I see ripple consolidating right now, we might be able to see another push before March. I see the price dropping, and it could drop down to $1.74, or even down to $1.38, before we see it spike up. These coalign with the 50% and 61.8% fibonacci levels for a retracement pattern. We should see the pattern return to the channel before a continuation pattern breaks out. We will be looking for a 100% to 161.8% breakout, which means we should see the price go above $4.00, but I'm going to stick with the round number!
This could turn south also, we could see a consolidation towards the 50% and 61.8% fibonacci levels. If this happens and channel breaks downwards, we will redraw out trendlines, and chart again. I would still think long term, the price of ripple would hit that last fib level upwards.
This could turn south also, we could see a consolidation towards the 50% and 61.8% fibonacci levels. If this happens and channel breaks downwards, we will redraw out trendlines, and chart again. I would still think long term, the price of ripple would hit that last fib level upwards.
Trade active:
We now hit the 50% Fibonacci Resistance Line AND the bottom trend channel. I think we should see bounce from here. If you set stop loss, update to below the 61.8% level to be safe.