Ripple followed suit as the whole crypto market was sold off.
It has taken out the important 1.50-60 support level and before
that the trendline. It has found some support below by the
Weekly S1 and it almost reached the 1.13 support below that.
The MACD indicator shows some bullish divergence right now
but it is still early as no bottom has been carved out yet.
If price can hold on to the current level, a bullish MACD cross
could create some retracement of the move down.
Upward resistance is the 1.55 pivot point cluster and above that
the trendline and the Cloud. A close below the Weekly S1 at
1.33 will put the 1.13 S/R level in focus.
Overall, the pair is in a bear trend on this timeframe but the
ascending SMA200, normally will add support in these types of
market situations, with sharp, ongoing sell offs after an
extended bull wave.
If you want to support this channel check out the
profile page at the top for details. Thanks.
It has taken out the important 1.50-60 support level and before
that the trendline. It has found some support below by the
Weekly S1 and it almost reached the 1.13 support below that.
The MACD indicator shows some bullish divergence right now
but it is still early as no bottom has been carved out yet.
If price can hold on to the current level, a bullish MACD cross
could create some retracement of the move down.
Upward resistance is the 1.55 pivot point cluster and above that
the trendline and the Cloud. A close below the Weekly S1 at
1.33 will put the 1.13 S/R level in focus.
Overall, the pair is in a bear trend on this timeframe but the
ascending SMA200, normally will add support in these types of
market situations, with sharp, ongoing sell offs after an
extended bull wave.
If you want to support this channel check out the
profile page at the top for details. Thanks.
