Today we are stepping back out to the 30 minute time frame for a slightly larger picture and examining the Fibonacci Channels created as described in our original post on this idea.
Lo' and behold, look at where support held. Right on the trendline.
Further confirmation that these channels are correct and confirming the bull run that we will go on for the next 3 months.
We see that we are on the bottom of the channel right now. A break below will test the 0.236 fibonacci retracement level // the lower fib channel. A break to that level could provide an entry point at somewhere between $0.86-0.90. A long position could also be taken now, as we are at the bottom of our present channel, but we are at a critical juncture (look left across chart to August 18 and August 27 dates). Our present level is a support/resistance switch level, XRP hasn't decided which it is yet today.
Bottom line for today is we will be looking to see if we break below the present channel - if so, get ready to back up the truck with buy orders set at $0.86-0.90. If we hold our channel, we will test the upside again at some point late tonight or tomorrow. I know this is hard to appreciate, but all indicators presently show XRP will continue it's bullish overall momentum, even in this correction.
Lo' and behold, look at where support held. Right on the trendline.
Further confirmation that these channels are correct and confirming the bull run that we will go on for the next 3 months.
We see that we are on the bottom of the channel right now. A break below will test the 0.236 fibonacci retracement level // the lower fib channel. A break to that level could provide an entry point at somewhere between $0.86-0.90. A long position could also be taken now, as we are at the bottom of our present channel, but we are at a critical juncture (look left across chart to August 18 and August 27 dates). Our present level is a support/resistance switch level, XRP hasn't decided which it is yet today.
Bottom line for today is we will be looking to see if we break below the present channel - if so, get ready to back up the truck with buy orders set at $0.86-0.90. If we hold our channel, we will test the upside again at some point late tonight or tomorrow. I know this is hard to appreciate, but all indicators presently show XRP will continue it's bullish overall momentum, even in this correction.
