Ripple VS Bitcoin to continue rising
Ripple has found the bottom at 6900 satoshis and begun to produce higher highs and higher lows. Price has broke the 50 Moving Average first, where then it found the support which has been rejected. Then it broke above the descending channel suggesting the beginning of an uptrend, or at least a correctional move up.
It is possible that XRP/BTC will correct down first before going higher, but overall trend now seems to be bullish. The first target is at 38.2% Fibonacci retracement, that is at 10k satoshis area. Second and key resistance is at 61.8% Fibonacci, that is 11k satoshis area. Break above the 61.8% Fibs should confirm long term bullish trend, while the rejection could result in yet another wave down.
On the downside, price could test the uptrend trendline first, but only break and close below 6900 satoshis might invalidate bullish outlook.
Author
Viktor Karapetjanc
Crypto Post
Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.
