XRP is currently located in an indecision boxing... supported by 30day MA (which is trending bearish) but also 50MA resistance + 1.66-1.70 resistance which is bears last real stand before 2$. This means 1.66-1.70 is very strong. The way candles are testing 1.6 and falling back down with the wicks means bulls are strong at 1.50 but bears are also pushing back hard. In my opinion when the price hits red ichimoku cloud resist without breaking out of the bearricade we may have one resistance too many and price could float down to 1.26 as a short term target.
Komentar:
Forgot to say, the structure is bullish, can be interpreted as inverted h&s or cup and handle, handle seems to be forming on the 4hr candles, maybe we might see one more push to break the bearricade.