Skip to content Skip to sidebar Skip to footer

Nov 21, 2019 at 13:35 // News

Ripple (XRP) reached a low of $0.24 as the price made a retest. The coin may likely fall to the previous low of September.



Ripple (XRP) Price Long-Term Forecast: Bearish


XRP fell to a low of $0.24 over the last 48 hours as earlier suggested. However, the bulls defended the support level as price corrected upward. The market corrected upward and made a retest at the previous resistance at $0.26. Today, XRP is back and it is trading at the support of $0.24. 


Nevertheless, because of the retest at the resistance of $0.26, XRP may fall to a low of $0.22. Therefore, if the market breaks at this level, XRP will find support at the previous low. There are possibilities that the support at $0.24 may hold. If it does, XRP will commence a sideways move between the levels of $0.24 and $0.31.

Ripple (XRP) Indicator Analysis


The RSI period 14 level 37 is indicating that XRP is approaching the oversold region of the market. The price will continue its fall until it reaches the level below 30. When the price is below level 30, the selling pressure may be exhausted.


Ripple price, November 21, 2019


What Is the Next Direction for Ripple (XRP)?


The pair is likely to continue to fall to a low of $0.22 because of the price action at the resistance of $0.26. Another reason is that the price is yet to reach the oversold region of the market. Nevertheless, if the coin reaches a low of $0.22, it may bounce.


Key Supply Zones: $0.35, $0.40, $0.45


Key Demand zones: $0.25, $0.20, $0.15


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

coinidol.com By Coin Idol , 2019-11-21 13:35:00 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

Source link