Tough week, guys. Agree?
Lots of news and significant volatility on the market. According to the technical analysis XRPUSD is about to make a reversal. If you take a look at the fibonacci extension you can see that XRPUSD has touched the 38.2% extension line (this line has already proved its historically statistical significance - you can easily check this) that is why I think that the bounce off of this level is very possible. Though, RSI indicates that the market is not yet critically oversold and Aroon Down still prevails! This suggest a further drop down to $0.655 support level before it takes off. The upside potential is up to 1.27 fibonacci extension because this is also a resistance level as well as 23.6% fibonacci retracement level! So you can see that both lines converge at this $1.205 level + the structure leaves clues (previous resistance level is also right there). I would say that the reversal will happen within the next couple of days.
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!
Lots of news and significant volatility on the market. According to the technical analysis XRPUSD is about to make a reversal. If you take a look at the fibonacci extension you can see that XRPUSD has touched the 38.2% extension line (this line has already proved its historically statistical significance - you can easily check this) that is why I think that the bounce off of this level is very possible. Though, RSI indicates that the market is not yet critically oversold and Aroon Down still prevails! This suggest a further drop down to $0.655 support level before it takes off. The upside potential is up to 1.27 fibonacci extension because this is also a resistance level as well as 23.6% fibonacci retracement level! So you can see that both lines converge at this $1.205 level + the structure leaves clues (previous resistance level is also right there). I would say that the reversal will happen within the next couple of days.
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!