Once again, my last XRP/BTC chart was very bearish, however, analysis should be as objective as possible and action should be taken to maximize profits and minimize losses. It appears like XRP and the ripple army is about ready to regain territory lost to bitcoin.
The chart:
In light blue, there is a falling wedge, the idea is reinforced by a triangle in the RSI. This reinforces the idea that there is a consolidation occurring. The price objective of the rounded top which was given in the previous analysis is within the apex of the falling wedge. It is possible that the exact price objective is hit, however, I would claim that the price objective as already been hit as price objectives should be measured by an interval, in fact professionally in statistics estimations are given in intervals, it increases your probability of being correct, and it can assist will maximizing profits.
The price objective depends upon the breakout of the falling wedge, however, in this situation, I do not believe that the price objective should be extremely important, what is important is the consolidation and possible trend change that would be occurring.
Possible price actions:
Currently, I am looking for a head and shoulder pattern to form, I have drawn various version, however, this may not be the case, instead we may be seeing something occur such as the price action on the left circled in purple, where there was accumulation occurring as price was falling after a tremendous pump on average volume.
Previous Analysis:
Current USD analysis:
The chart:
In light blue, there is a falling wedge, the idea is reinforced by a triangle in the RSI. This reinforces the idea that there is a consolidation occurring. The price objective of the rounded top which was given in the previous analysis is within the apex of the falling wedge. It is possible that the exact price objective is hit, however, I would claim that the price objective as already been hit as price objectives should be measured by an interval, in fact professionally in statistics estimations are given in intervals, it increases your probability of being correct, and it can assist will maximizing profits.
The price objective depends upon the breakout of the falling wedge, however, in this situation, I do not believe that the price objective should be extremely important, what is important is the consolidation and possible trend change that would be occurring.
Possible price actions:
Currently, I am looking for a head and shoulder pattern to form, I have drawn various version, however, this may not be the case, instead we may be seeing something occur such as the price action on the left circled in purple, where there was accumulation occurring as price was falling after a tremendous pump on average volume.
Previous Analysis:
Current USD analysis:
