According to the price analysis of John Todorov, a trader at dagx.live crypto trading platform , after trading in small ranges for the past few days, XRP surged higher on and broke above both moving averages and the overhead resistance at $0.27795. This is a positive sign as the rise above $0.27795 indicates that the markets have rejected the lower levels.
Back to back positive days with large range moves shows that traders who were waiting on the sidelines for a confirmation of a bottom have jumped in. The XRP/USD pair will now rise to $0.34229 and above it to $0.37835 where it is likely to face some resistance. Todorov from dagx.live will wait for the price to stabilize before recommending a trade in it. Todorov’s bullish view will be invalidated if the rally fizzles out at current levels and again plunges below the moving averages. However, Todorove give it a low probability of occurring.
The tight range trading between the moving averages resolved to the upside. Bitcoin Cash (BCH) can now move up to the critical resistance of $360. If bulls push the price above $360, a new uptrend is likely.
However, if the BCH/USD pair turns down from $360, it might remain range-bound for a few more days. It will turn negative on a breakdown and close below the neckline of the head-and-shoulders pattern. Todorov from dagx.live will wait for the price to break out above $360 before proposing a trade in it.