On Nov 03, XRP found its support at 0.29 and rallied up to 0.31 on Nov 06, with consolidation in between on Nov 05. Prices was then pushed back down and broke the support line at 0.29, reaching to the level of 0.2745, the daily uptrend line which is imperative to look out for.
Notice that price is currently respecting the support of the uptrend line. I would like to see the following for each bullish
----> Price now at 0.2784 should continue on the upside trend and potentially rise to 0.307. Predicting that price action pattern should repeat itself towards the price action during the period between 23 Oct to 26 Oct (highlighted in Blue)
---> If Price were to break down the uptrend line, I would like to see price consolidate itself at price of 0.26550 (newly support of Uptrend line) and potentially rally towards the upside direction.
If this doesn't happen, bearish
investors may look to sell down further to price of 0.2476.
view as the price action pattern is also show higher low, indicating that more bullish
investors are in the market, willing to buy at higher price to push up prices.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!