The 50% Fib retracement level has stopped two recent price pullbacks, allowing bulls to front a rebound. Will the trend repeat?
At the time of writing, BTC struggled to reclaim the $29.5k range low, further reinforcing the sellers’ edge. However, the definitive price action and direction could be determined on Monday, 31 July.The 50% Fib level of $0.675 has been a crucial rescue for bulls during the past two price pullbacks. The first pullback from the recent high of $0.94 eased near $0.675. After a price rejection at $0.85, the second retracement also eased in the same area.
So, if the trend continues, bulls could see respite near the 50% Fib level of $0.675. The corrective rebound could rally towards a lower high at $0.85 or a recent high of $0.94. If so, buying at the 50% Fib level with conservative and aggressive targets at $0.80 and $0.85 could offer a good risk ratio.
A drop below the immediate support of 50% Fib level will invalidate the above bullish thesis. In such a bearish scenario, a retest of $0.58 could be feasible, especially if BTC registers sharp losses in the coming hours/days. The Relative Strength Index wavered around the neutral level in the last few days. Over the same period, the Chaikin Money Flow was rejected at zero and moved southwards. It underscores a muted XRP’s buying pressure and strong capital outflows.
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