A couple of days ago, #XRPBTC created a 3-month low around 0.0000700. The coin has retraced since then as the psychological level around 0.0000700 has provided support and it looks to bounce now. Ripple is also oversold on the daily chart (below 20). The bounce has been further supported by the break of the short-term trend line resistance. Moreover, #XRPBTC is also currently around 38.2% retracement which points out that the healthier retracement maybe on its way targeting at least 61.8% Fibonacci retracement .
If the coin can close above the trend line resistance on the 4H chart, then a long trade is to be issued with the following parameters. If the coin returns below the trend line and creates a failed break out, then the trade is invalidated.
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Original post in our Tradingview profile
Ripple LONG
Entry: Market current price - 0.00007045
Stop: 0.00007010 (move below trend line resistance)
Target 1: 0.00007090 (50% Fibonacci)
Target 2: 0.00007100 (horizontal resistance)
Target 3: 0.00007120 (61.8% Fibonacci)