Notice the high amounts of transactions occurring in that range. This means people will likely be desperate to get out of their long positions, especially since Binance has gotten in on the buying frenzy.
Therefore, you may short.
The only thing that can stop this is the Coinbase buying frenzy starting up again. Some XRP fans like to spread misinformation which can drive price up. I believe the worst is over for shorters. For now I expect a correction up before starting downtrend.
Thanks for viewing!
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Also forgot to mention this, but dump was caused by a 3000k XRP sell on Mex.
If you zoom out a little bit, take the Fibonacci from the lowest low of 0.00006793. The eliot count is debatable right now, but that low was absolutely the beginning of the new impulse we see now. Once you draw that, 0.382 is being respected heavily and the price has not fallen through at all. Im not saying this is about to rocket asap, Im just saying this is a reason for me to believe the correction will not go as low as what some people are hoping for.
HD1184K
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@alexkostoff, well only time will tell. I think it could go back to 7000 easily.
alexkostoff
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@Xzhi, and mate you did well! What do you think about the general health? I drew a falling wedge last night with apex converging at 0.00007843. (0.5). It has literally followed it perfectly but time will tell if it bounces.
simaosnapper
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Current correction is just a fib retrace getting the indicators ready for the next larger pump to 10k