Ripple - XRP - Fibonacci Retracement

BITSTAMP:XRPUSD   Ripple幣 / 美元
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Looks Like XRP is going to retrace all the way down to the 1.40ish. We could see some support there. Otherwise don't be surprise when it runs all the way back down to the .85ish level. Like a falling knife with no real support.
評論: Also you have a double bottom around 1.65 and rising trend line from the beginning of the move up in November. Really before the big volume came in. This is people taking profits and the double bottom is important because after that we will see the 1.40ish mark.
As of right now we are holding on the double bottom at about 1.6 to 1.65. It did trade through it this morning but if XRP is going to hold its price level this is it. If not we are headed down to the 1.40ish range. Good Luck Today!
1.6- 1.77 is a strong support area and we will probably go up from here and start a wide range consolidation like happened on XVG 1.2-1.4. Large sideways triangle. 1.2-1.4 is the next support and i think it won't go lower as fundamentally nothing has changed in XRP since people started paying attention to it until today.
Good Eye!
Great analysis. I see 1st support at $1.60. If failure=2nd support level is $1.27ish, the $1.00 and then $.75. There is a chance of a .886 at about $.60...I won't be surprised $.85-$1.00 too. Thanks for the simple fib reading.....I use them a lot too.
tinySHOUT ramonbenavides12
@ramonbenavides12, It is always interesting with fibonacci. It looks like just random lines then the chart will find those random lines almost every time when looking for support.