XRP/BTC is dropping since last 4 months, It has broken all important supports lately and now trading below 50,100 and 200 Daily MA. In this article, we will cover important levels where we think- XRP/BTC should find support.
Technical Analysis
- The daily chart is super bearish at this moment, RSI is oversold, MACD is bearish, and the price is trading below 50,100 and 200 MA.
- In the daily chart, we can see, The key support where the price bounced from last impulsive bearish wave is at 0.000041 BTC, Immediate Key support from where price bounced last time is at 0.000061BTC
- Weekly chart is bearish as well, price is trading below 21,55 and 100 weekly MA.
Key Support levels to watch out for
There are three support level to watch out for possible bounce.
- 0.000061 BTC
- 0.000055 BTC
- 0.000041 BTC
As of now, we are approaching first key support area, if the price bounce from here, then a potential descending triangle would be formed, Breaking out from that triangle could open possibility for a bullish wave to 0.00012 BTC
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Must Read – Mid term Trade Idea: POA/BTC
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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