Despite the spike higher earlier this week in XRPBTC we can see that the move barely registered on the weekly chart below and has in fact turned the current candle formation quite bearish while SCMR continues to print neutral signals and dynamic resistance continues to actively build overhead, all suggesting that the path of least resistance is still to the downside over the short-term. Also note that the momentum oscillators still have a lot of recharging to do, the volume indications continue to deteriorate, the Ichimoku Cloud is firmly bearish, and there is little in the way of support at least until the rising SMA's around 0.0000xx, which is where we'll continue to stay patient for given the current setup. That said, if the bulls can defend the 0.0000xx region on the next leg down then a strong bounce higher is likely, well above 0.000xx, which is why we still want to get long in that region if given the opportunity moving forward.
We will consider a LONG position on a retracement back down to the 0.00xx - 0.00xx area with a stop around the 0.00xx level and a target of 0.0xx.
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