DrDovetail
Long

XRP Triggers 1hr IH&S pattern breaks up out of Falling Wedge

BITFINEX:XRPUSD   XRP / U.S. Dollar
As expected XRP has busted upward form its inverted head and shoulder pattern on the 1 hour chart. The breakout target of that should have been right at the top trendline of the 4hr chart falling wedge but the price action has exploded well above that and seems like it will very likely trigger the falling wedge breakout as well. So now the price target we are looking for next is 39 cents. We are quite overextended on the stochrsi though so we may consolidate sideways in a bull flag first before continuing upward to the 39 cent target. The current 4hr volume candle is absolutely massive which is a great sign for the bulls. Expect exciting fundamental developments from xrp in the coming days/weeks.
Hi,
why do you rely on Stoch RSI in a trending market? I thought this indicator is most appropriate in a sideway market and isn't very reliable in trending ones. Can you explain? I am here to learn :)

Thanks!
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