Hi ladies and gents. Here's a look at XRP for today.
Looks like we've got a falling wedge pattern forming on XRP. This is a continuation pattern.
You'll notice this falling wedge pattern follows a steep rise in price on Dec 18 which gives us our pole.
You can see the upper trend line (red/resistance) and lower trend line (green/support) are converging to form a cone as the pattern matures.
At some point we will have another test of the upper trend line. If it breaks through, look for a possible retest of our resistance line as our new line of support. This should give us a good indication if this is going to be a real (bullish) or false breakout. We must have a convincing breakout before getting in. A possible entry point would be just above the upper trend line, with a stop just below the lower trend line in case it falls and retests. If we have a breakout, move your stop point up to lock in your profit.
Additionally, volume is important to confirm a falling wedge breakout. Without good volume, the breakout could fail and begin to fall. So keep an eye on the volume.
Looks like we've got a falling wedge pattern forming on XRP. This is a continuation pattern.
You'll notice this falling wedge pattern follows a steep rise in price on Dec 18 which gives us our pole.
You can see the upper trend line (red/resistance) and lower trend line (green/support) are converging to form a cone as the pattern matures.
At some point we will have another test of the upper trend line. If it breaks through, look for a possible retest of our resistance line as our new line of support. This should give us a good indication if this is going to be a real (bullish) or false breakout. We must have a convincing breakout before getting in. A possible entry point would be just above the upper trend line, with a stop just below the lower trend line in case it falls and retests. If we have a breakout, move your stop point up to lock in your profit.
Additionally, volume is important to confirm a falling wedge breakout. Without good volume, the breakout could fail and begin to fall. So keep an eye on the volume.