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XRPUSD: out of the thick of it...?

KRAKEN:XRPUSD   Ripple幣 / 美元
Looks like the worst of the move is behind us now. Ripple endured a pretty horrendous but necessary sell off. Without it then the next fall would've just been worse.

Looking forward its nice to see price has stabilised and bounced from the 0.9 support level which coincided with the 0.764 Fibonacci retracement level. Ripple is now making a run for the descending trendline (Marked in blue) and I am looking for price to close above the blue line which for me would indicate that a subsequent bull run will return. Having said this Even if Price breaks above the descending trend line it may turn this into a support line, and continue another downward run at 0.9 level which for me wouldn't be anything to worry about, the second rejection from this level would just give the bulls more of a mandate to surge.

I've marked on what I consider to be the next major support level below the current demand area (0.68) which we've seen in the past has been an area providing lots of market indecision, but i do not expect it to drop that far.

Looking forward and up (hopefully), once price rebounds off these levels and bulls begin another run ill be looking to take small profits at $4.8 and $5.7 areas coinciding with fib extension levels.


Good Luck
評論:

looks like Ripple is coming back down to retest $0.9. Volume indicates bears in control on 4hr, 12hr 1 day, 2 day time frame. Exited position temporarily and will look for a rebuy lower
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