CryptoMarket360
Short

XRP likely to see more profit-taking this week

BITFINEX:XRPUSD   XRP / U.S. Dollar
Price broke lower bearish trend line resistance and rallied higher last week. The upside target for the breakout (marked with black arrows) hit and found selling interest, or likely profit-taking near the objective. Selling interest also came in as the next upper red bearish trend line was tested.

Price is slipping lower and is likely to test the red 61.8% Fibonacci level (.4695) as support this week. Indicators show this level holding if tested, but if momentum starts to switch back to the bears while price approaches the golden ratio, look for a drop all the way back to the breakout point or support 2.

Weekly S/R

Critical Resistance: $0.7972
Key Resistance: $0.6125

Key Support: $0.4695
Critical Support: $0.3171
Hello. When do you think we will break .40 cents so we can begin down fall to .30s?
Reply
CryptoMarket360 manjotsbajwa
@manjotsbajwa, if the upper trend line break.. it will be awhile.. otherwise could be a week or so. consolidation is happening first. If short I would stop out above the trend line
+1 Reply
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