I have come to some realizations that have really helped my charting and its predictive power aside from some of the generic stuff about using higher timeframes and all that.
Triangles form wedges
Wedges form channels
If you can draw a line, try to look for a channel
If you can draw a channel, try and look for a fib channel
Fib levels are places of consolidation or rejection for support or resistance
I haven't tagged every level of the chart, just a few examples of these support and resistances. I have included positive and negative levels for the channel as fib extension and retracement because once you know and accept bow these levels interact you could experiment and see how the negative channel (the red levels) could have been used to predict the grey and blue levels.
The current price action had a quick move to consolidation at the 0.5 level and then a blow off top at the 0.618 level. Price has retraced to the 0.5 level and so we have completed another flag pole consolidation and I find it similar to the plane icon in the lower left of the chart.
BREAKOUT CONFIRMATION In the chart below of the last upgrend you see price action can move really quicly from one fib level back to another in a retrace and that is what I think is happening right now.
For confirmation we see that the weekly MTF Vstop has been pierced and is in the process of confirmation. Should the blue eye with black pupil show up we will have a confirmed close above previous MTF resistance. The chart clearly shows that I think the green bear market is in the final stages and this will conclude when we go above the previous high by a few Fib channel levels and then retest the fib channel level as shown by the purple phase
This current bear market on xrp has taken about an extra 30 weeks to conclude Which means that it would be a fair assumption that every stage after it would take longer but that is a soft prediction because the amount of quantitative easing the federal banks of the world isn't constant, and crypto adoption is also increasing. There is no telling if these phases will continue at the same or different rates.
After our first flagpole consolidation we should complete the flagpole with a more time intensive consolidation shown in the blue area. From there we proceed to the thrid fib level so we can watch xprusd give up over 90% of its value, again.
I have done similar analysis on both eth and xbt and those will be in the linked comments. I often use the VSTOP and MTF VSTOP to do dynamic auto charting but this time I have just used the MTF VSTOP in the chart to keep things cleaner. I am not going to show it here, but analysis on xrpeth and xrpbtc shows that xrp is the choice for now. For the long term investor going down to a lower time frame and using the VSTOP once we get above $65 and trying to take profit somewhere over $300 seems ludacris, unless you have seem this TA.
@This_Guhy Now you know I love your analysis, Silver Gold Etc. But $300 XRP ? Thats crazy talk.
This_Guhy
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@awh2830, You do see that I predict that it will give up 90% of that value, like xrp has given up over 90% of its value twice before? In April of 2017 it was worth half a penny and then exploded to over $3 less than two years later. It is well within the history of crypto that this will have a similar move. Long term calls for bitcoin regularly have it going into the millions. This call isn't made under normal circumstances, it is made under the assumption that the central banks of the world are going to be doing a lot, and I mean a lot, of quantitative easing and proliferating the money supply.
And if i am wrong by a fib level then I only get to trade this to $60. Still fantastic gains.
PhilVo
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Wow. That’s crazy to think about this but I totally belive it. Thanks
FerroIgnique
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Targets? Interim and ATH?
This_Guhy
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@FerroIgnique, Every fib level in the last chart (reposted below) is a interim target. A major sell point is going to be above $300 and buy the dip point is going to be after a major pull back to around 60-70 dollars. Those targets are more for investors than day or swing traders.