Bullish Butterfly Ascends a Channel w/Underlying Fib Levels
Updated
Here I have 
XRPUSDT on the Weekly Chart!
Beginning of March 2020,XRPUSDT hits its Lowest Low @ .1013
Beginning of April 2021,XRPUSDT hits its Highest High @ 1.9669
For context ~1,800% Increase in 1 Year
Taking the Fibonacci Retracement Tool, we can see that Price made a drop after the Higher High (Point A) to the 78.6% level (Point B), created a Lower Low at the 32.8% (Point C), then was rejected after descending to the 88.6% (Point D) and with this Price Action, formed a Bullish Harmonic Butterfly Pattern!!
Parameters:
X - B .786
A - C .382 / .886
B - D 1.618 / 2.618
X - D 1.27 / 1.618
(B/D and X/D Fall Short)
-Price is continuing to trade Above the 200 EMA
With the short-coming completion of this pattern, sprouts an Ascending Channel that Price now currently is traversing up!
-If Price can continue this upward path, I believe it will battle with the Overlying Resistance Zones that line up with these Fibonacci Levels!
1) .8139 - .9240
(61.8% - 55.9%)
2) 1.2542 - 1.5266
(38.2% - 23.6%)
*Caution to those who see the Ascending Channel break Bearish, because then Price Action could be a signal of a Double Top!
XRPUSDT on the Weekly Chart!Beginning of March 2020,
XRPUSDT hits its Lowest Low @ .1013Beginning of April 2021,
XRPUSDT hits its Highest High @ 1.9669For context ~1,800% Increase in 1 Year
Taking the Fibonacci Retracement Tool, we can see that Price made a drop after the Higher High (Point A) to the 78.6% level (Point B), created a Lower Low at the 32.8% (Point C), then was rejected after descending to the 88.6% (Point D) and with this Price Action, formed a Bullish Harmonic Butterfly Pattern!!
Parameters:
X - B .786
A - C .382 / .886
B - D 1.618 / 2.618
X - D 1.27 / 1.618
(B/D and X/D Fall Short)
-Price is continuing to trade Above the 200 EMA
With the short-coming completion of this pattern, sprouts an Ascending Channel that Price now currently is traversing up!
-If Price can continue this upward path, I believe it will battle with the Overlying Resistance Zones that line up with these Fibonacci Levels!
1) .8139 - .9240
(61.8% - 55.9%)
2) 1.2542 - 1.5266
(38.2% - 23.6%)
*Caution to those who see the Ascending Channel break Bearish, because then Price Action could be a signal of a Double Top!
Note
Down on the 4Hr Chart, Price is forming a Triangle.
Higher Lows into Equal Highs; Bears being unable to continue pushing price lower!
-Massive Whale activity for XRP within the last 24 hours with 216 Million being moved!
tradingview.com/news/u_today:c34133b77094b:0-216-million-xrp-in-24-hours-what-s-happening/
Note
Price has declined down to the Rising Support where now we need to see if Support is still there for a 3rd test!
Trade active
Couple things to point out:
- The Candle leading down to the Rising Support (-.00412 Close to Open) and the Bearish Volume generated
- Rejection Candle from Equal Highs (-.00346 Close to Open) with a similar amount of Bearish Volume
If Price Action were to truly give us a Valid Break, we should see Large Bearish Volume with the Candle leading to the Rising Support but roughly the same Bearish Volume occupies a Rejection Candle from Equal Highs with only a -.00066 price difference.
-This could be tells of a Potential False Break!
*Added XRP
Trade active
Added with Support from the Previous Higher Low, Price finds Support at the Rising Support!
Trade active
Price successfully found Support at the Rising Support and has given us a New Higher High above the Equal Highs!
*Price will now look to test the 200 EMA overhead
Added XRP
Note
After the massive rally to .75 cents, we see
XRPUSD consolidate into a Wedge Pattern!
RSI showing price is running into Bearish Pressure.
Wait for a Bearish Break and Retest of the Rising Channel in the .60 - .63 cent range to accumulate more coins!
Note
Price has given us a Bullish Break of the Wedge followed by High Bullish Volume!
Waiting for a Retest of the Break of Rising Resistance around .75 cents!
Note
Price has made a successful Retest of the Rising Resistance @ .7558!!
Accumulating more Coins now!
Note
XRPUSD has been extremely bullish with the possible resignation of SEC Gary Gensler and winning the legal battles it's dealt with along with the Trump administration taking office.
A potential Retracement to 38.2% of the High could be the last time price will see under $1!!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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