Here we have XRP on 2W timeframe with three pitchforks depicted on the historical price action. The glorious weeks and months were in 2017 when the first broad pitchfork pointing upwards was formed. The price action has still been keeping above the low boundary of that global XRP pitchfork.
From the peak of of the previous cycle the downward price action has created the downward pitchfork. Although the price has risen to the uppermost boundary of that pitchfork, it has not been unable to break through the boundary to a fully bullish territory.
The most local narrow pitchfork upwards started from the covid lows in March 2020. Let us zoom into the more recent price action.
Starting from November 2020 the price action has moved from one boundary to another in the upward channel. Presently the price is sliding down along and below the uppermost boundary of the downward pitchfork. This can continue all the way to the end of the year, but I would expect the breakout taking place sooner. I would, however, not go long before a clear breakout with good volume. Lately the volume has been decreasing suggesting that something might be cooking.
After the breakout the price action can be viscious, within few weeks XRP can make 5-7x. So stay alert.
Stay cool and trade safe. Cheers, Whoop
PS If you like these ”pitchfork”-ideas, please let me know if there are any coins you would like to see?
if you do not mind, take a look at the BEL / USDT coin Bella protocol
WhooperSwan
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@AGAMOR Thanks mate. Bella is not one of mine but had a look.
It is clearly bullish and could break out within days from the symmetrical triangle it is trading in right now. There is large symmetrical triangle in the BELBTC pair probably breaking out at the same time. I would wait for confirmation for the direction and volume of the breakout. There is good upside potential, and if/when BEL hits the red median line and the higher highs’ trendline it is good place to see if there is more upside potential left. Would say 10 minimum and 25 maximum. My opinion of course, you naturally do your own assessment. Cheers, take care.
AGAMOR
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@WhooperSwan, Thank you for your time and analysis, for me the picture has become clearer, I hope everything will work out in your works and good luck to you;)