So it's the falling wedges season again.... first 1INCH, now XRP. The pattern structure is pretty clear I think, the volume profile shows the price at which there were the most entries so to be bull we must close 2 candles over that line. To be sure I'd wait for the price to test the upper resistance (yellow dashed line).
I've drawn 2 possible patterns, the green dashed line is the support below which I don't wanna see price go, if price goes lower it'll take a bit more to regain momentum. Also remember that very very often falling wedges retest the upper wedge line after breaking out. If green line break out happens I think might take 2 retests as I've drawn.
IMPORTANT: we're talking about XRP, with SEC lawsuit ongoing my TA could be invalidated any time by some bad news which comes out. At the same time if some good news is released it can pump right away without following any TA. I'm not trading XRP right now for this reason, this TA is for those who don't care about lawsuit, just be careful.
I've drawn 2 possible patterns, the green dashed line is the support below which I don't wanna see price go, if price goes lower it'll take a bit more to regain momentum. Also remember that very very often falling wedges retest the upper wedge line after breaking out. If green line break out happens I think might take 2 retests as I've drawn.
IMPORTANT: we're talking about XRP, with SEC lawsuit ongoing my TA could be invalidated any time by some bad news which comes out. At the same time if some good news is released it can pump right away without following any TA. I'm not trading XRP right now for this reason, this TA is for those who don't care about lawsuit, just be careful.
Comment:
UPDATE: yellow path was a little wrong, it retraced more but I think it's in a support zone and should bounce back. If it'll bounce toward a breakout or another lower zone is difficult to assess. If you wanna buy enter with 1/3 of the money now.
Comment:
decision time: will it be yellow or green path?