Hello Traders,
Today’s update will be on XRPBTC from previous technical analysis, the retrace happened, what next?
Points to consider
- Price retraced and tested new support (R/S – flip retest)
- Price respected .618 Fibonacci Level
- Local resistance is .382 Fibonacci Level
- EMA’s giving price resistance
- RSI respecting trend line
- Volume Declining
- Stochastics neutral
- VPVR on a steady decline in transactions
- Possible consolidation before next leg up
Ripple has managed to retrace back to its new support and respected the .618 Fibonacci Level before a small bull impulse move up. Small local resistance for ripple is along the .382 Fibonacci level, price is trading within a small range as of now.
EMA’s are currently providing price with resistance, pushing it down towards local support. The RSI is currently respecting it’s upwards trend line; a third bounce from here will prove its significance. The stochastics are currently neutral; we don’t really have a projected direction with conviction…
Volume is noticeably declining, we need to see an increase in bull volume if price where to respect support and head higher. The VPVR shows a clear decline in the level of transactions heading up, with increased bull volume, price can easily test upper levels. It is more probable for Ripple to consolidate in the orange box before making another impulse move…
Furthermore, we do need to keep in MIND Bitcoins Breakout; this can negate any setups in any ALTS
What are your thoughts on Ripple? Will it respect support or break through it?
Please leave a like and comment,
And remember
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” Yvan Byeajee
Today’s update will be on XRPBTC from previous technical analysis, the retrace happened, what next?
Points to consider
- Price retraced and tested new support (R/S – flip retest)
- Price respected .618 Fibonacci Level
- Local resistance is .382 Fibonacci Level
- EMA’s giving price resistance
- RSI respecting trend line
- Volume Declining
- Stochastics neutral
- VPVR on a steady decline in transactions
- Possible consolidation before next leg up
Ripple has managed to retrace back to its new support and respected the .618 Fibonacci Level before a small bull impulse move up. Small local resistance for ripple is along the .382 Fibonacci level, price is trading within a small range as of now.
EMA’s are currently providing price with resistance, pushing it down towards local support. The RSI is currently respecting it’s upwards trend line; a third bounce from here will prove its significance. The stochastics are currently neutral; we don’t really have a projected direction with conviction…
Volume is noticeably declining, we need to see an increase in bull volume if price where to respect support and head higher. The VPVR shows a clear decline in the level of transactions heading up, with increased bull volume, price can easily test upper levels. It is more probable for Ripple to consolidate in the orange box before making another impulse move…
Furthermore, we do need to keep in MIND Bitcoins Breakout; this can negate any setups in any ALTS
What are your thoughts on Ripple? Will it respect support or break through it?
Please leave a like and comment,
And remember
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” Yvan Byeajee
