I want to switch gears for a moment and take a look at the larger picture.
Since the beginning of Ripples' data (on Bitstamp) the Daily RSI and Daily Fisher have never been this low. Simply put, there is no room for more price declines at this level without at least a few days of upward movement. I am NOT saying to expect a trend reversal, there is simply no confirmation that is happening.
Zooming into the 15m chart there is very clear evidence that the 0.33 level is being defended by someone(s). On four separate occasions there has been a jump up once this price level is reached, not a gradual reversal that shows bears running out of steam, but something taking a defensive bite. Its worth noting that this level is also the (S1+S2)/2 level (0.331), and right below it is the HA(P+S1)/2 level at 0.327.
Can we go further down... of course. It isnt a question of can we, but what are the odds of. In my opinion a recovery is due, the daily chart demands it.
Disclaimer: I am biased as having bought a ton of XRP at .48 and again at .44, plus I got a chunk sitting around .70. At no point will I sell my position at a loss, I am in this for the long term. So yeah, its easier for me to see upside than downside, but even so, technical analysis is hard to argue against.
Since the beginning of Ripples' data (on Bitstamp) the Daily RSI and Daily Fisher have never been this low. Simply put, there is no room for more price declines at this level without at least a few days of upward movement. I am NOT saying to expect a trend reversal, there is simply no confirmation that is happening.
Zooming into the 15m chart there is very clear evidence that the 0.33 level is being defended by someone(s). On four separate occasions there has been a jump up once this price level is reached, not a gradual reversal that shows bears running out of steam, but something taking a defensive bite. Its worth noting that this level is also the (S1+S2)/2 level (0.331), and right below it is the HA(P+S1)/2 level at 0.327.
Can we go further down... of course. It isnt a question of can we, but what are the odds of. In my opinion a recovery is due, the daily chart demands it.
Disclaimer: I am biased as having bought a ton of XRP at .48 and again at .44, plus I got a chunk sitting around .70. At no point will I sell my position at a loss, I am in this for the long term. So yeah, its easier for me to see upside than downside, but even so, technical analysis is hard to argue against.
