As we can see here VERY CLEARLY, our price action is at the very end of this descending triangle. Historically, a descending triangle this accurate will result in an upward price movement. Additionally, on the 4h chart we are hitting the bottom of the bollinger band and the price has already bounced off with an ENGULFING GREEN CANDLE. These are three strong signs of an upward push on price action ALL HAPPENING AT ONCE.
To those of you wondering where to take profits after this play, pay close attention to FIB LVL .236 (we will see resistance here)
Ill be posting more analysis on XRPs price movement as this bounce plays out.
I could bet, that THIS time, everything will be different. This time all experiences from before - that it will break up to the top etc. - will not happen. Instead, the big boys want the small traders to become even more desperate. But one thing is sure: I wont sell these guys my coins! I rather see it go to 0 than selling in red!
DeanoGunz
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@sturdy1985, that support is to strong man im tellin ya
awh2830
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@DeanoGunz a descending triangle is a bearish formation in technical analysis. Now a falling wedge, that is bullish. I own ripple from 0.30 and will continue to hold but when you break to a new low below established support, this is anything but bullish. THe only good sign is that it formed a bullish hammer reversal pattern on the weekly timeframe.
DeanoGunz
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@awh2830, I totally agree with the hammer being a good thing however we havent broken support, the support we are at now has been tested several times on the macro scale and has not been broken. and oops wrong terminology lol
@awh2830, Im a fan of that. do you have a more in depth idea of the long and short term for XRP? Id like to hear it if you do.
awh2830
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@DeanoGunz, Short term it needs to get back into the long term multi month channel, above 0.30. If it closes below 0.26 on weekly close, then 0.18 is a possibility. Long term, bullish but 0.50 is the key level to the entire pattern and bullish scenario.