- BROKE ABOVE TOP RESISTANCE LINE AND MOVING SIDEWAYS
After a turbulent period Ripple is looking for support above $2.00 after finishing the correction. Currently on it's 3rd 4h candle above the .5 fib level of $2.00, Ripple's DMI looks to be reaching a lower price action period. That upward though will reach the .5 fib level of $2.00 around 20th Jan, 6 or 7 days from now.
I'm long in the position though those looking to enter I'd enter cautiously. I'd rather wait confirm $2.00 support before deciding on price direction. Looking at the last 20 cent to 80 cent surge, it took almost a week before any further interesting price action took place.
And now for the disclaimer!
** This information is for educational purposes only and not intended for advice on trading **
Next stop: $1.68
Yeah it's hard to get the timing of the correlation between bitcoin and the other altcoins right. At times, a coin might seemingly move out of sync with bitcoin, and then it suddenly starts following it again (usually when it's going down!).
Worst offender is BCH which initially had high negative correclation with bitcoin but that's just on and off now.
Things that go up do go down . .. but in this game, things that go down also go back up -> question is whether it will beat the previous all time high.
So from that perspective, sure I'm hopeful it will swing back up. I'm holding on myself. Timing wise, I don't think anything soon for Ripple. It's clearly finding new support still.
i am reading a lot of analysis that still one more push down for BTC (7K-8K level) as final correction....do you think XRP will also follow this time?
Yes the BIG BIG question - is this the bottom. I believe there is a possibility of a further surge down.
So if you want in, but you aren't sure whether it's the bottom like me, it's not a bad idea to spend a bit now but don't go in balls deep. If it drops again, you still have dosh to buy low again.
Though if you got that fomo feeling and want to act on it believing the bottom is now, then I guess it's your call.
I know people last night who are already back into cryptos hardcore as they think 9k for Bitcoin was the sign of the bottom. I agree it's a good sign but it didn't stay there long enough for my liking.