Ripple: technical analysis
Ripple: technical analysis
13 February 2019, 12:48
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 0.2915 |
| Take Profit | 0.2815, 0.2686 |
| Stop Loss | 0.2995 |
| Key Levels | 0.2686, 0.2815, 0.2930, 0.3174, 0.3300, 0.3418 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.3200 |
| Take Profit | 0.3418 |
| Stop Loss | 0.3020 |
| Key Levels | 0.2686, 0.2815, 0.2930, 0.3174, 0.3300, 0.3418 |
Current trend
On Friday, XRP quotes rose with the rest of the market amid positive SEC comments. The price grew to 0.3174 (Murrey [1/8]) but then was corrected to the level of 0.2930 (Murrey [0/8]) at the lower border of the Murrey trading range, which is the key "bearish" level. In case of its breakdown, the decline may continue to the levels of 0.2815 (the bottom line of Bollinger bands) and 0.2686 (Murrey [–1/8]). The growth of the instrument is possible after fixing above 0.3174 (Murrey [1/8], the upper line of Bollinger bands). In this case, the “bullish” target will be the level of 0.3418 (Murrey [2/8]).
Technical indicators do not give a clear signal. MACD histogram is decreasing in the negative zone. Stochastic is reversing downwards.
Support and resistance
Resistance levels: 0.3174, 0.3300, 0.3418.
Support levels: 0.2930, 0.2815, 0.2686.
Trading tips
Short positions can be opened below the level of 0.2930 with the targets at 0.2815, 0.2686 and stop loss 0.2995.
Long positions can be opened when the price consolidates above the level of 0.3174 with the target at 0.3418 and stop loss 0.3020.
On Friday, XRP quotes rose with the rest of the market amid positive SEC comments. The price grew to 0.3174 (Murrey [1/8]) but then was corrected to the level of 0.2930 (Murrey [0/8]) at the lower border of the Murrey trading range, which is the key "bearish" level. In case of its breakdown, the decline may continue to the levels of 0.2815 (the bottom line of Bollinger bands) and 0.2686 (Murrey [–1/8]). The growth of the instrument is possible after fixing above 0.3174 (Murrey [1/8], the upper line of Bollinger bands). In this case, the “bullish” target will be the level of 0.3418 (Murrey [2/8]).
Technical indicators do not give a clear signal. MACD histogram is decreasing in the negative zone. Stochastic is reversing downwards.
Support and resistance
Resistance levels: 0.3174, 0.3300, 0.3418.
Support levels: 0.2930, 0.2815, 0.2686.
Trading tips
Short positions can be opened below the level of 0.2930 with the targets at 0.2815, 0.2686 and stop loss 0.2995.
Long positions can be opened when the price consolidates above the level of 0.3174 with the target at 0.3418 and stop loss 0.3020.
Post a Comment