XRPUSD is approaching our first resistance at 0.6153 (horizontal swing high resistance, 50% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 0.4592 (horizontal swing low support, 61.8% Fibonacci retracement). RSI (34) is also approaching resistance and ichmoku cloud is also showing signs of bearish pressure in line with our bearish bias. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
I definitely see a Bear Break. How far down depends on just how on edge the market is. If this is the move that finally breaks the positive attitude towards cryptos, the bottom could be much lower. I'll be watching the Volume Indicators for a bottom buy.
On the other side of the argument, Coinbase is reporting a increase in new accounts and people are moving Fiat back into their accounts.
Fun stuff........
JacobKubaRybicki
⋅
@RobertBizzarro, i agree, Put my fiat in my bitstamp a week ago, waiting for perfect entry... cant be the only one
manjotsbajwa
⋅
@RobertBizzarro, Hi robert. How low do you think xrp will drop? thanks
RobertBizzarro
⋅
@manjotsbajwa, Hard to pick a price, but we pegged .46c over the weekend. I'm still watching structure and indicators. I'm looking to get back in around .36C but that's just a spot. If a break out happens I'll be all over it. If the oscillators are showing Bearish at .36c I'll wait.
On the other side of the argument, Coinbase is reporting a increase in new accounts and people are moving Fiat back into their accounts.
Fun stuff........