XRPUSD: Overbought Market and New Trade Opportunities

From TA point of view, the coin looks overbought, and we can expect a downward movement toward MAs and the support levels. RSI confirmed the price reversal as well as MACD histogram, which is also supporting bears.

Maybe we will see a new attempt to reach 0.3400 resistance. But if the price stays below this zone, we will get a new trend reversal signal.

I would like to open new long positions following reversal signals from 0.2400 and 0.21000 support zones. Will the price reach these levels and provide us trade opportunities? It will depend on the BTCUSD market and the price action in these zones.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.