XRPUSD - Possible FallingWedge/BullFlag Scenario (1D Timeframe)
If we close above 0.49 (or general area), there's a chance we could get a retest the next day, and if there is a considerable amount of buying presence, we may have a reversal in our hands (or retest of upper trendline).
Currently XRP can still form a Bullflag like structure, depending on the circumstances of the next few days...
One factor we must consider is there has to be a big green candle the next day, if there is confirmed bullish momentum, we can definitely expect higher prices.
WARNING: If we get a weak close and the next candle is stagnant, then we may continue to go further down until proper support is met.
Currently XRP can still form a Bullflag like structure, depending on the circumstances of the next few days...
One factor we must consider is there has to be a big green candle the next day, if there is confirmed bullish momentum, we can definitely expect higher prices.
WARNING: If we get a weak close and the next candle is stagnant, then we may continue to go further down until proper support is met.
Comment:
(Update) It appears the bearish momentum is still pretty strong, it's important to see how the price reacts to the 0.42 level as it holds the 50MA, if we see a strong bounce then it may push into the wedge again.. I'm suspecting this as a possibility due to the nature of dumps happening at the start of a daily candle open, which brings a fake breakdown scenario into question.
Comment:
(Update): Looks like we finally broke to the upside, I knew the drop was suspicious when it occurred so early into the 1D candle, this usually signifies that a pump would happen mid-way through to reverse the situation, and look what happened.
Looking at how strong the move is, I believe we'll most likely test the higher levels again in the next few weeks to confirm resistance/support regions.
Looking at how strong the move is, I believe we'll most likely test the higher levels again in the next few weeks to confirm resistance/support regions.
Comment:
(Update): Truly powerful moves from XRP, after 2 days of continuous upwards movement, it's possible we will have some consolidation in the meantime to stay leveled with Bitcoin.
Now, our target has mostly been reached at the 0.66 regions, though it was not a perfect touch, I do believe that is the top at least for the short term. Hopefully everyone set their orders properly so it would be filled incase of situations where it barely misses the exact target (which happens quite often).
I'll make another post in the future after things settle down a bit.
Now, our target has mostly been reached at the 0.66 regions, though it was not a perfect touch, I do believe that is the top at least for the short term. Hopefully everyone set their orders properly so it would be filled incase of situations where it barely misses the exact target (which happens quite often).
I'll make another post in the future after things settle down a bit.
Trade closed: target reached
Currently I'm seeing a possible reversal pattern on the 4H timeframe, the 3rd candle is aligned with the 1st and 2nd, so if the 4th candle does not drop below the wick of the 3rd candle, then we may see a push to the upside.