Used fib extension to identify next steps on the wave (fib 1.27). And as always, keep an eye on the Queen (or king?) BTC!
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As I said already, I calculated the wave using fib extension. However, the wave has to break the strong support at 0.78 where the main up-trend support (green line) meets the strong buy area of last December (0.62-0.86), otherwise, it will bounce back from there. I have rather a bearish feeling about it; since we broke the support of 1.1, everything is possible. Follow BTC closely.
Here a much more bearish scenario with a fall to 0.2x range:
Thanks as always for your comments, reviews, follows, and likes.
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Negative News: China crackdown on crypto industry and initial coin offerings (ICOs) and ban of related websites.
If this goes on, expect an even more dramatic downfall.
I will update and re-chart in the next hours.
Trade closed: target reached
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I should've trusted the chart more and followed what it says:
- Price fell into the fib retracement 1.272 as the theory says (wow); - It fell exactly at the second LIME line number 2 (fib time zone).
Thanks and hopefully it was of some help to you
Please comment, review, follow, and like. Thank you!
Hi, has tried to break resistance 1.02 all day without result, we return to test supports 0.78 and 0.65 then? I do not see strength to climb today. Tks
wardrihano
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@gusccbb, Hi, yes, that was when BTC was trying to break the 9.5k resistance. That's why I said in my idea to keep an eye on BTC. For now, if you'd like, you could check my other chart "XRP-USDT Bearish Febraury", which I'm going to update soon. Thanks for the comment and the support.
gusccbb
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@wardrihano, Hi, it seems that bounces in EMA 100. I wait for your post. tks
wardrihano
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@gusccbb, If BTC falls to that support level again (8.1-8.2k), it's almost certain XRP will fall to the same range around 0.78 -like today. Check the time today when XRP was around 0.78, and check BTC's price at that same time, both found support at this point. Please do not make your trades based on chart's of others. My chart might be wrong and unexpected events could happen and change the whole situation.
gusccbb
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@wardrihano, It is like that. They are still correlated. I take opinions from more experienced traders and analysts as a reference but not as a definitive signal. I already did that before and it did not go well for me. Thanks for the advice
wardrihano
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@gusccbb, Cool! Please don't get me wrong. I couldn't know how smart you are ;-)