XRP: long term confluence of resistance and price targets.
Hello traders,
This is how I view the state of XRP. There are three structural elements that are pointing in the same direction.
1) We have been in a multi-year symmetric triangle that has now completed and is ready to breakout.
critical resistance: $0.62, and a conservative measured move from the triangle break gives a price target of $11.44
2) The fib retracement of the entire bull market (taken from candle close) puts the next resistance level at just under $0.80 (the 0.236), and the full fib extension of the same retracement takes us to a price target of $11.25.
3a) there is a multi-year resistance that ended each minor rally during that interval at just over $0.80
3b) if we put the whole market in a parallel channel, the upper target points to ~$17.00.
So we have a series of resistance breaks and a series of targets that are all lining up. I am holding and waiting to see breakouts occur, then I think it is a quick ride to the upper targets.
not financial advice, DYOR and good luck to everyone.
not financial advice DYOR,
This is how I view the state of XRP. There are three structural elements that are pointing in the same direction.
1) We have been in a multi-year symmetric triangle that has now completed and is ready to breakout.
critical resistance: $0.62, and a conservative measured move from the triangle break gives a price target of $11.44
2) The fib retracement of the entire bull market (taken from candle close) puts the next resistance level at just under $0.80 (the 0.236), and the full fib extension of the same retracement takes us to a price target of $11.25.
3a) there is a multi-year resistance that ended each minor rally during that interval at just over $0.80
3b) if we put the whole market in a parallel channel, the upper target points to ~$17.00.
So we have a series of resistance breaks and a series of targets that are all lining up. I am holding and waiting to see breakouts occur, then I think it is a quick ride to the upper targets.
not financial advice, DYOR and good luck to everyone.
not financial advice DYOR,
Trade active:
A couple of months later, XRP has seen a strong breakout and is back battling through all of the resistance confluences. I am watching this one closely to see if these turn into a base of support for a final push toward my upper targets.
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here is a zoom in on the daily
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we now have a double-tap back test, If I see a higher high, my optimism will intensify.
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wicked above, but didn't close above prior local high, there are some clustered resistances here including the local high, prior support, and the.236 fib retracement of the entire bear market from 2018.
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new higher high, optimism intensifies.
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break through, I am looking for this to hold as support. All targets still in place. Chart is healthy
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Chart is still very healthy, nice consolidation around some fibs whilst it is building a zone of support I am looking for a break up to the next major cluster of resistances in grey.
