Hello fellow Traders
XRPBTC
is struggling to break below after hitting one of its major support zones at around 0.00007700 Sats (Depicted as the horizontal white line in the chart)
This support zone is also confirmed by "50 Days Moving Average" (Shown as the yellow line) As you can tell the yellow line has acted as support and resistance zone multiple times and gave us "long" opportunity on pullbacks and "short" positions when broke below which brings some confidence relating to its trustworthiness.
Now interestingly enough, both lines roughly coincided today, showing support at around 0.00007700/ 0.00007500 Satochies, So as long as the price is above $0.4960, it remains supported for further upsides.
The price would most likely encounter resistance at $0.5100 and $0.5500 According to recent price action and also "Fibonacci" Indicator.
On the other hand if the price couldn't hold on to this support zone it would most likely fall down to find support at around $0.4800 (76.4 Fib retracement) or even further down to $0.4500
So lock in profits as we move up and set your stop losses according to your risk tolerance.
Don't hesitate to leave a comment.
*Please be informed that this is not an investment advice*
XRPBTC
is struggling to break below after hitting one of its major support zones at around 0.00007700 Sats (Depicted as the horizontal white line in the chart) This support zone is also confirmed by "50 Days Moving Average" (Shown as the yellow line) As you can tell the yellow line has acted as support and resistance zone multiple times and gave us "long" opportunity on pullbacks and "short" positions when broke below which brings some confidence relating to its trustworthiness.
Now interestingly enough, both lines roughly coincided today, showing support at around 0.00007700/ 0.00007500 Satochies, So as long as the price is above $0.4960, it remains supported for further upsides.
The price would most likely encounter resistance at $0.5100 and $0.5500 According to recent price action and also "Fibonacci" Indicator.
On the other hand if the price couldn't hold on to this support zone it would most likely fall down to find support at around $0.4800 (76.4 Fib retracement) or even further down to $0.4500
So lock in profits as we move up and set your stop losses according to your risk tolerance.
Don't hesitate to leave a comment.
*Please be informed that this is not an investment advice*