- We can see what seems to be a inverted Head & Shoulders pattern. Price has broke above the neckline (blue line) and now is retesting it as a support, what should happens next to confirm, is a strong movement to the $1.5 area to confirm the pattern and the trend reversal to start Wave 3, in other way, if XRP close below the neckline and returns to the downtrend channel, it would be a false break, and we may see XRP retest the $1.0 area.
- See how volume momentum shows bears are losing strength in the 1hr time frame (white circles) and buying volume is starting to increase.
Next hours will define if we start the uptrend or the bloodbath is still in game.
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Price is still testing the support, by now it has tested 4 times in the last 6 hours since it first broke it, without breaking down.
The support is acting strongly and is holding the price, this is a signal that XRP may rebounce from here to $1.5 first to confirm the pattern and start the uptrend, and then to the $1.8 support that has failed to break last week.
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This pattern has been cancelled as XRP has been moving sideways without a clear trend and a clear confirmation of the H&S pattern.
It is now on the Apex of a symetrical triangle that has to be breakout or breakdown later than tomorrow morning.
Have in consideration that BTC futures expires tomorrow, so this can cause the volatility we all have been waiting for.