InvestingScope
Short

Ascending Triangle approaching completion. Short on top.

BITFINEX:XRPUSD   XRP / U.S. Dollar
Ripple recovered from the quick sell off near 0.4300 but by making a double top at 0.62300 is has created an Ascending Triangle on 4H ( RSI = 50.798, MACD = 0.006, ADX = 24.351) that on the next 0.62300 test will reach the depletion point. We expect this to be the top and the technical Lower High on the emerging 1D Channel Down (STOCHRSI = 37.946, Highs/Lows = 0). We are still expecting a Gap Fill on 1D and remain short with TP = 0.27100.
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ETHUSD great "buy the dip" setup on H2 price chart and reload short from overhead near 260, detailed SL/TP for both trades, please see chart. As always, good luck, traders!
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Aren't ascending tris considered a bullish pattern? Why is this different?
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@BMLemon, It is bullish up to its completion. And this one in particular is on the projected Lower High of the emerging 1D Channel Down.
+1 Reply
manjotsbajwa InvestingScope
@InvestingScope, do you think .55-.50 will act as strong resistance if we go down?
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InvestingScope manjotsbajwa
@manjotsbajwa, If it goes to .50 it will probably be a bearish break out.
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manjotsbajwa InvestingScope
@InvestingScope, Yes I agree. Also we can drop much further if we break .50. Are you still anticipating .35 despite the xrapid launch?
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