Although BITFINEX:XRPUSD showed some impressive gains latest month, it is clear we are approaching a cool off period now.
On the chart, its more than clear we have a major 24W cycle ruling the price movement of this crypto.
we have topped at the middle of this cycle at $0.55, but recent days confirmed we are approaching a local low, which may be quite dramatic...
What Is a Rounding Bottom?
A rounding bottom is a chart pattern used in technical analysis and is identified by a series of price movements that graphically form the shape of a "U". Rounding bottoms are found at the end of extended downward trends and signify a reversal in long-term price movements. This pattern's time frame can vary from several weeks to several...
Price action is looking weak but still holding 2017 ath support, this local bottom on the descending channel is compressing on the middle resistance.
Some factors to insider is that DXY is shooting to 2002 / 2003 levels and Bitcoin price is not dropping further, which led me to believe there is a chance for a relief rally for btc..
Fib Fans using an anchor point from the lows in 2013 to the top in 2017. Predicted the local bottoms and tops quite accurately. What will happen in the future? I think the .75 level will be critical in the year ahead.
