DrDovetail

xrp breakout is dubious..lack of volume+overbought 1day rsi

Long
BITFINEX:XRPBTC   XRP / Bitcoin
We see what appears like xrp breaking out of the bull penant but there are 3 main issues that could instead haing not breaking out but instead simply morphing from a bull pennant on the 1 day chart, to a standard bull flag. Issue 1: the 1 day RSI is still right at the overbought zone. Issue 2: during this supposed breakout we have no bull volume to go with it...and issue 3: the candle has stopped right at the height required to morph it into a standard bull flag. We may see yet even more consolidation to follow here. I think ultimately we will be breaking upward unless btc really tanks but I think this may not eb the breakout....of course if we see a spike in volume and the candle surpass the cup and handle neckline then maybe it will ignore the daily rsi and break out anyways.
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