XRP made some tremendous gains against BTC, but it looks like its day in the sun is drawing near. It simply cannot muster the strength to achieve new highs again. We have a massive head and shoulders pattern forming on daily charts, contributing to a very ominous outlook for XRPBTC.
Momentum has almost completely dried up. In the absence of momentum, we turn to volatility for clues as to when we may see a breakout. Like just about all other cryptos, especially altcoins, the momentum in XRPBTC has completely dried up and the asset has flatlined. Volatility is nearly zero as measured by the ATR. This implies that we should see a big move soon. Unfortunately, this is likely to be to the down side, owing to abysmal technicals and the head and shoulders pattern discussed above.
If we do breakdown as anticipated, watch for the following levels to take profits on a short or add to a position. First, we have a meager level of support at 78027. After breaching this, we are likely to test a strong Fibonacci level at 74542. This is a pretty strong level, so anticipate a small correction, perhaps testing 78027 once more before another bear push down to our Fibonacci anchor at 68583. The facts discussed here confirm that this is an entirely realistic position.
If 68583 does not hold, the situation darkens substantially for Ripple. There is a large vacuum zone until 57602, and then after that, the next level of support is at 50811. Both of these are Fibonacci levels anchored earlier in September. If these don't hold, we have one more level of support, which serves as the lower Fibonacci anchor point at 43784.
Momentum has almost completely dried up. In the absence of momentum, we turn to volatility for clues as to when we may see a breakout. Like just about all other cryptos, especially altcoins, the momentum in XRPBTC has completely dried up and the asset has flatlined. Volatility is nearly zero as measured by the ATR. This implies that we should see a big move soon. Unfortunately, this is likely to be to the down side, owing to abysmal technicals and the head and shoulders pattern discussed above.
If we do breakdown as anticipated, watch for the following levels to take profits on a short or add to a position. First, we have a meager level of support at 78027. After breaching this, we are likely to test a strong Fibonacci level at 74542. This is a pretty strong level, so anticipate a small correction, perhaps testing 78027 once more before another bear push down to our Fibonacci anchor at 68583. The facts discussed here confirm that this is an entirely realistic position.
If 68583 does not hold, the situation darkens substantially for Ripple. There is a large vacuum zone until 57602, and then after that, the next level of support is at 50811. Both of these are Fibonacci levels anchored earlier in September. If these don't hold, we have one more level of support, which serves as the lower Fibonacci anchor point at 43784.
