I hope everyone is well. I was busy in the big market today and crushed it. I came back to look at this. This chart is a little complicated.
The first pattern identified the the downturn that we are currently in.
XRP has a history of this type of movement and I generated a potential pattern to provide data for placement.
The green box represent a near exact correlation to the most recent fib extension and the total fib retracement from the ultimate low to the ultimate high.
On the daily we are still strong down. BTC is getting hammered still.
The .886 Fib is always a good position. This cannot go below the 1 line because it is the ultimate low.
Here are the levels.
Fib Extention at .50
Structure at .44
Fib .886 at .37 and
Strucuture at ,27
Based upon the news about China today, this will more than likely go to at least 40. Canada comes on line soon.
Thank you for your comment....I hope I am wrong for the sake of those that got in late.....I am an early bird to this. I am good until a .99 retracement. I hope that does not happen.
This is the first day we are bellow EMA200. Tomorrow will be bear candle also.
Thank you for your comment and much appreciated.