I'm looking at $XRP breaking down below its MA60 after failing to hold above the 1.3000 resistance region.
Price has sharp momentum to the downside, dropping to 1.2955 and losing the dynamic support of the MA60 line at 1.2994. The recent lower high followed by a quick sell-off makes a short continuation attractive here if we get a weak pull-back into overhead resistance. A reclaim above the moving average invalidates the short bias.
Trade idea:
š Entry: 1.2955 (or retest of 1.2990)
šÆ TP1: 1.2912
šÆ TP2: 1.2878
šÆ TP3: 1.2701
š Invalidation: 1.3050
A clear move and close back above 1.3050 negates the bearish breakdown structure and suggests price is re-entering consolidation.
Letting price confirm resistance at the broken MA rather than chasing the immedia
te flush.