The chart was drawn using the ideas from user transparent-fx video. Excellent video. I just duplicated it his work and used it to make this chart.
Fibonacci was drawn 0 to 1 for the leg before the market crash. The 1.27% line fell right on a 2017 support line.
BTC has the same wedge. It popped up in a fake, then proceeded downward below the wedge.I noticed very weak buying. Shorts were expecting this for both BTC and XRP from what I read. I don't know where XRP is going in the long run, but it looks to be going down for now.
Fibonacci was drawn 0 to 1 for the leg before the market crash. The 1.27% line fell right on a 2017 support line.
BTC has the same wedge. It popped up in a fake, then proceeded downward below the wedge.I noticed very weak buying. Shorts were expecting this for both BTC and XRP from what I read. I don't know where XRP is going in the long run, but it looks to be going down for now.
Note
It is 1 hr chart
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.