Laurens_trading9

Pitchfork analysis long and short time scale.

BITSTAMP:XRPEUR   XRP / Euro
Dear Traders,

This will be my first published idea on tradingview.

First we take a look on the 4 hours time scale.
You can see that i have made 2 pitchforks , 1 big pitchfork which shows that XRP/EUR is in a strong bearish move and a smaller one within which shows a bullish move.

Today we crossed the upper band support of the large pitchfork . Most probably a retest will hapen to confirm if the suppport has become a resistance. If the resistance keeps up we will most definitly go further down, at least to the median which, projected in time will be around 0.28-0.30EUR, depending how fast it wil go.

Zooming in at the 1 hour time scale. We clearly see that XRP/EUR found support on the bottom of the smaller pitchfork . What I believe will hapen is that consolidation will take place between the resistance of the large pitchfork upper band and the support at the bottom of the smaller pitchfork .

For me there are two options after the consolidation.
1. XRP breaks back into the uper band of the large pitchfork where it will rise back to the upper side. +-0.43EUR
2. Resistance hold and we will go further down to the median line of the large pitchfork . If this happens the smaller pitchfork is broken and not valid anymore. 0.28-0.30EUR

For now i do nothing and watch what will hapen before doing a move.

Greetings from Belgium!



Nov 25
Trade active: Dear traders,

The last days the smaller pitchfork was broken and thus not valid anymore. We see a sharp decline and the median line of the main pitchfork acts really good as a resistance. If this median line does not hold we can expect xrp/eur to decline further to approx 0.20 eur.

The case the median line holds xrp/eur is expected to go back up towards aproxx 0.42eur.
HI,

nice,
I'm more for south direction if I look in bigger TF.

BR
Reply
@Jour, I believe as well that the probability to go down is bigger than going up, but you never know.
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Jour Laurens_trading9
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