[ad_1]
November 30, 2018 / by Bill Noble
Bitcoin charts continue to seem bearish. The most recent rally has failed with the 23 percent retracement of the major avalanche from $ 6,400 to $ 3,500. Frequently, when a market fails with a 23 percent retracement point, it is a sign of weak rebound or "dead cat".
A simple count of the waves on the Bitcoin chart seems to indicate a dip to a new low at $ 3,000 before the next rebound of the material (Figure 1).
One thesis we have had is that there is no safe place to hide from this bear market.
Ripple (XRP) could be the next cryptocurrency to lose half its value. Using a technical indicator called Fibonacci speed lines, the research shows that the XRP is going down under an important trend line (Figure 2). This is creating a very bearish signal. The move could bring the XRP from 38 cents to 16 cents in mid-December.
Bottom Line: these are intoxicating days for Ripple now that is the number two of the market cap on coinmarketcap.com. The capitalization of Ripple ($ 14 billion) does not make much sense with Ethereum to $ 11 billion. This makes Ripple ripe for an important drop.
Note: Fibonacci speed lines. It seems complicated, right? Well, maybe not. The writer of this report became aware of this indicator in Crypto.IQ's premium trading room. It is a place where people can learn and profit together.
