XRPUSD technical analysis – 15 july 2020

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hourly chart analysis

Figure 1: bigX web trader, H1 chart

Key Points

  • 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

Figure 2: bigX web trader, Four Hourly Chart

Key Points

  • 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

daily analysis

Figure 3: bigX web trader Daily chart

Key Points

  • 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