The point of interest is whether it can rise above 2.5102
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(XRPUSDT 1M chart)
It is difficult to predict how high a coin (token) that has updated its ATH will rise.
However, in such cases, the Fibonacci ratio, which is the most commonly used chart tool, is used to make a rough prediction.
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Since there is a previous candle below the Fibonacci ratio 2 (1.9574), you can use the support and resistance points.
The current point of interest is whether it can rise above the Fibonacci ratio 2.618 (2.4696).
If the price rises above the Fibonacci ratio 2.618 (2.4696) this time and maintains, it seems likely that the rise will continue to rise near the Fibonacci ratio 3.618 (3.2983).
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(1D chart)
Due to the large rise, the gap between the M-Signal indicators on the 1D, 1W, and 1M charts is large, and also, the gap between the 5EMA on the 1D chart and the M-Signal indicator on the 1D chart is quite large.
Accordingly, the point of interest is whether sideways movement occurs to reduce the gap.
Since the BW(100) indicator was created at the 2.5102 point due to this decline, it is expected that the uptrend will continue only if it rises above 2.5102.
If it moves sideways or falls this time, I think it is likely to continue until the M-Signal indicator on the 1D chart or the HA-High indicator on the 1D chart is created.
The current HA-High indicator is located at 1.3714, so if it falls a little more, it seems likely that a new HA-High indicator will be created.
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Have a good time.
Thank you.
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- Big picture
I used TradingView's INDEX chart to check the entire range of BTC.
(BTCUSD 12M chart)
Looking at the big picture, it seems to have been maintaining an upward trend following a pattern since 2015.
In other words, it is a pattern that maintains a 3-year upward trend and faces a 1-year downward trend.
Accordingly, the upward trend is expected to continue until 2025.
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(LOG chart)
Looking at the LOG chart, you can see that the upward trend is decreasing.
Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.
Therefore, we expect that we will not see prices below 44K-48K in the future.
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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.
In other words, it is the Fibonacci ratio of the first wave of the uptrend.
The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.
Therefore, it is expected that this Fibonacci ratio will be used until 2026.
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No matter what anyone says, the chart has already been created and is already moving.
How to view and respond to this is up to you.
When the ATH is updated, there are no support and resistance points, so the Fibonacci ratio can be used appropriately.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous when used as support and resistance.
This is because the user must directly select the important selection points required to create Fibonacci.
Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous when used for trading strategies.
1st : 44234.54
2nd : 61383.23
3rd : 89126.41
101875.70-106275.10 (Overshooting)
4th : 134018.28
151166.97-157451.83 (Overshooting)
5th : 178910.15
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