Xrp repeating patterns and 4 hours support
Hello,
I personally don`t believe in identical repeating patterns (blue simulation) but at the same time harmonics and abbreviations of harmonics seem to work most of the times in crypto.
That being said we have the 4 hours diagonal support that can push the price higher to the 0.7 area, 0.8 area and even $2.6 (scroll chart up - long shot).
We also have the bearish harmonic with multiple targets (scroll chart down). On harmonics each target can be a huge rejection and trend reversal. The invalidation of down movement is given by the breakout line (limit) and the price needs to hold a few 4 hours on top of it without a wick hitting it for confirmation.
Right now the outlook is a bit bearish with lower targets (T6) suggestion something similar to a Luna move.
These are extreme views, but since it happened once it can happen many times.
On the small time frame we are looking either for a rejection push up on support or a Target1 on the berish harmonic and from there the price will go to a new high or that will come as a resistance and push the price down to target 2.
I personally don`t believe in identical repeating patterns (blue simulation) but at the same time harmonics and abbreviations of harmonics seem to work most of the times in crypto.
That being said we have the 4 hours diagonal support that can push the price higher to the 0.7 area, 0.8 area and even $2.6 (scroll chart up - long shot).
We also have the bearish harmonic with multiple targets (scroll chart down). On harmonics each target can be a huge rejection and trend reversal. The invalidation of down movement is given by the breakout line (limit) and the price needs to hold a few 4 hours on top of it without a wick hitting it for confirmation.
Right now the outlook is a bit bearish with lower targets (T6) suggestion something similar to a Luna move.
These are extreme views, but since it happened once it can happen many times.
On the small time frame we are looking either for a rejection push up on support or a Target1 on the berish harmonic and from there the price will go to a new high or that will come as a resistance and push the price down to target 2.
Trade active:
Target1 hit and rejected up , got back under target1 hopefully this will reject down from the inside.
Trade active:
Target1 hit and rejected on the upside.