I am looking at the Ripple (XRPBTC) chart wondering if the retrace is over... I don't think so... Let me share with you why:
Price broke below EMA100 (blue line) and 0.618 Fib. support. Two strong support broke at once.
Hasn't reached 0.786 of Fib. support... Alts tend to stop here on the way down.
Bear volume is dominant.
Expect additional retrace. I will keep an eye out and share an update when I believe -based on chart signals- the retrace is completed.
If XRPBTC moves up with strength and volume, breaks EMA10 and EMA100 and closes above it. Then we can say the retrace is over and a new analysis is needed.
For now, expect additional bearish action.
I hope you find this information useful.
Alan Masters!
Namaste.
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XRPBTC breaks above EMA10 and EMA100. This is our signal.
If XRPBTC closes above these levels, we can consider this retrace over.
Namaste.
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Our signal is in.
"If XRPBTC moves up with strength and volume , breaks EMA10 and EMA100 and closes above it. Then we can say the retrace is over and a new analysis is needed."
@alanmasters, Please ask him to make sure others know when he is joking or being serious. I am waiting to see what will happen and it has dropped some more. How much lower do you expect XRP to drop?
AlanSantana
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@rampman10, EMA200 / 0.786 Fib. (Marked brown on the chart).
If this level doesn't hold then the next one which is 1 Fib. (0.00007968).
To the upside, the first resistance to break is 0.00008557. If this level is broken and XRPBTC closes above it, we start looking to the upside.
For now we remain bearish.
rkothwala
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Nice prediction. It worked! Can you analyze XLM/BTC as well. Most of time, XLM is also following XRP's movement.