In this Daily chart of Ripple
/ Bitcoin (XRP/ BTC)
, there is an appreciating range from 0.00002376 to 0.00002714.
We observe that the market then depreciated to the 0.00002570
level (identified by the blue up arrow), right around the 0.00002585 level that
represents the 61.8% retracement of the appreciating range. This proved to be a key technical support level.
We can observe that the market then appreciated to the
0.00002683 level (identified by the yellow down arrow), right around the
0.00002696 level that represents the 38.2% retracement of the appreciating
range. This proved to be a short-term technical resistance level, and an area where some long XRP/BTC positions were taking profits.
Thereafter, we can observe the market then twice tested the
0.00002641 level, representing the 50% retracement of the appreciating range. This level proved to be technical support multiple times.
The market has since appreciated further and is currently
trading around the 0.00002734 level.
Traders will be curious to see if XRP/BTC can derive technical
support around the 0.0002696 level during retracements lower, representing the
38.2% retracement of the appreciating range, as an indication that additional
price appreciation may be likely.
Using Slow Stochastics, we can observe that the slope of
Stochastics K started to turn positive and that Stochastics K bullishly crossed
above Stochastics D after the market traded as low as 0.00002570, indicating
price appreciation was likely.