Today we are taking a look at our Frankenstein Fractal-Fibonacci-Trendline Chart with 2hr time bars.
We questioned, in the past, exactly "when" we were in the fractal. We have also discussed the upcoming final drop/shakeout before capitulation to new ATH's, which undoubtedly will be brought on by a catalyst of some kind, whether it is XRP specific (SEC resolution, coinbase re-list, etc) or whether it is general crypto news. Regardless, we were anticipating a 30-35% drop just prior to launch.
Today's chart considers the possibility that we are looking at that incoming drop square in the face. One thing to note - circled in black - is the Frankenstein support levels that would otherwise be unknown but for this beauty of a chart held on the plunge down. If that level does break on the potential downturn, it is really unclear at this time where we would find support. There is, of course, the obvious buy range in $0.86-$0.91, but that level is also inconsistent with a 30-35% move down which would more likely target the $0.82 range.
In any event, we will be keeping an eye on this and will post tomorrow (or even perhaps later today) with more concrete estimates for where we could be headed. Note also that this is just a guess, based on fractal comparison, that we *could* be at this point. We are not completely convinced just yet.
Best,
Buster
We questioned, in the past, exactly "when" we were in the fractal. We have also discussed the upcoming final drop/shakeout before capitulation to new ATH's, which undoubtedly will be brought on by a catalyst of some kind, whether it is XRP specific (SEC resolution, coinbase re-list, etc) or whether it is general crypto news. Regardless, we were anticipating a 30-35% drop just prior to launch.
Today's chart considers the possibility that we are looking at that incoming drop square in the face. One thing to note - circled in black - is the Frankenstein support levels that would otherwise be unknown but for this beauty of a chart held on the plunge down. If that level does break on the potential downturn, it is really unclear at this time where we would find support. There is, of course, the obvious buy range in $0.86-$0.91, but that level is also inconsistent with a 30-35% move down which would more likely target the $0.82 range.
In any event, we will be keeping an eye on this and will post tomorrow (or even perhaps later today) with more concrete estimates for where we could be headed. Note also that this is just a guess, based on fractal comparison, that we *could* be at this point. We are not completely convinced just yet.
Best,
Buster
