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Cryptocurrency Review: Ripple Shows Weak Bounce Out Of Downtrend

Published 02/19/2018, 12:06 AM
Updated 07/09/2023, 06:31 AM

We take a look at the 4 major and most popular cryptocurrencies starting with...

Bitcoin BTC/USD

Price bounced exactly when it should have. Right when the 61.8% Fibonacci retracement was breaking, the reversal came and gave some hope to bulls that a major low is in. Is it?

BTC/USD

The green trend line resistance is a key level bulls must break upwards. A rejection at current levels would be a big disappointment. Support is at 9050-7800. Break it and we or off to new lows.

Ripple XRP/USD

Very weak bounce despite the exit off the downward sloping wedge pattern. Price still remains below the 23.6% Fibo level. This is bad news. Bulls must show some strength signs by breaking the 38% and 50% retracement levels, otherwise expect new lows.

XRP/USD

Etherium ETH/USD

Price made a strong bounce off our target area at $627 but price action is not impulsive and the price remains below the important black TL resistance. Moreover, the price has broken below the short-term green trend line. I believe we could see new lows here.

ETH/USD

Litecoin LTC/USD

This was our preferred bullish coin and it gave 100% performance from its lows. The price broke out of the bearish channel and is moving in an impulsive way higher. Trend remains bullish. Short-term support is at $202. If broken we could see price back towards $180 but I believe trend will continue to be bullish.

LTC/USD

I believe a major low is in for LTC/USD and has started its next leg up that will eventually break to new all time highs. This scenario is canceled on a break below $100.

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