XRP potentially forming an inverse head and shoulders on weekly timeframe. Currently at the peak of the right shoulder & also finding support at 0.236 Fibonacci level (not shown on chart).
Stochastic RSI breaking back below Overbought conditions. Healthy amount of Volume. MAC D is in the negatives which to me means there massive upside within that indicator.
*FOR IDEA TO BE VALID*
We need to hold the 22 cent region. Failure to hold that price level will lead to further downside.
We will need to increase in price to test the "neckline" of the Inverted Head And Shoulders Pattern @ 0.2893.
A rejection from the neckline will result in further downside or a possible fake out.
A break above the neckline with well rested but still sleeping Mac D could cause quite a rise.
Near term resistance laid out on chart.
Will update as trend progresses.
**Worth nothing ZEC had a head and shoulders at this very stage a few months ago and it acted really strange for the next few bars but overall broke bullish (fun fact)**
Guaranteed Price Gains Would Be Nice But Remember, Remember.... This Is Not Financial Advice ;)
Stochastic RSI breaking back below Overbought conditions. Healthy amount of Volume. MAC D is in the negatives which to me means there massive upside within that indicator.
*FOR IDEA TO BE VALID*
We need to hold the 22 cent region. Failure to hold that price level will lead to further downside.
We will need to increase in price to test the "neckline" of the Inverted Head And Shoulders Pattern @ 0.2893.
A rejection from the neckline will result in further downside or a possible fake out.
A break above the neckline with well rested but still sleeping Mac D could cause quite a rise.
Near term resistance laid out on chart.
Will update as trend progresses.
**Worth nothing ZEC had a head and shoulders at this very stage a few months ago and it acted really strange for the next few bars but overall broke bullish (fun fact)**
Guaranteed Price Gains Would Be Nice But Remember, Remember.... This Is Not Financial Advice ;)