Bounce from 0.57 lows was limited by a combination of the (P+S1)/2 line and the 0.5 Fib of Wave 5 at 0.64. It appears we are in an ABC correction for the moment, with Wave C ending anywhere between 0.64 and 0.67. A move beyond 0.71 would convert this into a new bullish impulse wave, probably a Wave 5 situation. The Monthly Pivot sits at 0.75, but we are close to the end of the month now and in my experience the price begins to react to next months pivot points, so I do not see the currently Monthly Pivot being a point of resistance, other than the fact that it also was recently a support/and resistance area for Wave 3 two impulse waves ago, and Wave A and C of the previous correction wave. There is a minor descending trend-line, but I also think it is irrelevant, but still plotted for reference.
I did watch a 1,000,000 XRP sell wall get pulled from L2 books earlier this morning, and I see significantly more buy orders on the books overall.
LOI is at its lowest point since April 18th. This does not bode well. There is a rounding bottom on the 15m chart, which could indicate seller exhaustion, but the fact that LOI has been declining as price has been increasing is not particularly promising. This is a significant indication of Bull weakness.
This week has been significant in that while Bitcoin took a dive, Ripple didn't follow suit. This indicates the 0.57 is well defended. If we look back we can see that Ripple leads and major upward moves, but tends to follow Bitcoin down. The divergence of last week could be the beginnings of another leg up.
As always, I will continue to monitor the market throughout the day and provide updates here and on Twitter @ExsiliumI.
I did watch a 1,000,000 XRP sell wall get pulled from L2 books earlier this morning, and I see significantly more buy orders on the books overall.
LOI is at its lowest point since April 18th. This does not bode well. There is a rounding bottom on the 15m chart, which could indicate seller exhaustion, but the fact that LOI has been declining as price has been increasing is not particularly promising. This is a significant indication of Bull weakness.
This week has been significant in that while Bitcoin took a dive, Ripple didn't follow suit. This indicates the 0.57 is well defended. If we look back we can see that Ripple leads and major upward moves, but tends to follow Bitcoin down. The divergence of last week could be the beginnings of another leg up.
As always, I will continue to monitor the market throughout the day and provide updates here and on Twitter @ExsiliumI.
