Taking a look at the Ripple market vs Bitcoin after the XRP made headlines last week outperforming BTC. Let’s open up the 4hr candle chart to take a look at the shorter term price movement.
As we can see on this chart, the Ripple market failed to clear 0.000093 btc a second time after the big gains on September 21st. Short term resistance at this point in my opinion is around 0.000085 btc, and 0.00009 btc – 0.000093 btc will act as medium to long term resistance.
Support for me on the shorter term is at 0.00008 btc and I will look to this level to signal another short on the market. Should prices fail to consolidate above this support zone we can expect a correction to lower prices before the market moves up again. Should this level hold as support we could see a bounce to the above mentioned resistance zones.
The trading volume on the Ripple markets has seen a good increase and it will be interesting to see if these numbers become the new norm for Ripple.
For those looking to trade the breakouts, keep an eye on the short and medium term support levels, as well as the momentum and trading volume on the markets. Safe trades.
- This reply was modified 4 months, 3 weeks ago by CheesePuff.