XRP/USD formed triple bottom at 0.87 and shown a minor recovery till 1.74. The pair started to decline from that level. It is currently trading around 1.39002.
Ripple hits high of 1.44653 yesterday and is consolidating around that level. The near term trend line resistance 1.3700 and minor bullish confirmation can be seen above 1.45 level. Any violation above 1.45 targets 1.60 (support turned into resistance)/1.725-1.75. XRPUSD should close above 1.7245-1.75 (61.8% retracement 2.25 and 0.87) for further bullishness. Major resistance at 2.25 high made on Jan 11th 2018 and break above targets 3/3.31. Overall bullish continuation above 3.31 (Jan 4th 2018).
In the 4 hour chart, MACD is showing a buy signal but it is trading well below short term (55- EMA at 1.4847) and long term (100- MA at 1.7131 and 1.6171). RSI is trading near 50 and showing upside.
On the lower side, near term support is around 1.25 (61.8% fibo) and any break below targets 1.13/1/0.87. Major weakness below 0.87.
Kommentar
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The pair wen upto 1.4200 and started to consolidate from that level. So further jump only above 1.45
is it safe to buy during the consolidation? or better to wait for the breakout above 1.45?
What if Bitcoin dropped again as everyone is expecting on the 26 jan? do you still see a strong correlation?
Thank you
What if Bitcoin dropped again as everyone is expecting on the 26 jan? do you still see a strong correlation?
Thank you