Technical analysis for the stock market

XRPUSD technical analysis – 31 MAR 2020 – bigX

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XRPUSD hourly chart analysis

Technical chart of digital asset
Figure 1: bigX desktop trader, H1 XRPUSD chart

Key Points

  • The H1 chart should be used for short term trading position entry and exit
  • Price has retraced from the drop to 0.11
  • Price is between resistance point of 0.20 and support of 0.14
  • Expect a challenge or re-test either way

XRPUSD four hourly analysis

Price trading in a narrow range
Figure 2: bigX desktop trader, XRPUSD Four Hourly Chart

Key Points

  • The support and resistance points of the hourly chart are re-confirmed on the four-hourly chart
  • Price should range between these price points
  • Buy positions, given the right entry point look good long term

XRPUSD daily analysis

Consolidation of the price below 38.2% retracement level
Figure 3: bigX web trader XRPUSD Daily chart

Key Points

  • On the daily chart we can see use fib retracement
  • The 38% channel is open at price 0.19
  • For long term trading, below 23% (0.16) demonstrates good value for entries
  • A 50% retracement to 0.22 is a good exit point for long positions