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There is strong support where we are.
If we break higher those levels will be first to test.
For now Bitcoin failed to continue July nice upwards move.
Drawing a Fibonacci we see 61.8 level hold the price back down.
There are multiple important levels, lets sum them up
7800 for more upside
7439 as -61.8 fib extension
7261 previous horizontal price action
6791 -161.8 fib extension
6476 for bottom of larger wedge pattern
Bitcoin made a new recent high in July up to almost 8500 USD
But can it make a higher low in August?
Creating a bottom at 7300 USD is possible, but 6500 USD seems more likely.
Still 6000 USD is the bottom that should hold for the short term bull move to stay relevant.
If this swing holds, an attempt up to 10.000 USD is possible again.
The price of XRP still seems to dip with Bitcoin as all altcoins do because its pegged as basecurrency.
Actually price should rise when Bitcoin drops technically.
So this must all be fundamental on the news.
Money runs out of all cryptocurrencies not just Bitcoin.
Now its a waiting game, to see where the Big Money will step in.
And how much they will torture the ...
The shorts were washed out below trendline support
The long got in and are now running the show
If we get a higher high and higher low
We have ourselves a Buy oppertunity
Long XRP !
Targets up still into the 1.20 area or whatever price might run or shoot up to on the SBIVC release.
Have you seen this Ripple XRP Bitcoin Chart? Think it can hold the 38.2 fib retracement this time?
Looks possible. XRP Breaks free from Bitcoin only on fundamental changes, losing of BTC basecurrency and XRP fundamental news like Marjor Bank support on Fiat.
We are currently in a downtrend on XRP
The price is shaping a range and downward wedge, which can mean a bullish breakout.
But as this is on the 4H chart and lower.
More likely is a same extension leg size down into support of the bigger wedge.
Before we bounce up.