XRP Fibonacci with a twist, 9/8/21
In yesterday's post, linked below, I posted a link explaining my chart,with the fib retracement and extension tools, and then trend lines drawn from the breakout to the fib retracement values at cycle's end. A description for how to "create" this chart is in that post.
Today, we are setting the timeframe to 15 minutes and looking at exactly what transpired in yesterday's carnage and thinking about what the next few days will hold.
We can see that XRP, while still trending correctly upward in the fibonacci channels, took a nose dive after bouncing along the bottom of one of the fibonacci trend channels, ultimately finding support within a channel trading $1.01-$1.16.
As the carnage was in progress yesterday, I said "this chart predicts XRP will trend lower and hit $1.01, and that the critical range it is in is between $1.01 and $1.16." We see that exactly that happened overnight, and XRP again found that support at just above $1.01.
There are many indicators showing XRP "bottom" is in from yesterday's catastrophe at least, and today or tomorrow it will seriously challenge the $1.16 resistance barrier. This may take a few tries.
Bottom Line:
A clean break above $1.17 and the next target is $1.28.
A break below $1.01 and we are looking at $0.85-$0.86.
Today, we are setting the timeframe to 15 minutes and looking at exactly what transpired in yesterday's carnage and thinking about what the next few days will hold.
We can see that XRP, while still trending correctly upward in the fibonacci channels, took a nose dive after bouncing along the bottom of one of the fibonacci trend channels, ultimately finding support within a channel trading $1.01-$1.16.
As the carnage was in progress yesterday, I said "this chart predicts XRP will trend lower and hit $1.01, and that the critical range it is in is between $1.01 and $1.16." We see that exactly that happened overnight, and XRP again found that support at just above $1.01.
There are many indicators showing XRP "bottom" is in from yesterday's catastrophe at least, and today or tomorrow it will seriously challenge the $1.16 resistance barrier. This may take a few tries.
Bottom Line:
A clean break above $1.17 and the next target is $1.28.
A break below $1.01 and we are looking at $0.85-$0.86.
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