Crypto_Terminal_Daniel
Short

XRPBTC: The Saga Continues

BITFINEX:XRPBTC   XRP / Bitcoin
As we wrote here yesterday, XRPBTC plummeted notably along with the rest of the cryptoverse. It smashed through our early profit targets and last night came just shy of our more aggressive profit targets in the 50000 handle. The level of 60000 seems to be a hard lower bound for now, and we witnessed a vigorous buyback.

Currently 68796, which appears to be a very significant level. It is the lower bound of significant price action and we've chosen it to be the lower anchor of our Fibonacci levels. This level should provide ample support until another wave of selling comes through. If so, we can expect XRPBTC to make another run for the 50000 handle as predicted. Otherwise, we can see a large vacuum zone from above to 76500. That wave of buying momentum was unexpected, so if you have a short side bias, as we do, be very careful when trading this product. We could see another wave of momentum.

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