In order to get a sense of which way price action is looking to trend, i'll be looking for a daily candle close above or below this zone.
On the daily, the zone I've charted (pink box) covers from about .00011600 to .00012500, which i believe once clearly broken (topside or bottom) will clearly see price action move in that direction.
I XRP long terms, so i'd like to see a break and close about .00012500 and above .00013000 would be even better.
However, considering on the 4HR price action is riding the 200 like a stallion, if we break and close to the downside, i would not be surprised to see price move to .00010500 to .0009500 area.
I'll be watching this closely.
4HR Chart - Pink box reflect daily range with no daily closes above or below. blue boxes represent 4HR consolidated ranges within the past 4-5 days.
So what's next for XRP/BTC Pair. I'm still very bullish on XRP overall, but considering we've gone bearish on the 4HR time frames and below (price under the 200EMA) I expect we might see a little more downside before getting any significant moves back up in price.
Price is sitting just above a support line (.00010800 there about level) that actually was pretty good support/resistance back from May-July 2017.
I except we'll see a test of the current bounce and if we get a break and close a move down to .00010000 to possible .00009500. A test of the lows from last week.
The MA's across all timeframe and telling me we'll see more downward movement, but the question is how low??
I think the .0009500 area is fair game and would line up with previous support level from last week.
Now and if we get lower are great buying opportunities.