XRP/USDT 1H: Strong Bearish Momentum – Wait for Reversal Confirmation?"
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Current Market Structure:
Market Maker Activity:
Key Levels:
Recommendation:
Risk Score:
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Current Market Structure:
- Price at $2.37 with strong bearish momentum.
- Clearly defined bearish structure with lower highs and lower lows.
Market Maker Activity:
- Market makers distributed heavily in the $2.70-2.80 zone.
- Multiple bearish order blocks are visible on the descent.
- RSI shows oversold conditions but lacks bullish divergence at this time.
Key Levels:
- Major Resistance: $2.60 (previous support turned resistance).
- Immediate Resistance: $2.45.
- Current Support: $2.35.
- Next Support: $2.30.
- Trade Setup (Confidence 8/10):
Recommendation:
- Wait for reversal confirmation before taking a long position.
- Look for a double bottom formation or a bullish order block as a signal.
- Potential long entry may be considered after reclaiming $2.45 with tight stops.
Risk Score:
- 8/10 – High-risk environment, given the strong bearish structure.
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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.