XRPUSDT - False breakout of resistance. Downward trend
XRPUSDT updated its local maximum to 1.670 amid the impact of economic news (CPI). It is still too early to talk about a bullish trend. The past maneuver is more indicative of a hunt for liquidity...Against the backdrop of Friday's news, Bitcoin, which is followed by the cryptocurrency market, is strengthening. Altcoin is testing resistance and forming a short squeeze relative to the resistance zone of 1.541-1.654, which is a fairly strong signal indicating market weakness and a possible downward movement.
There are two key levels for XRP: the panic zone of 1.4470 (closing below this level could trigger a decline) and the zone of interest of 1.4885 - 1.5416 - a false breakout will increase bearish pressure, which could lead to a decline.
Resistance levels: 1.4885, 1.5150, 1.5416
Support levels: 1.447, 1.412, 1.372
The ideal scenario for us is growth and retesting of resistance at 1.4885 - 1.5150 and the formation of a false breakout, which, in turn, could cause a decline to the zone of interest at 1.372. However, a premature breakdown of the nearest support could also cause a decline.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
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🧿 Web: rlinda.com
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