On the hourly chart for the XRPUSDT, the price appears to be pulsing up to a HH of 3 for a potential drop to red (4).
Now the red (4) area could either become a HL, which would set the price to move higher into the region of 0.5400, or turn into a LH, which would then follow the lower high of circled 3 down to potentially break 0.5097.
For now, the aim is for a HH, the 3, which is 0.5363, to develop and to see if it will be a positive HH to its L or negative to its L. If positive, then schematic would follow to 5, and that might lead to a double-top pattern.
The overall setup is bullish, but the bias is, for this one, neutral.
Happy trading, enjoy the weekend.
Now the red (4) area could either become a HL, which would set the price to move higher into the region of 0.5400, or turn into a LH, which would then follow the lower high of circled 3 down to potentially break 0.5097.
For now, the aim is for a HH, the 3, which is 0.5363, to develop and to see if it will be a positive HH to its L or negative to its L. If positive, then schematic would follow to 5, and that might lead to a double-top pattern.
The overall setup is bullish, but the bias is, for this one, neutral.
Happy trading, enjoy the weekend.
Trade closed: target reached:
That is fine, have a lovely day