XRP breaks through Pivot @ 0.75 after breaking down through bullish flag and RSI channel. The (P+S1)/2 is at 0.64. 4H RSI is under 20 and is extremely oversold. The 0.63-64 area also provided solid support a month ago and back in March. This confluence of support should hold. If not, were looking at 0.55-56.
Note
While the price appears to be bouncing, I dont see any follow-through in the LongOpenInterest, in fact it has made a new low as the price gained a little. While I fully expect the 0.64-65 level to hold, LOTS and LOTS of support here, the market as a whole doesnt seem to be on the rebound train yet. So.. be careful here...
Note
Looking back we can see that the price has reached the 0.618 fib of Wave 1 (the first impulse series plotted) right on the nose.Note
Long Open Interest has started to climb, signaling confirmation of bounce. However, I would like to see a break of the RSI trend-line broken up before I feel confident of confirmation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.