As many xrp traders have seen the xrp idea from cryptokelly in december, i tought it would be funny to see where we are in his chart now. I placed a fib retracement according to his placed 2 fibo's and lengthen his lines to update our situation.
As you can see we currently retraced to 0.618 price level.
Also known as the most significant Fibonacci retracement level to watch for. This is the inverse of the golden ratio, 1.618 or phi. The 0.618 retracement level tends to be the maximum pullback zone where fear climaxes as the final sellers throw in the towel and bargain hunters rush into the stock to resume the uptrend. On downtrends, the 0.618 price level should be where the final buyers are exhausted as sellers take the opportunity to unload their positions and short-sellers jump off the fence to push down the price and resume the downtrend. Some traders prefer to wait for two to three candlestick closes above or below a Fibonacci retracement level to confirm support or resistance before placing a trade.
As you can see we currently retraced to 0.618 price level.
Also known as the most significant Fibonacci retracement level to watch for. This is the inverse of the golden ratio, 1.618 or phi. The 0.618 retracement level tends to be the maximum pullback zone where fear climaxes as the final sellers throw in the towel and bargain hunters rush into the stock to resume the uptrend. On downtrends, the 0.618 price level should be where the final buyers are exhausted as sellers take the opportunity to unload their positions and short-sellers jump off the fence to push down the price and resume the downtrend. Some traders prefer to wait for two to three candlestick closes above or below a Fibonacci retracement level to confirm support or resistance before placing a trade.