XRPUSD looking bullish
We have been in this trading range for a few weeks and look ready to leave through the upside. On the past two occasions, from when RSI leaves oversold until it leaves overbought there have been two clear trend lines up from the bottom of the trading range but on this occasion the RSI has left oversold and the price is moving up from the middle of the range finding support at the higher level which is making the case for this being one of Wyckoff's re-accumulation periods.
I would want the price to leave the trading range completely, bounce off $1 and test the $0.90-$0.95 area for confirmation of support. If this happens then I would establish a long at $1.03 with a stop loss at $0.89 and an upside target of $1.20 as there are no significant areas of resistance until then.
At 16:00 May 7th the SEC have a meeting about whether Ether is a security or not, regardless of the outcome I expect a high degree of volatility in the markets and would not open this trade until after any announcements are made even if the price follows the projected path to $1.03.
I would want the price to leave the trading range completely, bounce off $1 and test the $0.90-$0.95 area for confirmation of support. If this happens then I would establish a long at $1.03 with a stop loss at $0.89 and an upside target of $1.20 as there are no significant areas of resistance until then.
At 16:00 May 7th the SEC have a meeting about whether Ether is a security or not, regardless of the outcome I expect a high degree of volatility in the markets and would not open this trade until after any announcements are made even if the price follows the projected path to $1.03.
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