XRP-USDT Short-Term

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!

Commento:

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.

Commento:

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 chiuso: obiettivo raggiunto:

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!