XRP is setting up for a nice move! If BTC breaks out, then I suspect XRP will follow. The target for this move has confluence with strong horizontal resistance, a key Fibonacci extension, and the measured move for the breakout from this triangle.
Looking like we could have some nice hidden bullish divergence play out shortly! That could likely be the catalyst for the breakout of this triangle formation.
We can see the red 10SMA and the yellow 21EMA holding as support as well as the low side of the short-term range.
Let's go bullz!
Let's get this crypto!!!
--- Guide to My Charts -The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
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The bulls did not breakout this time, but we have an even better setup forming now!
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Price action broke down, so I did not go long. Trade entry never activated.
Great analysis, but your charts affect my photosensitive epilepsy!!
I see .83 soon and more to come GL
CryptoGuru369
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Hi @Slippery09, hope you are doing super duper! Sorry about impacting your photosensitive epilepsy! What can I do with my charts to make them easier for you?
Slippery09
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@CryptoGuru369, Only ribbing Bro, I'm a Naked trader, so anything more than Fibs is abhorrent to me!!
CryptoGuru369
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@Slippery09, I suspect you watch volume, too, or not? Love my fibs, for sure! Fibs everywhere in life, everywhere! <3
Slippery09
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@CryptoGuru369, I have Wyckoffian principles and a large part of Wyckoff theory is based on volume, but I only refer to it for extra confirmation, really should study it more
CryptoGuru369
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@Slippery09, She broke down, possible further downside if she breaks down below support that is holding now. Nice support/resistance trade, potentially!
I see .83 soon and more to come GL