Anyway, this is something i posted in Dec 2018, pointing out the danger of this pattern. From my previous analysis:
I usually don't do the btc' pairs, but these 2 patterns could be significant though. Since they show a mid/long term picture for XRP' and possibly even for the entire market.
On the left we can see a big while on the right we can see a big . At the moment we are still at the support line of the , so there is not much room left. The USD' pair is also still moving inside the 0.36 and 0.4 range. A break of this range will probably give us the answer to which pattern will play out and possibly even where the entire market is headed to.
Because my view has been since Dec it was very hard to think that XRP would perform this bad. That one of the most famous alts coins in the market would even drop while the rest of the market would double up. Now it's even in a worse shape than the past months, breaking that support line on the left. Now it looks like a is in the making, below that . So at first sight it looks very bad. But when zooming in, we can see a small in the making. It is at this very moment at it's support line (blue). If that breaks we could be headed to the low of that .
A zoom in makes it a bit more clear where the short term levels are:
Now on the right, that big . Problem with this one is, what is the start of the (the start is usually the target as well)? Did we already break it, are we at it right now or will it continue to dump even more to the lowest one.
On the left i have shown a possible bear trap scenario, which is a pure assumption right now, based on nothing, but something that can happen. So i think, that if the market dumps again and xrp breaks this , it's only hope might be a move like this. Otherwise, there is no way of telling where this might end.
Anyway, against resistance now, so if the xrp bulls can make a flag against the resistance, it will be very likely to see another jump up. As you can see, it also looks like a inverse H&S, so if that resistance breaks, the false break out on the daily will be confirmed. Want to say it can be the start of something, but XRP has been complete crap the past half year.
Bigger timeframe/Weekly: More than 10 dojis/spinning top candles at the 30 psychological speaks volumes: We're completely lying down. If we do not get manage to break higher from this region, we have 2 important support levels left to the downside: 28 and last years summer lows at 25: after this the way is wide open to the previous S&R box before the crypto craze between 15-20