In this 6 Hr chart you can see the bearish cypher in pink. Which ultimately broke down in price from about $0.34 USDT down to our current market low for XRP at $0.10296 USDT.
Price has since recovered to $0.17700 USDT. While it climbed back up near 70% of its decline it has formed a head and shoulder pattern. This is a bearish reversal pattern. The head and shoulder broke down but found support on orange trend line. Will it hold?
However, the holy grail indicator is ever so close on making some powerful crossovers in multiple time frames. Which through my experience in working with the holy grail indicator is BULLISH! There is also a VERY powerful crossover lined up here on this 6Hr chart. Notice the pink, red, and the most powerfull of them all the purple crossover are very close to price action. With support outlined by the orange trend lines you can see we are near a decision point as we are pressed down into the corner of the wedge.
Personally I think the head and shoulder will be a fake out pattern.
There is also a converging pattern on the ADX VS MACD highlighted by yellow trend lines, which SOMETIMES marks the beginning of a new uptrend. More often than not it produces a counter trend rally that produced a partial retracement (decline) of price. This pattern also has an upward bias after a steep decline! Which we just saw down to $0.10
The RSI is at 49 which 50 is considered bullish.
We will have to wait and see.
I believe the direction is up! But there are some mixed signals. Remember set a stop loss!
Please some me some appreciation for my work and drop me a like!
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Im expecting a long squeeze here soon. I sold out yesterday near high and just repurchased for a quick flip! Here is my set up in a few time slots starting at 1 Min. First shot will be further back to show my set up to short. look like the squeeze has begun! 1min 2min 3min 5min 10min 15min 30min 45min 1hr 2hr 3hr 4hr 6hr 8hr 10hr 12hr 1D 2D
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Found a symmetrical broadening wedge if we dont fail here expect to see a new local high than a retrace to the next level below.
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selling and waiting for retrace may hit around $0.14 range again.