MitchMilli

XRP Golden Cross ---> Price Action To Reveal Trend Direction

BITFINEX:XRPUSD   瑞波幣
XRP fell down from my previous post. I was expecting the possibility of a double bottom forming on the daily Stochastic RSI. That is playing out well. We are also lining up with my previously mentioned support level of around 0.255. Intraday timeframes all look bearish however daily is in heavily oversold conditions. XRP successfully golden crossed on the daily but we have to make a move either way first thing. The 50 day MA & 200 dat MA have just crossed and are simultaneously acting as support for price. If this cannot hold the golden cross will have most likely been a fake-out and we will need some more red candles and time to reestablish momentum. Weekly Stochastic cooled off a bit but we are still in overbought conditions. Next strong support on the weekly chart is near 0.24.

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