XRP Long Target 0.9645
1. Resistance Breakout:
- There was a prior horizontal resistance level that the price attempted to break above. This level has been marked as a horizontal line across the chart, indicating that the price previously struggled to rise above it.
- The price initially broke through this resistance but has since retraced.
2. Retest of Support:
- After the breakout, the price retraced back to the support zone marked with "$$$." This retest area is crucial for the potential continuation of the bullish trend.
- The support is aligned with a demand zone, where the price might find buying pressure again.
3. Trade Setup:
- The shaded area extending upwards from the retest zone indicates the potential bullish price target area. This suggests the trader expects the price to rise after bouncing off the support zone.
- The target is near the 0.9645 level, indicating a potential move toward this resistance in a successful scenario.
4. Risk Management:
- The lower grey box shows the stop-loss zone below the key support level, around 0.5555 to 0.5582. A break below this level could invalidate the bullish idea, signaling that the price might move lower.
In summary, the trader expects a bounce from the current support area after the price retests the breakout level, targeting a move up to around 0.9645. However, the setup includes a defined stop-loss below the support zone at 0.5555.
- There was a prior horizontal resistance level that the price attempted to break above. This level has been marked as a horizontal line across the chart, indicating that the price previously struggled to rise above it.
- The price initially broke through this resistance but has since retraced.
2. Retest of Support:
- After the breakout, the price retraced back to the support zone marked with "$$$." This retest area is crucial for the potential continuation of the bullish trend.
- The support is aligned with a demand zone, where the price might find buying pressure again.
3. Trade Setup:
- The shaded area extending upwards from the retest zone indicates the potential bullish price target area. This suggests the trader expects the price to rise after bouncing off the support zone.
- The target is near the 0.9645 level, indicating a potential move toward this resistance in a successful scenario.
4. Risk Management:
- The lower grey box shows the stop-loss zone below the key support level, around 0.5555 to 0.5582. A break below this level could invalidate the bullish idea, signaling that the price might move lower.
In summary, the trader expects a bounce from the current support area after the price retests the breakout level, targeting a move up to around 0.9645. However, the setup includes a defined stop-loss below the support zone at 0.5555.
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