๐ XRP Soars High! Is It Time to Enter or Wait for a Correction?
Today, $XRP/USDT managed to rise 13.25% and made a high at 3.20!
๐ฏ The bullish momentum is getting stronger with exploding volume ๐ฅ. But, be careful, is this a breakout moment or a bull trap?
The candlestick pattern that is seen, such as bullish engulfing, indicates strong buying momentum. However, to confirm the chart pattern, here are some possibilities:
If the price manages to break through the nearest resistance (3.20), then an ascending triangle or bullish flag pattern may form.
The next candlestick is likely to form:
A bullish candle with an upper wick, indicating that buying pressure is still dominant but there is resistance at the upper level.
If there is a rejection at the resistance (3.20), the next candlestick can be a doji or bearish pin bar.
๐ Important Levels to Watch:
Resistance: 3.20 (breakout = big opportunity)
Support: 2.68 (safe area for correction).
๐ก Quick Scalping Tips: Monitor the candlestick on the 1H timeframe. If there is a retest at 3.20 and the breakout is successful, the next target is at 3.50.
If it fails, wait for a pullback in the support area. Don't forget to set a stop-loss!
๐ Your prediction: Will XRP go up again or correct first?
Comment below and share your strategy!