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During the last 24 hours, the price of Bitcoin has brought down another leg to the Fibonacci retracement level at 0.618, where it has found temporary support and has slightly rebounded towards the top.
This decline occurred after a few days of a narrow range price consolidation.
Currently, BTC trades around the price level of $ 3550 where it is currently being rejected and will probably try to repeat the last minimum before choosing its next short-term destination.
The Fibonacci retracement level at 0.618 could turn out to be another confident attempt to start a mini-rally, although for now it's hard to say.
Also note that the price of BTC has broken under the formation of the head and shoulders at the level of the right shoulder, but at the moment the structure is alive, while another move will certainly cancel this mentioned formation, so observe and follow .
Return to XRP
The XRP is currently trading at the lower support level of the trading channel, between $ 0.324 and $ 0.31.
If you followed our last analysis, you probably noticed that this level of support is where we indicated that the XRP would have visited, in the case of a bearish break of the mentioned symmetrical triangle formation.
Looking at the 4-hour XRP-USD chart
- In the event that the XRP breaks under the support of $ 0.31, the next target could be found in the area $ 0.2933 or below the price level of $ 0.278.
- The XRP is trading around the Fibonacci retracement level at 0.764 (calculated as a retracement of the last bullish move from $ 0.277 to $ 0.45).
- The Fibb retracement level from 0.618 to 0.764 could be a convenient spot for bulls to bet on entry into the long position. So, if XRP finds the necessary support and if BTC starts to gather (which now seems unlikely), then XRP could rebound towards the resistance of $ 0.353, which is located in the central part of the trading channel in the following table.
- The XRP could even push higher towards the resistance level of $ 0.373 (but it is too early to discuss an option to re-cross the upper side of the current trading channel)
- The 4-hour RSI indicator has just risen from the oversold regions and is now receiving support above 30 levels. At the moment we do not see any positive deviations, either on the 4-hour or 1-hour chart, which could signal a further decline.
- The XRP is trading below all the EMAs that act as resistance levels.
- The test of lower price levels just before a rebound is probably due to the lack of bullish signals and the lack of volume
Looking at the 4-hour XRP-BTC chart
- The XRP price broke below the rising blue trend line, for the first time since October 11th.
- XRP is currently testing a critical support level (the gray area), in the event of a break below this XRP area it may fall another 15% (against BTC).
BitStamp XRP / USD 4-hour chart
BitStamp XRP / BTC 4 hour chart
CryptoPotato video channel
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