XRP: The short term story
Actualizado
The support zone is holding and rejecting all price attempts to pierce it so far, however, the reactions from moves into the zone have been met with only tepid buyers and low volume.
Overhead resistance is 50 and 200 EMA.
Price is still within the short term bear channel (green lines) and has been unable to break out of it.
All attempts to break above the declining H&S neckline have been rejected (for H&S breakdown analysis, click here: tradingview.com/chart/XRPUSD/U1THwl1q-XRP-Anatomy-of-a-H-S-Breakdown/)
In short, the bears are still roaming, but bulls are trying to find their footing with significant hurdles overhead.
The path to test recent highs near 1.24 seem more challenging than heading lower.
Longer term, there is some potential hope for bulls with the 200 DAY EMA hovering in the mid 70's. This should provide some support for at least a bounce.
Overhead resistance is 50 and 200 EMA.
Price is still within the short term bear channel (green lines) and has been unable to break out of it.
All attempts to break above the declining H&S neckline have been rejected (for H&S breakdown analysis, click here: tradingview.com/chart/XRPUSD/U1THwl1q-XRP-Anatomy-of-a-H-S-Breakdown/)
In short, the bears are still roaming, but bulls are trying to find their footing with significant hurdles overhead.
The path to test recent highs near 1.24 seem more challenging than heading lower.
Longer term, there is some potential hope for bulls with the 200 DAY EMA hovering in the mid 70's. This should provide some support for at least a bounce.
Nota
Support zone holds yet again and sends price back up to resistance. The force is strong in that area... in addition, it bounced hard off the lower trend channel (yellow dotted) shown on the graph. More work cut out for the bulls to clear upper resistance levels, but a positive development for XRP bulls.
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