After a solid bounce this morning I want to update my last idea and see if we can find some hope and some opportunity along the way.
Looking at this XRP 4hr we can see that we broke out of the downward convergence and pierced right through my next major support level with a bounce that appears to have the volume to hold it up. That said you can see the downward convergence is still in play as the first level of resistance that the bulls bounced off of. With the bounce I think we can define a new uptrend support shown in purple that may be tested as the market regroups in the next couple of days.
The 30min chart already shows a bounce off of the old support line and if you like risk you can likely play the swings from the various light blue and purple trend lines that provide resistance on the buy side and support on the sell side.
My first published piece called for a bounce in mid February which looks like has been exedited but since the downward convergence hasn’t been completely taken out of play we still need to watch to see how it plays out over the next couple of weeks as prices will likely bounce around and consolidate in the triangle created by the new uptrend line and the top of the downward convergence. It still looks like a close above $1.40 will break the cycle but with BTC still largley controlling the market it will take some good news and a lot of volume to do that before the middle of February.
Thanks for watching and please don’t trade off of my ideas unless you are willing for me to be very wrong.
Cheers!
Looking at this XRP 4hr we can see that we broke out of the downward convergence and pierced right through my next major support level with a bounce that appears to have the volume to hold it up. That said you can see the downward convergence is still in play as the first level of resistance that the bulls bounced off of. With the bounce I think we can define a new uptrend support shown in purple that may be tested as the market regroups in the next couple of days.
The 30min chart already shows a bounce off of the old support line and if you like risk you can likely play the swings from the various light blue and purple trend lines that provide resistance on the buy side and support on the sell side.
My first published piece called for a bounce in mid February which looks like has been exedited but since the downward convergence hasn’t been completely taken out of play we still need to watch to see how it plays out over the next couple of weeks as prices will likely bounce around and consolidate in the triangle created by the new uptrend line and the top of the downward convergence. It still looks like a close above $1.40 will break the cycle but with BTC still largley controlling the market it will take some good news and a lot of volume to do that before the middle of February.
Thanks for watching and please don’t trade off of my ideas unless you are willing for me to be very wrong.
Cheers!
评论:
The 30min view shows it bouncing off of the support line nicely.
