The wedge was very clear to anyone looking but sadly, the breakout was in the negative direction. The good news is that it bottomed out at the support line and quickly ran up. If it continues to move sideway it might reinstate the downward channel that I had up previously. Lets hope it can move higher than the wedge apex, then we can expect more upward pressure..
Trade active:
The downward breakout bouncing off the last low created a support line and reveals a flat bottom wedge. If we break through the support line, it might be time to sell, but lets wait and see what happens as we edge closer to the new apex.
The downward breakout bouncing off the last low created a support line and reveals a flat bottom wedge. If we break through the support line, it might be time to sell, but lets wait and see what happens as we edge closer to the new apex.
Trade active:
Hurray, XRP just broke out of the flat wedge I had drawn in previously and now we have a new channel to follow upwards. The new price target is 1.70, the previous high, and also the 100 Fibonacci level. The timeframe is only two days with the current channel. That means we could get up to 30% gains by the end of the month if trading follows suit! Crossing fingers.
Hurray, XRP just broke out of the flat wedge I had drawn in previously and now we have a new channel to follow upwards. The new price target is 1.70, the previous high, and also the 100 Fibonacci level. The timeframe is only two days with the current channel. That means we could get up to 30% gains by the end of the month if trading follows suit! Crossing fingers.
*UPDATE
The price keep moving sideways inside the wedge. It will reach the apex at the current rate in 2 days and should break upwards with the support being so solid with 3 stress points. If it rolls over and breaks support the target is around $1.00 level and if it breaks out up, the new target will be the previous resistance of around $1.75
Target: 1.75
Buy back: 1.00