DrDovetail

XRP falling wedge longer than originally thought…no breakout yet

BITFINEX:XRPUSD   XRP / U.S. Dollar
What started as a 4hour falling wedge that appeared to breakout but hit nowhere near its projected target is now seeming more and more valid as a considerably longer 1 day falling wedge instead of which we have not broken out of yet. If this is indeed the case then it's possible that we may not see xrp break up from this wedge until we revisit 28 cents r possibly even as low as 23 cents which would be a zone that could provide a massive double bottom along side the falling wedge breakout. we will have to wait and see but at this current time it does appear the adjusted trendlines here for the longer wedge are now more valid than the previous wedge . Of course we also currently have a potential Inverted head and shoulder on the 4hour chart that could play out as well as a descending triangle on the 4hour that comes just after a nice bullish green candle making that pattern bullish ....both of these patterns could potential send us upward and nullify the chances of a longer falling wedge but the 1 day stochrsi suggest we will be headed slightly further south still and this new longer wedge does seem to line up with btcs falling wedge timeframe a lot better too.
Your triangle placed incorrectly.
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DrDovetail SpaceCatZ
@SpaceCatZ, the triangle is not a 1 day pattern it was a 4hour chart pattern...on th 4hr time frame the descending triangle fits all the requirements for a valid pattern you just cant see that on the 1 day chart.
+1 Reply
SpaceCatZ DrDovetail
@DrDovetail, I see.
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