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XRPUSD technical analysis – 15 july 2020
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hourly chart analysis
The H1 chart should be used for short term trading position entry and exit
The price has remained stable around 0.1964
The price has twice attempted to touch 0.1900 level which is now acting as a support
Since the price is moving sideways we have a small channel currently in play
four hourly analysis
In the 4H chart we can see strong support level around 0.18 / 0.17
We can also see a strong resistance around 0.20
We need to look at the longer term chart to understand where the price is going
On the daily chart we can see where the price has been trending over the past few months
We can see a trend where the price had decreased over time and one that demonstrates the opposite
Right now, we can use this information to our advantage
We can see the price has broken above the downtrend
It will then utilise this channel for support if it retraces
We can also project longer term, the price will go and challenge the uptrend as a resistance level