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!
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!
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.
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.