Today we will stick with the 1 hour bar time frame on XRP and continue to look at its movement within the Fibonacci Channels (lines) that we created using the Fib Retracement Tool, see linked idea "XRP Twist on Fibonacci" below for an explanation on how we came up with this idea.
The channel range today is $1.06-$1.23, with a break below we are looking to back the truck up and buy in at $0.86-$0.91, with a break above we are looking to see if XRP can "escape" the trend channels and hit its ultimate target at around $13.68. I do not believe we will hit that top target until December 11, 2021, and I am looking for the true "escape" upwards in mid November.
I will post a chart tomorrow with fractal comparison explaining this analysis. I truly believe I have a firm grasp on the XRP price movement for the next 3 months by using fractal comparison and the fibonacci channels. Predictions based on those two tools have been border-line crystal ball accurate.
Bottom Line: Last week, the recent drop from September 6 looked like it might extend through the present channel, where we had an excellent buying opportunity in that $0.86-$0.91. It still might. Last week, I believed that was more likely than not. This week so far, however, considering buy volume and consolidation among other things, I think it is more likely we do not head to that level (now), though as I said, it is still possible. If I was 60-40 last week, I am 40-60 this week on that occurring. We are still looking for XRP to decide what it wants to do. A decision will be made soon. Envision a trend line from the August 15 high (not the Sept 6 high) diagonally down toward September 19, and you will see. A decision must be made, and a trend must break. In the event of an impulse break upwards, I believe it is too early to be the true bull run final leg right now, look for an absolute top at or around $1.71-$1.76 if this occurs!
Comments, criticisms, thoughts are welcome below.
The channel range today is $1.06-$1.23, with a break below we are looking to back the truck up and buy in at $0.86-$0.91, with a break above we are looking to see if XRP can "escape" the trend channels and hit its ultimate target at around $13.68. I do not believe we will hit that top target until December 11, 2021, and I am looking for the true "escape" upwards in mid November.
I will post a chart tomorrow with fractal comparison explaining this analysis. I truly believe I have a firm grasp on the XRP price movement for the next 3 months by using fractal comparison and the fibonacci channels. Predictions based on those two tools have been border-line crystal ball accurate.
Bottom Line: Last week, the recent drop from September 6 looked like it might extend through the present channel, where we had an excellent buying opportunity in that $0.86-$0.91. It still might. Last week, I believed that was more likely than not. This week so far, however, considering buy volume and consolidation among other things, I think it is more likely we do not head to that level (now), though as I said, it is still possible. If I was 60-40 last week, I am 40-60 this week on that occurring. We are still looking for XRP to decide what it wants to do. A decision will be made soon. Envision a trend line from the August 15 high (not the Sept 6 high) diagonally down toward September 19, and you will see. A decision must be made, and a trend must break. In the event of an impulse break upwards, I believe it is too early to be the true bull run final leg right now, look for an absolute top at or around $1.71-$1.76 if this occurs!
Comments, criticisms, thoughts are welcome below.
