Ripple price is still within Downward Sloping Trendline against Bitcoin. It continues another wave of southward pattern after failed in a massive rally on Dec 7. The price peaked on 0.00000978 resistance zone. Coincidentally, this was the previous key support zone that was broken last month. Currently, it is stalled at the price of 0.00000813, a slight bounced after slumped to the lowest recorded price at 0.00000802. The sharp falling trend now form a downward wedge slope. The narrowing wedge-shaped pattern indicated a significant breakout is near. The stochastic is weakening and pointing to the south but the soft momentum signal still pale and far from decisive.
The trend is on the bearish bias. Therefore, any price below 0.00000830 (resistance level derived from a core support zone on Dec 2) level could prompt the XRPBTC to extended its downward direction. A major swing price upward towards 0.00000840 to confirm the reversal is required before the altcoin is able to sparkle any form of relevant rally.
On the downside, the price could retest 0.00000802, its record low price. If this price fail to hold, it could consolidate pattern in extended periods on 0.00000790 bands. With Bitcoin price trading at 3 years high, Ripple would be difficult to overturn its current feeble drift.
Trade idea – short on rebound. and remember a prudent money management is a must.
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.