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Ripple made a convincing upside break of its descending triangle pattern recently thanks to a weakening dollar and bitcoin. It broke past its descending trend line resistance to indicate that a reversal from the downtrend is in order.
- Price found resistance at the 0.3000 mark and is making a correction to the nearby retracement levels.
- If it can settle above the previous lows than there is good possibility of more upsides in mid term.
Applying the Fib tool on the latest swing low and high shows that Ripple is finding support at the 50% retracement level but might still pull back to the 61.8% level near the 0.2000 major psychological level. If any of these levels keep losses in check, Ripple could find its way back to the swing high or higher.
Stochastic is turning down from the overbought level to signal a return in selling pressure. RSI is also turning lower from the overbought zone so Ripple might follow suit. The 100 SMA is crossing above the longer-term 200 SMA so the path of least resistance is to the upside. These moving averages are close to the broken descending trend line, adding to its strength as potential support.
The dollar is also being weighed down by political rifts in Washington, casting more doubts on the administration’s ability to power through with its fiscal reform agenda. North Korean jitters are also resurfacing after Pyongyang viewed the joint military drills between US and South Korea as an act of provocation. A continuation of risk-off flows could benefit Ripple as cryptocurrencies tend to attract investor interest during these scenarios.
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Source: Live Bitcoin NewsC
Charts courtesy of Trading View