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If you have been following on XRP then you would have been on the lookout for a break to the downside of this falling triangle to the marked area. We have now completed the measured move from both, the white rising channel and the smaller triangle that formed below the larger one. We seem to be holding support over the gold channel, 0.786 Fibonacci extension and the rising support from the previous lows on the 1D chart. The marked zone over these supports signifies the potential reversal point to back test the larger falling triangle on a longer time scale. The 1D chart could be establishing a higher low either for an extended consolidation or a continued move up. The ultimate target of this falling triangle is the 100% retrace and could push the trend into a new low back to $0.24! The Heiken-Ashi chart on the 4H is showing the candles getting smaller with volume coming down. Even though MACD momentum is shifting, it might only be re-seting for further downside movement!
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
I hope you all are doing well!
Leave a like and comment!
If you have been following on XRP then you would have been on the lookout for a break to the downside of this falling triangle to the marked area. We have now completed the measured move from both, the white rising channel and the smaller triangle that formed below the larger one. We seem to be holding support over the gold channel, 0.786 Fibonacci extension and the rising support from the previous lows on the 1D chart. The marked zone over these supports signifies the potential reversal point to back test the larger falling triangle on a longer time scale. The 1D chart could be establishing a higher low either for an extended consolidation or a continued move up. The ultimate target of this falling triangle is the 100% retrace and could push the trend into a new low back to $0.24! The Heiken-Ashi chart on the 4H is showing the candles getting smaller with volume coming down. Even though MACD momentum is shifting, it might only be re-seting for further downside movement!
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
Comment:
Over resistance ,
Over resistance ,
Comment:
Now under! This is not the best candle to have here!
Now under! This is not the best candle to have here!
Potentially a turning point ! Watch for a break !