🔥 Hey hey, hope all is well, been a few days and figured I'd chime in and we'd do a quick rundown on our technical and look into how our chart's currently playing out, this shouldn't take too long so feel free to join, thanks.
🔥 Right off the bad we can see how this sort of resistance level formed after we last got that channel rejection in April which ended up pushing us further down and down until bulls were able to break that level and get the much sought after breakout which in turn saw our 20,50 day EMA's finally converge which in turn led us to see bulls taking back that 200 EMA which only boosted things propelling us back up into our ascending channel.
🔥 We already know that ascending channel has been doing a lot for us the last few weeks, so it's fair to see that resistance hit again at $2.4 which in itself is a win considering we we're able to establish a higher high versus our last local high on the 28th in which the highest candle closed out at $2.33 so definitely gonna take this latest pull back up as a bullish win.
🔥 Main thing we'll have to watch for now is the bottom of our channel, we already know we'll likely see some price action start trading within the channel as both sides gear up for another tense battle but all of this is excluding a new exciting development for Ripple which I will get into with the next idea.
🔥 Just wanted to keep this idea simple and technical for our technical traders out there, watch that ascending channel and those EMA's. We've already discussed and focused on the fact that the EMA's are lagging indicators but the fact still stands they can give us good confirmation on the trend and it's direction so definitely keep those eyes peeled.
🔥 I've got to run but thanks for tuning in as always for a quick ta, really appreciate it and definitely keep tuned for that next idea with the new development, excited to post on that when I get back and as always, thanks for the support and let's keep our heads up.
Best regards,Gk