Just a thought not listing this as long because even though I am long on XRP the idea itself is not one I currently have a high degree in confidence for and simply just a possibility to consider especially since BTC recently triggered and inverted h&s pattern. *Not Financial Advice*
THe projected breakout is posted here just under 6.7k. At first that seemed like it would clearly allow it to surpass both the 4hr 50ma(in orange) and 100ma(in blue). However the way the 100ma is now starting to tilt upwards could prove to allow it to maintain resistance and get above the projected target price before the price action reaches it....the 4hr death...
The 4hr death cross has occurred, however priceaction still hasn't chosen a direction. The inverted head an shoulders is still very much valid. Gonna have to wait for a clear break one way or the other and hodl int he meantime or if you sold sodl. If it continues to simply ove sideways all month somehow then we may very well be experiencing the purgatory phase...
Still neutral here as BTC gets ready to amke a decision. A breakout of this inverted head and shoulder pattern could send the price action up to $6725 and be enough to potentially help the 4hr 50ma (in orange) bounce upward off the 200 ma (in blue). Let's hope we go up from here. *not financial advice*
Just playing around with inverted charts.
Looking to down head, we can see a new perspective. First, we have a triple correction 3-3-5, and second a double correction. 1 2
Not sure which way this will break but its very important to be aware of the current smaller head and shoulder forming inside the right shoulder of the inverted head and shoulder pattern...the drop target for the this smaller h&s pattern is not enough to invalidate the inverted h&s but there is always a chance for it to fall well past the drop target. Definitely...
We currently already have the 1 day chart's 50ma trajectory tilted upward and the 200ma tilted downward at a steep enough trajectory for a golden cross to occur the 23rd of next month. However triggering this inverted head and shoulders could lift us above 7.3k and increase the upward trajectory of the 50 for the golden cross to occur even sooner. Seeing as how...
A great sign for not only XRP but the rest of the market as well. Many alts are currently pumping. we can see XRP has already reached the projected price target of the inv head and shoulders and is still continuing to climb..this is likely due to the fact that xrp is about to be traded for USD on bittrex on the 20th as well a the fact that XRapid will be...
After seeing a nice fakeout on the daily of the inverted cup and handle pattern we are now seeing the 4hr chart form both a higher high and at least for now what appears like it will be a follow up higher low...if so the odds are favorable of following that up with another higher high and in doing so very likely we could trigger this currently developing inverted...
As I said in the last 2 ideas wait for confirmation from the volume in this situation. I also said that with both the 4hr and 1 day charts rsi levels right near the oversold zone it would be very difficult for price action to sustain triggering an inverted cup and handle. Right now we are seeing lots of volume. and a big green candle spike...Odds are very good...
This cup and handle is a little more crude than btc's and is slanted downwad but could still be just as valid. Stay focused be careful and pay close attention. Try to avoid all fakeouts don't act until you see some sort of volume confirmation. Notes for myself of course and not financial advice. Best of luck in whatever strategy you choose to employ.
Hard to believe that when the 1 day rsi is this close to the oversold zone that this inverted cup and handle would have any room to plummet here. However if it does indeed trigger we could be lookin at a dip all the way down to 3.6-3.7k . There's a chance if it does trigger it would be a flash crash of sorts. Which could be what could finally catapult the price...
Shown hear is the potential cup of the inverted cup and handle play very close attention to price action and whether or not it dips below this neckline. To trigger an inverted cup and handle here could dip us to 3.6k-4k so I'm hoping this doesn't happen but after the last inverted cup and handle we broke down from its wise to at least be prepares and keep an eye...
if the inv h&s is legit we have tested the neckline a few times a break of the necklien hsould help get us up out of the flag for good. Left shoulder is iffy but the rest looks legit.
I found inverting the chart shows a lot about bias and it seems there is a lot of bias on TView with lots of arrows and EW, but if you happen to stumble upon this, tell me, does this chart look bullish or bearish to you? No indicators, no arrows, no pictures of rockets... I'm a novice btw, but also i don't have the bias of wanting a subscription, money etc. Just...
Could be an impending breakout...could also be a fakeout...watch for bullish volume to confirm. Probability favors a breakout with btc being so bullish lately, however there's not much room to climb up on the 4hr stochrsi...so it could still go either way.
Its important to study what happened so we know what to look for in the future and we know where we are at now. You can see a near textbook Inverted H&S pattern with some slightly off characteristics but nothing is ever perfect. This at least tells us that we are at the beginning of a new cycle and we should be looking at coming price movements that have followed...