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XRPUSD Long Opportunity - 31/1/2021
Hello traders !
As you can see,price has made really crazy move to the upside. Well, it seems to me like a pump before a dump. You can also see a Double Bottom pattern,where neckline nicely fits with 0.618 fibonacci retracement and with the support level. RSI also indicates overbought level and on H1 TF you can also see a divergence. I would personally wait for price to retrace to its neckline and then buy to the -0.272 fibonacci extension level. This level also fits with a weekly resistance so it is more than real that we can see this type of move.
Thank you for reading and good luck !
As you can see,price has made really crazy move to the upside. Well, it seems to me like a pump before a dump. You can also see a Double Bottom pattern,where neckline nicely fits with 0.618 fibonacci retracement and with the support level. RSI also indicates overbought level and on H1 TF you can also see a divergence. I would personally wait for price to retrace to its neckline and then buy to the -0.272 fibonacci extension level. This level also fits with a weekly resistance so it is more than real that we can see this type of move.
Thank you for reading and good luck !
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