After we fall down from the small upward channel (yellow lines) (or ascending wedge -> dotted yellow line - but I guess it was only an upward channel), we could start now to build another pattern.
When I look at the 4h chart, I see a possible inverted H & S pattern (white neckline).
On the left shoulder in the left loupe you can see a trend reversal candle (red horizontal line and red vertical line). Exactly the same candle can now be found in the possible right shoulder - a trend reversal candle as well
Is that a coincidence?
The distance from the neckline on the left shoulder down to the trend reversal candle is the same distance as in the possible right shoulder to the trend reversal candle.
Is that a coincidence?
So it could be that we are now going up until the white neckline (green arrow). Due to the fact that we then also clearly would leave the downward channel, I assume that the inverted H & S will play out as well and then we continue to climb at about 0.375.
At least this could be a possible scenario, another fall below 0.30 invalidates this idea.
I've only one problem with this idea:
Currently I'm shortterm bearish and I guess we will go to 0.28 build a double bottom and have a reversal from there. Because I also guess that BTC will go to 8500 or less in near future. If BTC really should dip to 8500 it is unlikely that XRP will climb at the same time.
But... - eventually BTC will climb and will build an inverted H&S as well. The charts of XRP and BTC are quite similar at the moment.
This is not a financial advise and please do not trade this. That is only an assumption and my personal view on the current situation.
When I look at the 4h chart, I see a possible inverted H & S pattern (white neckline).
On the left shoulder in the left loupe you can see a trend reversal candle (red horizontal line and red vertical line). Exactly the same candle can now be found in the possible right shoulder - a trend reversal candle as well
Is that a coincidence?
The distance from the neckline on the left shoulder down to the trend reversal candle is the same distance as in the possible right shoulder to the trend reversal candle.
Is that a coincidence?
So it could be that we are now going up until the white neckline (green arrow). Due to the fact that we then also clearly would leave the downward channel, I assume that the inverted H & S will play out as well and then we continue to climb at about 0.375.
At least this could be a possible scenario, another fall below 0.30 invalidates this idea.
I've only one problem with this idea:
Currently I'm shortterm bearish and I guess we will go to 0.28 build a double bottom and have a reversal from there. Because I also guess that BTC will go to 8500 or less in near future. If BTC really should dip to 8500 it is unlikely that XRP will climb at the same time.
But... - eventually BTC will climb and will build an inverted H&S as well. The charts of XRP and BTC are quite similar at the moment.
This is not a financial advise and please do not trade this. That is only an assumption and my personal view on the current situation.
Trade active:
...and in 3 minutes we will have a bullish engulfing pattern on the 4 hr - everything looks like an upbreak in a few minutes.