✴️ XRP | Zoom In (Mixes Signals)Hello my dear friend, it's been a few days since we last talked/shared and I am so very happy to be back with you today.
I will do a more comprehensive analysis soon on XRPUSDT but first, let's focus on a close up of the chart.
This is XRPUSD on the daily time-interval.
I want to call to your attention recent price action; the last month and a half, since 13-April.
➖ Notice that trading volume continues to be low.
➖ I marked three candles/sessions on the chart with a down-red emoji. See how all these are bullish rejections; meaning, that the bears cancelled a bullish move.
➖ Notice the current session as a Shooting Star candlestick or Doji, still, strongly bearish. (This signal is confirmed only when the session closes. If the session closes much higher than the current price, this signal can be invalidated.)
But, since short-term noise can be deceiving, we will have a fresh look at the weekly time-interval.
Here we have some mixed signals.
The bounce is on-going after mid-April but at the same time the main move is the drop that ended in the 13-April low. XRPUSD needs to move above 0.60 on the daily for this bearish chart structure to break but right now it continues aiming lower so we can step out, sit out and wait.
Again... Follow my profile for the weekly update and we will both see what the chart has to say. I haven't seen it in a while but I can tell it will be the same.
Namaste.
