$XRP #Ripple dragged below Pivot by $BTC - Support at 0.64-65

XRP breaks through Pivot @ 0.75 after breaking down through bullish flag and RSI channel. The (P+S1)/2 is at 0.64. 4H RSI is under 20 and is extremely oversold. The 0.63-64 area also provided solid support a month ago and back in March. This confluence of support should hold. If not, were looking at 0.55-56.

تعليق:

While the price appears to be bouncing, I dont see any follow-through in the LongOpenInterest, in fact it has made a new low as the price gained a little. While I fully expect the 0.64-65 level to hold, LOTS and LOTS of support here, the market as a whole doesnt seem to be on the rebound train yet.

So.. be careful here...

تعليق:

Looking back we can see that the price has reached the 0.618 fib of Wave 1 (the first impulse series plotted) right on the nose.

تعليق:

Long Open Interest has started to climb, signaling confirmation of bounce. However, I would like to see a break of the RSI trend-line broken up before I feel confident of confirmation.