of 0.2880 and potentially reaches level of 0.3051.
Overview
Maintain bearish stance as the level of 0.2880 is a strong resistance since Apr 19 in the Daily Chart. It is unlikely the Bulls may overcome this in the short term.
Good trading & We will speak soon!
Leo_X
During this consolidation, note that lower high and lower low were created, indicating that more Bears are determined to push the prices down.
Notice that price is currently respecting the previous resistance since Aug 25 (level of 0.2770). I would like to see the following for each bearish and bullish perspectives.
Bearish ---> Price should potentially correct itself to previous resistance level of 0.2880, and fall further down to level of 0.2640.
Bullish ----> Price should potentially consolidate around level of 0.2770 (turned support level), creating higher high and higher low to break level of 0.2880 and potentially reaches level of 0.3051.
Overview
Maintain bearish stance as the level of 0.2880 is a strong resistance since Apr 19 in the Daily Chart. It is unlikely the Bulls may overcome this in the short term.
Good trading & We will speak soon!
Leo_X