Ripple has managed to breakout from a massive bull wedge pattern, finally facing resistance at $1.12, the nested Fibonacci anchor. We identified this level in particular in yesterday's newsletter. If needed, it has quite a bit of support at the psychologically and technically significant $1 mark, which coincides with the central moving average of the KRI and a congestion zone from when it was ranging at these prices. In particular, $1.03 which once provided resistance will still now provide support. Further, we have strong support from nested Fibonacci levels at $0.95, $0.90, $0.85, and $0.79 if needed. The retracement we are seeing is anticipated, but eventually we must break the Fibonacci anchor at $1.12 before we meet a vacuum zone, which persists until $1.22, a Fibonacci Extension level, then $1.34, where the upper bound of the KRI is currently.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!