$XRP/BTC Binance Technical Analysis April 08, 2020

in #xrp2 years ago

Hello Hivers!!

First of all, I want to point out that the following post is NOT financial advice or any kind of recomandation, nor am I lisenced to give one!
It is my personal opinion and view on the chart!

Today XRP, one of the higher marketcap coins out there.
Lets start with a clean chart.

xrpclean.png
https://www.tradingview.com/x/7l9aF5zU/

After getting listed on binance in late 2017, XRP had a sudden shortlived dump (the price even went to 2 satoshi for a few secounds) to about 1200 satoshi.
In the coming 4 weeks it came back with glory rising to an amazing 23k satoshi.
The price has been going down gradualy, reaching 2400 satoshi and holding that bottom since Aug 2019 while trading up to 3.5k satoshi and down to the 2400 satoshi support eversince.

To get a clearer view and get some potential targets i'll switch to the daily chart on this one.

xrpdailyclean.png
https://www.tradingview.com/x/M9TjuH5Z/

Once again i will focuse on the lower level of the chart for this one.
Next step for me is pulling some support resistance lines.

xrpdailylines.png
https://www.tradingview.com/x/CwbzUdnq/

From the above picture you can see how those price points have been used in the past multiple times, even the bottom level of ~2400 was first market on binance with a peak after the sudden chrash at the early trading times.
Next up, pulling some fibs.

xrpfibs.png
https://www.tradingview.com/x/6OH8qn6K/

So for this one I pulled two fibs, one big one (from top to bottom on the big runup) and a smaller one based on the bounce from the 2.4k to 3.8k XRP did in late 19', reason being simply more confirmation of the setup i like to trade on.

My first target would be the area from 3.8k to 4k satoshi, althou not marked with any fib line we can see that the area has played an important role in the past, making it a likely candidate for future point of price action.

As you can see we have the "bigger fib" 0.236 line (extended yellow on chart) on 5400 satoshi, the "smaller fib" 2.618 line on 6000 satoshi and the marked support/resistance level at 5900 satoshi.
This for me makes the area between ~5500 and ~6000 satoshi a nice target.

Please keep in mind, this is NOT financial advice or any kind of recomandation, nor am I lisenced to give one.

Enjoy your day and stay safe! :)

Kind regards, OZ