By now we can say that btc has finished with its correction and so is the rest of the market. For XRP i actually believed that we are gonna retest 3 year old support sitting at $0.75 but that did not happen.
Now that we are almost out of the woods, we are starting to ask ourselves where is that price level that if we break above it we could go parabolic. For that it is good to look at the near past what has happened this year that could give us some clues.
If you extend the fib. retracement tool from "pump and dump" and that low, we can clearly see that once we broke above the 0.702 level (green dot) we went essentially parabolic with almost full extension to $2. If we do the same for this recent correction we see that we are very close to that level. It is hard to say in a short term what the prices could do from here. It could consolidate back to $1 area and then back up aggressive or we could just break above and go for a full extension in a couple of days /weeks. Just poking above that level doesn't confirm anything, as we have to have a clear break above to get a stronger argument of a parabolic rise.
I am not a financial advisor so nothing here should be taken as a financial advise. Wish you all successful investment.
XRPUSD
Now that we are almost out of the woods, we are starting to ask ourselves where is that price level that if we break above it we could go parabolic. For that it is good to look at the near past what has happened this year that could give us some clues.
If you extend the fib. retracement tool from "pump and dump" and that low, we can clearly see that once we broke above the 0.702 level (green dot) we went essentially parabolic with almost full extension to $2. If we do the same for this recent correction we see that we are very close to that level. It is hard to say in a short term what the prices could do from here. It could consolidate back to $1 area and then back up aggressive or we could just break above and go for a full extension in a couple of days /weeks. Just poking above that level doesn't confirm anything, as we have to have a clear break above to get a stronger argument of a parabolic rise.
I am not a financial advisor so nothing here should be taken as a financial advise. Wish you all successful investment.
XRPUSD
Comment:
It can be better seen on a logarithmic chart
Comment:
This extension would theoretically take us to a $5 before some consolidation/ correction takes place ... highly doubt that this would indicate a top for xrp, as a still belive we are going for that $10-$13
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We've just tested .702 level, let's see if we can break above it.