Skip to main content

Trading plan for Ripple on June 30, 2022

#

analytics62bdcec88c3f1.jpg

Technical outlook:

Ripple dropped through the $0.30500 lows intraday on Thursday before finding support and pulling back. The crypto is seen to be trading at around $0.31500 at this point in writing and is expected to resume higher towards $0.44800 at least in the next few trading sessions. Bulls need to hold prices above the $0.28700 interim support to keep the structure intact.

Ripple has carved a larger degree corrective drop between $1.91600 and $0.28700 in the past several months. The above zigzag might have been complete and it could be the first wave of a much deeper correction below $0.28700 in the coming months. Ideally, a corrective rally should unfold towards $0.92750 at least before the next leg resumes lower.

Ripple has also carved a lower degree upswing between $0.28700 and $0.38700 in the past few trading sessions as the first step towards the proposed corrective rally. Furthermore, prices have also retraced towards $0.30500, which is close to the Fibonacci 0.786 level of the above upswing. The high probability remains for a bullish turn from here.

Trading plan:

Potential rally towards $0.44800 against $0.28700

Good luck!


Trading analysis offered by RobotFX and Flex EA.
Source #RobotFX Team
Labels:

Comments

Post a Comment

Popular posts from this blog

GBPUSD up and down. Back down testing 61.8% and swing area.

# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The    GBPUSD  moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
Post a Comment
Read more