XRP/USD Forming Bull Flag at Top of Channel. What is Next?
מעודכן
Happy Thursday Trading Viewers! Thanks for taking the time to read this analysis.
After reaching a 2020 ATH on Nov 23 at $.78 the question on everyone's mind is "when will it start pumping to $1" with the Flare token airdrop news? That time is in the next 1-2 days.
After 3 touches off of channel support and the deepest 4 hour RSI oversold reading since Nov 26, XRP is forming an obvious bull flag consolidation pattern right below the channel resistance on top of the 4 hour 10 MA. Notice how price is no longer dropping down in an ABC type of correction we have seen the past 3 weeks?
Next price target is recent high and then new 2020 high at the 1.786 macro fib extension retracement level around $83. A good strategy would be to wait for break of the channel, buy on retest with a tight SL and set 2 sell orders at $.78 and $.83.
I love answering questions so let me know good or bad what you think of my TA. If you enjoy the analysis please feel free to hit the blue cheers button below to tip me :)
Good luck!
After reaching a 2020 ATH on Nov 23 at $.78 the question on everyone's mind is "when will it start pumping to $1" with the Flare token airdrop news? That time is in the next 1-2 days.
After 3 touches off of channel support and the deepest 4 hour RSI oversold reading since Nov 26, XRP is forming an obvious bull flag consolidation pattern right below the channel resistance on top of the 4 hour 10 MA. Notice how price is no longer dropping down in an ABC type of correction we have seen the past 3 weeks?
Next price target is recent high and then new 2020 high at the 1.786 macro fib extension retracement level around $83. A good strategy would be to wait for break of the channel, buy on retest with a tight SL and set 2 sell orders at $.78 and $.83.
I love answering questions so let me know good or bad what you think of my TA. If you enjoy the analysis please feel free to hit the blue cheers button below to tip me :)
Good luck!
הערה
Correction: Lowest 4hr RSI oversold since Nov. 1st
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