I have only been at this about a year now so any feedback is welcome.
Overall Fibonacci from the $1.96 high down to the recent low of around $0.5.
In my opinion XRP seems to be running out of steam with the RSI and Stoch RSI entering the ceiling on the 1D timeframe. With this, I am seeing a pretty clear rejection at the 0.702 retracement. By no means am I seeing any sign of the market entering a bear market, but we could be seeing some manipulation to restart the narrative and scare the market before taking a leg up in mid September.
Interestingly the fractal matches up with a previous bar pattern pump in early 2021 to a high of $0.70 before making this retracement. What I have laid out appears to line up with speculative Fibonacci's and MA's.
Overall Fibonacci from the $1.96 high down to the recent low of around $0.5.
In my opinion XRP seems to be running out of steam with the RSI and Stoch RSI entering the ceiling on the 1D timeframe. With this, I am seeing a pretty clear rejection at the 0.702 retracement. By no means am I seeing any sign of the market entering a bear market, but we could be seeing some manipulation to restart the narrative and scare the market before taking a leg up in mid September.
Interestingly the fractal matches up with a previous bar pattern pump in early 2021 to a high of $0.70 before making this retracement. What I have laid out appears to line up with speculative Fibonacci's and MA's.
Note
It is possible we may now regain momentum for a brief swing to the upside as it approaches $1.07 - $1.10 region before making a deeper but less drastic leg down. Possibly to the 0.382 Fibonacci @ $0.85
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.