XRPUSD - Zooming out
Updated
Precariously close to the precipice. XRP has been quite respectful of Fibonacci channels, but here we are at the bottom of the channel. Any move to the downside with weekly closing below the channel would signal a change in long term trend into bear territory.
A sideways break in the trend and drawn out accumulation is also a possibility...
An upward movement, which in my opinion is the most likely scenario (low selling volumes, Bullish divergence on Daily, 4H and 1H charts), should lead to a retracement to the fib .382 level (around $1.5) in the mid-term.
A sideways break in the trend and drawn out accumulation is also a possibility...
An upward movement, which in my opinion is the most likely scenario (low selling volumes, Bullish divergence on Daily, 4H and 1H charts), should lead to a retracement to the fib .382 level (around $1.5) in the mid-term.
Note
When in doubt, zoom out... XRP has had to go lower after signs of weakness and lack of buying volumes. BUT, still in the channel at this point.
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