XRP/BTC 1D chart support zone, last chance before more downfall?
Hi,
In favor of long setup due to several signals even though due to market unpredictability (mainly BTC/USD reacting to stock market/ oil prices / covid cases etc. which are all further interrelated with one another):
1. Visible bullish divergence on RSI, one that spans across a long period on the daily chart
2. At the lower support line of a Falling Bullish Wedge
3. At the support line of the immediate previous months bottom and bounce back areas - multiple times tested
4. Within a larger (more transparent green color) support zone from XRP/BTC first days tested several times in previous cycles.
5. MAs are starting to flatten and perhaps look up but I wouldn't count this is a formidable buy sign.
This the first 4 points above point to a hope that XRP/BTC can regain some levels and take a breather.
If it doesn't work out, next stop would be the 2100sats area which is the bottom support of point 4 (larger support zone). If it doesn't hold then, you know, fuck knows.
Stay safe.
In favor of long setup due to several signals even though due to market unpredictability (mainly BTC/USD reacting to stock market/ oil prices / covid cases etc. which are all further interrelated with one another):
1. Visible bullish divergence on RSI, one that spans across a long period on the daily chart
2. At the lower support line of a Falling Bullish Wedge
3. At the support line of the immediate previous months bottom and bounce back areas - multiple times tested
4. Within a larger (more transparent green color) support zone from XRP/BTC first days tested several times in previous cycles.
5. MAs are starting to flatten and perhaps look up but I wouldn't count this is a formidable buy sign.
This the first 4 points above point to a hope that XRP/BTC can regain some levels and take a breather.
If it doesn't work out, next stop would be the 2100sats area which is the bottom support of point 4 (larger support zone). If it doesn't hold then, you know, fuck knows.
Stay safe.
Let's see if it happens again. I see 2 outcomes:
1. We break out of wedge, test MA 200, go bouncy-bounce between MA200 and MA50 and ultimately go down a bit at which I point I would have to reconsider next steps because I am not fuckin Nostradamus to know >2-3 months ahead what happens. That only happens in stocks when you know the company has actual grounds to go by and a use case.
2. The MA50 is killing us as well as the top resistance line and we go south from here only to bounce back up forming a lower high and then down again and which point we just break down from the big wedge.
I personally hope for scenario 1, XRP has been looking incredibly repulsive the past months and when you consider it dead, that's when they surprise you the most.