The Magic Fib Lines Are Still Calling The Shots - Next Moves?
Folks, as we can see, the magical fib circle boundaries that I discovered long ago are still holding their power on the XRP movements. Let's take note how the Big Green 4.236 has snatched in the price line, as XRP is currently crawling right up that ring. Previously, we broke out of the pennant formation before the crossing of the Big Green and the Big Red 4.618 lines, but the drop brought us back down to the Big Green 4.236, and it seems to be holding it for the moment. It is interesting that XRP fought its way back to the level of 0.25, the price that I wanted to see as an absolute support. But we can see that there is no real evidence now that we can depend on that level as a support.
What's next? It's a 50/50 shot. One scenario is a continuance of the upward action, where XRP crawls up the Big Green 4.236 a bit further. If it does, I'll be looking at the point of crossing between the Green and Red lines once again as being a possible drop-back point after we finish crawling up the current line. But the second scenario that I see is a drop now, where we fall back down after touching the descending trend line that I have indicated on the chart. That would probably pull us back down to the Big Red 4.618 line, where it could crawl up that line for a short period of time. After that, I will be looking for possible pivots on the smaller red 4.236 and 4.618 lines. A pivot will probably mean a drop to whatever the REAL low point is, and this is the most probable IF this particular scenario plays out.
After that, we'll have to construct a new set based on the current downward channel to pluck out new pivot points. The good news is the fact that we have seen a LOT of magical action on the current fib circle sets. So we know by now that these lines are "hot". XRP trading action is definitely influenced by the magic of the Fibonacci sequence, and this serves those of us who are "in the know" as a roadmap to the future action!
Not trading advice, entertainment purposes only.
Carlton Flowers
The CryptoPro
What's next? It's a 50/50 shot. One scenario is a continuance of the upward action, where XRP crawls up the Big Green 4.236 a bit further. If it does, I'll be looking at the point of crossing between the Green and Red lines once again as being a possible drop-back point after we finish crawling up the current line. But the second scenario that I see is a drop now, where we fall back down after touching the descending trend line that I have indicated on the chart. That would probably pull us back down to the Big Red 4.618 line, where it could crawl up that line for a short period of time. After that, I will be looking for possible pivots on the smaller red 4.236 and 4.618 lines. A pivot will probably mean a drop to whatever the REAL low point is, and this is the most probable IF this particular scenario plays out.
After that, we'll have to construct a new set based on the current downward channel to pluck out new pivot points. The good news is the fact that we have seen a LOT of magical action on the current fib circle sets. So we know by now that these lines are "hot". XRP trading action is definitely influenced by the magic of the Fibonacci sequence, and this serves those of us who are "in the know" as a roadmap to the future action!
Not trading advice, entertainment purposes only.
Carlton Flowers
The CryptoPro