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!
Yorum
Down on the 4Hr Chart, Price is forming a Triangle.
Higher Lows into Equal Highs; Bears being unable to continue pushing price lower!
Price has declined down to the Rising Support where now we need to see if Support is still there for a 3rd test!
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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
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Added with Support from the Previous Higher Low, Price finds Support at the Rising Support!
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Price successfully found Support at the Rising Support and has given us a New Higher High above the Equal Highs!
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