XRP still inside a symmetrical triangle pattern on the 1hr chart

Oct 3, 2018

This big 1hr chart symmetrical triangle pattern is still valid. We also know that symmetrical triangle patterns are continuation patterns so if we don't climb back into the 1 day ascending bull pennant pattern but the 4hour inverted h&s pattern ends up being a dud then odds are good it is this 1hr symmetrical triangle pattern is the most valid one which means we will more than likely break upward from it eventually. Also some bullish news today about the Fed being open to suggestions on things to utilize to speed up payments in the U.S. hinting that xrp may become adopted by the fed.

Oct 3, 2018

Note

one interesting thing to keep an eye on here though is the 1hr 50ma is now touching the 1 hr 200ma so its either going to bounce up off of it or we will be experienceing a 1 hr death cross.

Oct 5, 2018

Note

As you experienced traders know, triangle patterns, bull flags, and pennants, are always in a very fluid state as they develop...meaning a new trendline trajectory may appear that ends up being more valid than the ones you were initially charting. Pennants can morph into standard flags and vice versa. Symmetrical triangles can morph into ascending/descending triangles and even diamonds. cup and handles can also morph into head and shoulders and vice versa and h&s can also morph into falling wedges....so it's always wise to watch how the pattern progresses in case a more valid trendline appear...in this instance, when the price action dipped below the last trendline trajectory but no bear volume confirmed a breakdown the smartest step at that point is to see if we can still find any other potentially valid bottom trendline trajectories that still have the price action inside the symmetrical triangle pattern. In this case we certainly do, and I will post an image of those trajectories here...the solid green one is the one I think looks most valid and the dotted yellow one is also a possibility but slightly less probable..until you see a confirmed breakdown it is wise to continue hodling..of course thats just my strategy and not financial advice: s3.amazonaws.com/tradingview/snapshots/9/91cWKOWJ.png