CHART ANALYSIS: XRP/USDT 1/1/2018
Important Resistance Levels: $2.282
Important Support Levels: $1.203, $0.845, $0.696
Happy New Year! Ripple has been growing at very high speeds since early December and I don’t see the growth stopping anytime soon. This upward trendline drawn has been used as support for XRP/USDT on 5+ occasions, making it a very strong uptrend to follow currently. Although, these past few days we have been met with consolidation. This can be for many reasons, a few of them being that it was the weekend of the New Year, this can be considered a factor because just as individuals have these days off from work, traders like to take their days off from trading as well. This lead to the significant decrease in volume and aided in the consolidation. The spikes in volume have been gradually decreasing as these bullish pushes continue to occur, this leads me to believe that this push will not have as much volume as the previous. The RSI indicator, because of the consolidation, shows us a period of not being overbought or oversold, which indicates that the market is balancing out after the period of being heavily overbought. I am now on the lookout for the price to begin to become overbought once again as the break of the consolidation occurs. The target price in the positive direction was calculated by using the width of the symmetrical triangle that is being formed. The target prices of the bearish breakout were determined using strong support levels and the magnitude was determined by considering the break of the consolidation as well as the long-lasting trend-line.
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Arham Bheda, Research Analyst
Cryptocurrency Capital LLC