XRPBTC price is now holding around 0.5 Fib. level and EMA10 (light blue line).
We are waiting for XRPBTC to retrace and to give a clear signal of its next move. This can take time. It can choose to move quickly as it can take several days or weeks before its next move, the market will decide. For now we are looking bullish and in the process of a classic retrace/correction.
We look for main support at 0.382 Fib. level on the chart above if XRPBTC price continues to retrace. It can also choose to consolidate sideways...
If one level break, we look to the next. We continue to look down short term until support is established.
I will be keeping track and keeping you updated.
Thanks a lot for the huge support and for reading.
Thank you!
Namaste.
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Previous analysis:
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We are going down further... We are looking at 0.000066 - 0.000067 range at least for support.
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This is where we are looking for support as mentioned in my last update, if this level fails, we look for the next one. If it holds, we look to create a floor for another ride up...
Here is the chart:
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Thanks a lot for the support!
Namaste.
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We are looking at early reversal signals with EMA50 holding on the 4h Time frame.
"Early signal". More volume is needed and confirmation.
[B]Give me the likes, shares, comments, follow and support and I will be sharing a full review soon, regardless of next action. I will be sharing, the next support, buy in, targets and do a full analysis.[/B]
Thanks again.
Namaste.
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XRPBTC is showing a good bounce:
This is a good signal for finding support.
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@mojtabaivi, Early but it seems. If it takes off from here then it is basically confirmed. But it has time to move around since we have a big range from the peak price.
mojtabaivi
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@alanmasters, I think it bounced from a strong support zone on the daily chart:
steveme140
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Your fibs are backwards. When you retrace you go back down to 1, so .786 would be the amount you retraced out of 1. You have it reverse which is incorrect.
AlanSantana
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@steveme140, I don't mind, I only care about the support levels. These are the same ratios regardless of what the numbers are displaying.
steveme140
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@alanmasters, technical analysis wont take your work seriously if you don't know how to apply the basics. But then again you might not care.
AlanSantana
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@steveme140, I appreciate your support my friend. We are here to make money. You can change the numbers up or down but you get the same prices/levels, so it is the same.
It works for what we use it, to get support and resistance levels. You can even remove these numbers if you like, it is all about the Fibonacci ratios.
steveme140
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@alanmasters, My friend, the concepts of Fibs do change when you change the numbers. My point being, you look silly doing it backwards because people who are professional technical analyst think you don't know what you are doing. If it goes up to a high, its 0, and then it retraces BACK to 1. So if it gets back to .786 that means it went back and RETRACED to .786 or 78% retrace. Reversing the numbers only makes sense in your mind, and by showing a chart in a public forum, you lack self awareness to give people proper knowledge of TA.
By you saying that you can change the numbers up and down is like you saying going from 10 to 1 is going up and from 1 to 10 is going down. The numbers are still proportionate, but a 7 isn't the same thing as a 3. Its pretty ignorant and silly. And if you were here "just to make money" then why post public charts?
Wait for your full trade idea.