fernx
Long

XRPUSD Bullish Pennant (possible)

BITSTAMP:XRPUSD   Ripple / Dollar
Found this possible bullish pennant . According to what I am learning, this pattern should be taken with caution because its over 4 weeks long. However, if the pattern hold and breaks out above upper trend line then the price of XRP may reach $0.60 USD.

**NOTE** I am not an experienced trader. I am just an investor learning TA. So please, take it easy on me. DO NOT use my published ideas for making decisions. I am learning TA so recommendations/advice/positive comments are welcome.

Again, I am not an experienced trader.

This is how I practice.
Trade active: Still in play...
Trade active: Just broke out. Here we go. Good luck.
Thumbs up are appreciated.
Trade active: Price finally broke out signalling upward momentum towards a possible target of .55 .
Trade closed: target reached: Target reached . Congratulations!
Finally, it broke out.
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Agreeed
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I have noticed the same pattern aswell. When btc hf is over in 10 days. Then People will start to re buy alts. And with the xrp lock up coming and new announcements. If the upper Trendline gets breached xrp Will fly. I already said xrp Will reach 0,50 in december.
+1 Reply
Why do you think it's a bullish pendent, maybe?

Why do you think it will go to $.60, as opposed to any other price?

What do you think the significance of the green line you drew on the volume is?
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fernx PRO JoshuaT
@JoshuaT,

Its "Maybe" because I am new and per my disclosure I am learning TA. Additionally, the definition and rules for pattern mention that after 4-6 weeks, the indicator becomes less reliable. But still worth keeping an eye out.

Its .60 because according to the definition of the pattern, the flagpole height will equate from the breakout. ASSUMING the breakout is around .25, then the height of the flagpole is about .35. Therefore, .25+.35=.60
The green line is volume. The rule also states that in order for the pattern to be considered, then the volume must also be in decline per the chart, it also holds true. Npw, everything is an approximation and not an exact science.

Thank you for your questions. Like I mentioned in the disclosure, I am learning TA by applying what I have learned into real application. However, I am by no means an expert. Novice at best.
Cheers.
F.
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