Hello everyone,
We are looking at the XRPUSD pair on the daily TF. It seems that XRPUSD is forming a bullish Gartley pattern, which may lead to a rise in price in the short term.
Point A is not equal to the long upper wick of that candle because I think it was just a reflection of FOMO and does not accurately reflect price (and was basically due to only a 1h spike).
According to the theory, D should be either at the 1.27 or 1.618 extension of B-C.
Reasons for the price to remain above the 1.618 (and revolve around the 1.27) extension may be the potential double bottom with the candle from Nov 25 and the strong ascending (green) support line that dates back to May 2017, which may prevent XRPUSD to fall much below the 1.27 extension.
On the other hand, the 1.618 extension falls together with the upper trendline of the descending channel from which XRPUSD broke out in September 2018 and price may want to re-retest the breakout. Furthermore, the lows from August and September 2018 are also located in that range.
Targets are indicated in the chart and remember, no one knows what will happen and it probably all depends on what BTC does anyways... :D
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Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
We are looking at the XRPUSD pair on the daily TF. It seems that XRPUSD is forming a bullish Gartley pattern, which may lead to a rise in price in the short term.
Point A is not equal to the long upper wick of that candle because I think it was just a reflection of FOMO and does not accurately reflect price (and was basically due to only a 1h spike).
According to the theory, D should be either at the 1.27 or 1.618 extension of B-C.
Reasons for the price to remain above the 1.618 (and revolve around the 1.27) extension may be the potential double bottom with the candle from Nov 25 and the strong ascending (green) support line that dates back to May 2017, which may prevent XRPUSD to fall much below the 1.27 extension.
On the other hand, the 1.618 extension falls together with the upper trendline of the descending channel from which XRPUSD broke out in September 2018 and price may want to re-retest the breakout. Furthermore, the lows from August and September 2018 are also located in that range.
Targets are indicated in the chart and remember, no one knows what will happen and it probably all depends on what BTC does anyways... :D
---------
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.