Today’s chart update will be on XRPBTC, which is in a probable double bottom reversal pattern that needs confirmation.
Points to consider, - Trend putting in clear lower highs - Double bottom evident (strong support) - Resistant line to break - RSI to break resistance - Stochastics in lower regions - Volume profile in synch - POC in double bottom region
XRP has been putting in clear lower highs, until this projection is broken, bears are in control. Strong support has been tested in a double bottom manner which serves as a reversal pattern. A break of the clear resistance line will increase the probability of a double bottom.
The RSI needs to break its resistance; this historically leads to an impulsive bull move into the resistance line. The stochastics is currently trading in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside.
XRP has a clear volume profile which is in synch with price action, further putting emphasis on the double bottom formation. The POC is in confluence which signals strong buying and selling at current level.
Overall, in my opinion, the double bottom will only be confirmed with a break and close above the resistance line, that will lead to negating the bearish structure.
What are your thoughts?
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And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
I don´t see double bottom formation, but triangle pattern - XRP is still forming these 3 waves up - 3 waves down, so typical for triangle.