Today’s day on the quotes of cryptocurrency, the ripple began with a small rollercoaster. The exchange rate just after midnight estabilished a new historic maxima in the 1,2 USD area, followed by a sharp correction. Currently, the price breaks the first local support, which is defined on the basis of 100% geometry.
Considering the dynamics of decreases in other digital currencies, it seems that this is not the end of the correction. The next stop for bears is support located in the area of the last broken peak. 0.84 USD. Scenario is confirmed by the upward trend line.
At the D1 time frame falling star formation is creating, which confirms the scenario of a deeper correction of quotations.
Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.