Published
4 years ago on
December 25, 2019
In this Weekly chart of Ripple/ Bitcoin (XRP/ BTC), there is a depreciating range from 0.000059 to 0.000024.
We can observe the market then appreciated to the 0.000038 level (indicated by the red down arrow), just above the 0.00003737 area that represents the 38.2% retracement of the depreciating range.
We can observe the market then extended its depreciation further.
Using RSI, we can observe the slope of RSI (14) and RSI Average (3) both became negative after the market peaked around the 0.000038 level. We can also see that RSI (14) bearishly moved below RSI Average (3), indicating probably depreciation. RSI Average (3) remains above RSI (14) but the two are converging, and this may result in a halt to the recent depreciation.
Using Slow Stochastics, we can observe that the slope of Stochastics K became negative after the market peaked around the 0.000038 level. We also observe that Stochastics K bearishly moved below Stochastics D a few weeks later, indicating probable additional depreciation. Stochastics D and Stochastics K continue to bearishly diverge, and this may be indicating further price weakness.
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