Bullish Butterfly Ascends a Channel w/Underlying Fib Levels
2024-10-11

Here I have  BINANCE:XRPUSDT  on the Weekly Chart!

Beginning of March 2020,  BINANCE:XRPUSDT  hits its Lowest Low @ .1013
Beginning of April 2021,  BINANCE: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!

*Caution to those who see the Ascending Channel break Bearish, because then Price Action could be a signal of a Double Top!