In May 2017 like today, XRPUSDT clearly shows a falling wedge (reversal) on the 4H chart.
The question that everyone is looking for is: "when the price will break out?"
*****************Same Falling wedge pattern, different distortion and direction****************************
Following the previous pattern from May 2017 until December 2017, we can see that a falling wedge (reversal) was formed and broke out following 4 cycles that I have colored and numbered from 1 to 4.
In green (1), were the falling wedge was formed in May 2017, we can see a rise then a plummeting followed by a rise and a side move with 3 small bumps .
Today in March 2018, we can see a similar move but the difference is in the time scale: way faster due to the increase level of liquidity and distortion, indeed the correction from the % increase in 2018 is stronger than in May 2017 . As a result, today the 3 small bumps are very close from each other and the correction from the top is even stronger.
In Pink (2), in May 2017 we can see an inverted H&S that is similar in 2018 but with no side move and almost a bump right away.
In Red (3), in May 2017 XRP moved aside like in 2018, then bumped and collapsed with the same pattern. Please have a specific look on colored marks next to the curves.
In Blue (4), at the final stage of the Apex, we can see a couple of failed H&S where XRP moved aside to break at the 80% distance of the triangle.
Should we expect the same pattern today? In that case, XRP could reach the bottom of $0.40/45 and would break at the beginning of May as I have planned it at the beginning of February :-)
Please, share your comments!
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Correction: We would break at the beginning of April!
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XRP: Successive H&S are failing and then XRP is moving up. It looks very bullish!!!!
tradingview.com/x/CDbzRCbr/
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Looking at the RSI (circled in blue) and seeing its lowest level for months. It means that XRP is over-bought and this area will not last very long.
Indeed, the number of sellers decreases (bottom curve in purple) vis-à-vis the number of buyers. When there is no more seller, the market becomes scarce. This creates a new upward momentum.
This analysis is confirmed by the triangular shape (at the top of the image) and the fractals pointing at a 60-degree angle down.
In other words, the last fractal could be finished in a few days or even at the end of the month. Also, your risk / profit here is very low. You could enter into the market now and maybe make very big profits.
The resistance level is at $ 0.52 and the support is at $ 0.45.
In other words, if XRP fails to exceed $0.52 by Wednesday, XRP will test support at $0.45. This one will be broken to reach a channel at $0.30. This price may be very short, it will be a strong buy signal on the markets.
If XRP exceeds $0.52, a new support at $0.60 will be put to the test. If it is conclusive, it will confirm the end of the bearish period.
Target for 2018: Minimum price: $8 Maximum price: $175
Please, do your own due diligence. I am not a trading advisor. I am not responsible for your profits and losses. This is my opinion.
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Sorry for my ignorance at this stage - I was very new in technical analysis.
@dmitch696, thank you for your support! It is very kind of you!
I can be wrong that is why I need the feedback of everyone.
I just observed the different patterns and try to think a little bit differently. I am spending a lot of time to read articles and analysis on the Internet!