My previous idea (October 11, 2018) on Tradingview already had a double-top pattern with pullback running on XRP.
We can see that we had a double top of the same height signaling a resistance
(excluding the very fast wick of September 21, 2018 since it was immediately corrected)
With this similar height of the two tops, this makes it possible to objectively validate the figure in double top.
The central hollow between the two tops gives us the basis of a support line called neckline.
The overly abrupt uptrend on the formation of the first summit was therefore defeated by the inability of investors to form new higher and higher highs.
Which in terms of market psychology allows us to interpret this as a form of capitulation on the part of the bulls.
Prices are stuck under horizontal resistance, showing signs of weakness, providing an opportunity to short the market as I proposed in my previous ideas.
Then after break, a small return of the courses was formed on the neck line, what is called pull back, as already represented on my idea of October 11, 2018.
The interest of this chartist configuration is to show the shortness of the buying current and it is then possible to determine a downward objective substantially equal to the height of the double top vis-a-vis the neckline (see my differences price quoted on this chart).
Here, the goal is clearly a return on the old support of XRP, and, that being solid, to consider a possible rebound.
It's important to note that we attended on October 15, 2018 at a crypt scene hit: Bitfinex stable-coin, Tether (USDT), recorded a sudden drop of more than 15%.
This inevitably created a panic movement and a muddy effect communicating to Bitcoin and the set of Altcoins (the latter being totally dependent on Bitcoin fluctuations), including on XRP.
Thus, the fall I was waiting for Pullback on XRP was stopped by a green candle, forming somehow an elongated pull back.
But for all that, I don't think that this succinct and totally artificial event could invalidate the sales signal given by this double top pattern.
However, it's crucial in the small world of cryptocurrencies to note how much Bitcoin, along with its stable-coin Tether, is still the barometer of all altcoins: a turnaround figure as obvious as it is on XRP can therefore be disabled at any time, or at least delayed (lengthened in time), by instability on Bitcoin (and Tether).
Finally, it is also possible to confirm the validation of this chartist pattern with the analysis of transaction volumes: with a tendency to weaken during the formation of the second peak and to re-increase with the ensuing bearish reversal (slight runaway sales).
We can see that we had a double top of the same height signaling a resistance
(excluding the very fast wick of September 21, 2018 since it was immediately corrected)
With this similar height of the two tops, this makes it possible to objectively validate the figure in double top.
The central hollow between the two tops gives us the basis of a support line called neckline.
The overly abrupt uptrend on the formation of the first summit was therefore defeated by the inability of investors to form new higher and higher highs.
Which in terms of market psychology allows us to interpret this as a form of capitulation on the part of the bulls.
Prices are stuck under horizontal resistance, showing signs of weakness, providing an opportunity to short the market as I proposed in my previous ideas.
Then after break, a small return of the courses was formed on the neck line, what is called pull back, as already represented on my idea of October 11, 2018.
The interest of this chartist configuration is to show the shortness of the buying current and it is then possible to determine a downward objective substantially equal to the height of the double top vis-a-vis the neckline (see my differences price quoted on this chart).
Here, the goal is clearly a return on the old support of XRP, and, that being solid, to consider a possible rebound.
It's important to note that we attended on October 15, 2018 at a crypt scene hit: Bitfinex stable-coin, Tether (USDT), recorded a sudden drop of more than 15%.
This inevitably created a panic movement and a muddy effect communicating to Bitcoin and the set of Altcoins (the latter being totally dependent on Bitcoin fluctuations), including on XRP.
Thus, the fall I was waiting for Pullback on XRP was stopped by a green candle, forming somehow an elongated pull back.
But for all that, I don't think that this succinct and totally artificial event could invalidate the sales signal given by this double top pattern.
However, it's crucial in the small world of cryptocurrencies to note how much Bitcoin, along with its stable-coin Tether, is still the barometer of all altcoins: a turnaround figure as obvious as it is on XRP can therefore be disabled at any time, or at least delayed (lengthened in time), by instability on Bitcoin (and Tether).
Finally, it is also possible to confirm the validation of this chartist pattern with the analysis of transaction volumes: with a tendency to weaken during the formation of the second peak and to re-increase with the ensuing bearish reversal (slight runaway sales).
Comment:
Clear & clean result of my alert on the september bulltrap:
Obviously the dependence on the XRPBTC pair is once again notable
My target at 0.25 is approaching, will remain to see if the expected rebound will take place