What a bloodbath the past few weeks have been!!! I hope people are taking the opportunity to dollar cost average.
Zooming out on the weekly using the Heikin Ashi chart price is just barely holding above the 0.786 fib support in the Fibonacci retracement. Will this support hold? We have 3 more days to find out...
Two scenarios:
1) If it holds, it's a good place to open long positions and ride the rebound with the first target of $0.64
2) If it does not hold, we should be prepared for a full retracement to $0.15 (fib 1.0), but the $0.30 may prove a strong enough historical psychological support. No telling, given the level of speculation at this point in time.
Possible signs (but not a guarantee) of a potential reversal, with Stochastic RSI currently oversold, and RSI just about entering oversold territory (30).
Interestingly, the RSI for XRPUSD has never gone below 30 on the weekly chart. The last time it reach the 30% band (but never quite went below) was right before our last bull run at the end of 2019/ start of 2020.
This is not investment advice. Please do your own research.
Stay safe trading and don't risk more than you are willing to lose.
Zooming out on the weekly using the Heikin Ashi chart price is just barely holding above the 0.786 fib support in the Fibonacci retracement. Will this support hold? We have 3 more days to find out...
Two scenarios:
1) If it holds, it's a good place to open long positions and ride the rebound with the first target of $0.64
2) If it does not hold, we should be prepared for a full retracement to $0.15 (fib 1.0), but the $0.30 may prove a strong enough historical psychological support. No telling, given the level of speculation at this point in time.
Possible signs (but not a guarantee) of a potential reversal, with Stochastic RSI currently oversold, and RSI just about entering oversold territory (30).
Interestingly, the RSI for XRPUSD has never gone below 30 on the weekly chart. The last time it reach the 30% band (but never quite went below) was right before our last bull run at the end of 2019/ start of 2020.
This is not investment advice. Please do your own research.
Stay safe trading and don't risk more than you are willing to lose.