This is a following of my previous idea abour XRP/BTC where the triangle broke down and therefore in that case we revisited the 3600-4300 as stated there.
Now as you can see on this updated chart, XRP/BTC is inside different patterns:
- A long term (two black lines)
- A medium term desceding channel (two orange lines)
- a short term (between the blue and the orange lines)
All those patterns tends to break upward.
With all the fuss around Bitcoin cash in the last days, bitcoin started to go sideways. In those periods people starts to buy altcoin and therefore we have seen some good up mouvements (XMR, ZCL , ....). It may be the time of XRP also (we can always dream ;p). At the moment, XRP/BTC is strugling at the top of the orange channel after it went from 3900 to 4700 today. We also have here a 0.618 fib resistance which explain the strong resistance.
Two scenarii could occur:
- XRP breaks up the channel and the 4H/1D bar close above the channel, we could see a good upward mouvement towards the nex fib resistance at 5600.
- The top of the orange channel hold and the price come back to the lower part of the channel (4000) and maybe test the bottom of the channel (around 3600) before going back up. If the support doesn't hold (in case of an strong upward mouvement on BTC due to soon to be activated segwit on BTC , this is also a plausible scenario) then we may revisit 2500-3000 levels.
In my humble opinion with the help of my indicators, XRP seems to exhaust it strenght for today. He may test again the top of the channel before going down a little in order to gather some new strengths to test again the top of the channel. The indicators also showed a strong buy signal (really stronger than the previous one) on the 13th of august around 3500.
It reproduced its bull run of the beginning of may from 3700 to 7000 as you can see below
The strong buy signal from my indicator was correct several day ago!
We are now at a resistance coming from several mont ago.
I udapted below the FIB and added some resistances.
If we break the resistance we could go touch the brown line and maybe the FIB resistance around 8500. Next FIB resistance is at 9500 and then 11570.
But XRP will need some new strengh to go there and it may go sideways or down to touch the top of the black channel it just broke.