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Ripple (XRP) Price Remains In Downtrend, BTC & ETH Down 3%

  • Ripple price is declining and it is now trading below the $0.2180 support against the US dollar.
  • The price is trading in a downtrend and it seems like the bears are aiming $0.2000.
  • This week’s major bearish trend line is still active with resistance near $0.2205 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Ethereum also traded below the key $145 support and it could retest $135.

Ripple price is showing signs of further losses against the US Dollar and bitcoin. XRP price is likely to revisit the main $0.2000 support area in the near term.

Ripple Price Analysis

After ripple failed to break the $0.2260 resistance area against the US Dollar, it started a fresh decline. As a result, XRP price traded below a few key supports near the $0.2220 and $0.2200 levels.

Moreover, there was a break below the $0.2180 support area and the 100 hourly simple moving average. The last swing high was formed near $0.2219 before the price broke the $0.2180 support.

Finally, the price traded below the $0.2150 support and tested the $0.2120 area. A low is formed near $0.2115 and the price is currently consolidating losses. An immediate resistance is near the $0.2140 level.

Besides, the 23.6% Fib retracement level of the recent decline from the $0.2219 high to $0.2115 low is also near $0.2140. The main resistance on the upside is near the $0.2180 level (the previous support area).

Additionally, the 61.8% Fib retracement level of the recent decline from the $0.2219 high to $0.2115 low is also near the $0.2180 level. More importantly, this week’s major bearish trend line is still active with resistance near $0.2205 on the hourly chart of the XRP/USD pair.

To move back into a bullish zone, ripple price needs to surpass many hurdles, starting with $0.2180 and up to $0.2200. The 100 hourly simple moving average is also near $0.2220 to prevent an upside break.

On the downside, an initial support is near the $0.2120 level. The current price action suggests there are high chances of another decline below the $0.2120 and $0.2100 support levels in the near term.

Looking at the chart, ripple price is under a lot of pressure below the $0.2180 pivot level. In the short term, there could be an upside correction, but the price is likely to face sellers near the $0.2180 and $0.2200 levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the oversold region.

Major Support Levels – $0.2120, $0.2100 and $0.2050.

Major Resistance Levels – $0.2140, $0.2180 and $0.2200.

The post Ripple (XRP) Price Remains In Downtrend, BTC & ETH Down 3% appeared first on NewsBTC.

NewsBTC , 2019-12-04 06:28:18 ,

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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.

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

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