Welcome to my third analysis on Tradingview. Let's have a look on the damned XRP.
We can see a nice beautiful formed in the recent week with the bottom on the fib .50 level (90 cents). Looking at the chart from the bigger perspective and combining it with the impact of the , we can see pattern forming. One might say, the pattern is very ugly. I disagree. If you look at the length of the flag's pole (black vertical line), it is exactly the same as the distance between top of the flag and the neckline of the potential pattern. Beautiful symmetry, isn't it?
Let's have a look on the indicators. is converging, however still signalizing further downside (potential cross on the bottom of the ). hovering around 30 level, signalizing oversold market state. is indecisive, but can be understood as showing further down trend.
Target 1: 1.20
Target 2: 1.40
Target 3: 1.70
Stop Loss: 0.86
Please let me know what think about my ridiculous idea.
Obviously, this is not a trading advice. Only a drunk person can trade base this pretty drawings :)