XRP/MXN Breakout
Some interesting thing over here.
- See how, for the first time since the downtrend starts after achieving ATH, XRP is breaking out the downtrend line in the 1hr time frame chart. Although we have to wait to confirm it is not a false break, it seems like trend is in a reversal move, we´ll see it in the next hours.
- Also you can see that bears are losing strength in the momentum volume indicator, bulls are starting to take control and buying volume starts to increase.
- Before the breakout, price was moving around an acumulation/consolidation zone which was settled at least twice in the past, and the price didn´t breakdown this time, which means a possible rebounce from there to the next resistance level $1.8
- XRP is trading in a confluence zone where it hit a previous resistance zone and a Fib retracement, if it break it, we can see price surge quickly to test next resistance at $1.8.
Lets see what happens in the next ours.
- See how, for the first time since the downtrend starts after achieving ATH, XRP is breaking out the downtrend line in the 1hr time frame chart. Although we have to wait to confirm it is not a false break, it seems like trend is in a reversal move, we´ll see it in the next hours.
- Also you can see that bears are losing strength in the momentum volume indicator, bulls are starting to take control and buying volume starts to increase.
- Before the breakout, price was moving around an acumulation/consolidation zone which was settled at least twice in the past, and the price didn´t breakdown this time, which means a possible rebounce from there to the next resistance level $1.8
- XRP is trading in a confluence zone where it hit a previous resistance zone and a Fib retracement, if it break it, we can see price surge quickly to test next resistance at $1.8.
Lets see what happens in the next ours.
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