Bad start: the Ripple began to fall from the beginning of the week
Source:
The New week started with a not particularly good news. On the background of the local adjustment of all of Aldon the stock market continues to decline and again recently broke a key support line. In the near future is not excluded the scenario of falling until 0,3000 dollar.
The Overall situation looks like this:
the-
the
- during the discharge XRP fell below support near 0,3300 dollar; the
- scale 1-hour chart has formed a new bearish trend with resistance at 0,3275 dollar; the
- rollback a little higher is not excluded, but the probability of falling to 0,3000 dollar is still high.
Now Ripple is trading at 0,3229 dollar. For the past day altcon fell 2.97 percent.
theTechnical analysis
After quite a long session, trading below the line 0,3350 dollars, the price of XRP once again rushed down. Under pressure from sellers of the asset has fallen below 0,3220 dollar, breaking at the same moving average SMA 100 scale 1-hour chart.
After draining the Ripple noted a new local minimum in the area 0,3116 dollar and began to rise. Now of particular importance is the line 0,3280 dollar — it coincides with the 0.236 Fibonacci level, laid on the last wave drain with 0,3823 to 0,3116 dollar.
If the buyers manage to break through this resistance, the next major obstacle to growth will be the area 0,3350 of the dollar, which is very close to 100 SMA. The break of the moving average will give the asset a chance to grow up to 0,3460 dollar.
Source: Included
While the probability of a new drain is much higher than the growth potential of Ripple. As a guide, we recommend to use a 100 SMA. If bitcoin still not be able to break through the line, you can open shorts. The readings of technical indicators saying about the apparent absence of the uptrend — the MACD is still in bullish zone, and the RSI is below average.
The market Outlook as measured by .
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