XRPBTC still stuck within tight trading range
Ripple/BTC Index (XRPBTC) Technical Analysis Report for Sep 15, 2018
XRPBTC ended Saturday at 0.00004318 gaining BTC0.00000043 (1.01%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Saturday's trading range was BTC0.00000073 (1.71%), that's far below last trading month's daily average range of BTC0.00000204. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 0.00004078 and 0.00004375 which it has been in now for the last trading week.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. In spite of a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 0.00004375. After having been unable to move above 0.00004337 in the previous session, XRP ran into sellers again around the same price level today, failing to move higher than 0.00004333.
While the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could speed up should prices move above the nearby swing high at 0.00004375 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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