What do you see when you look at a chart?? Whenever the market is in consolidation there's only one thing that comes to my mind and that's Harmonic/Advanced patterns and this is just a perfect example so let's show this chart some love. I wanna see lots of likes, shares and comments :)
I called the breakout yesterday like a magician pulling a rabbit out of a hat and the market is now slowly retracing back to previous level support so just be patient and wait for a buy signal in this zone!
SO I've been watching XRP really closely and on my last XRP post I predicted that we will see this short term bearishness and now we've come the reversal level I've identified and guess what? It's showtime!!!!!
Okay so we have a head and shoulders pattern that the market is likely to respect but that still wont change the bullish outlook on this pair so if you are long you have nothing to worry about, just wait for the short term short to play out and then you can start riding the bull again!!!
So XRP has done something I was expecting it to do which is to pullback a little bit after the kind of bullish move it made over the whole of last 2 weeks but this pullback is only temporary and now I have a reason to believe this bat pattern will serve as the fuel we need to start going up again!!
So looking at bitcoin on a weekly timeframe , there's no doubt that we are bullish, however, there will be a hurdle in the coming weeks once we approach 10500. Either we get a corrective pattern which will set us on the way to 20000 and above or we get an unlikely sell off back down into 6500 before we embank on a long term bullish trend. Anyway, when that time...
This market is gradually turning bullish on the weekly chart and I expect bullish trend to pick up pace very soon and I think this might be the level where the market finally bounces back after a day and a half of consolidation so let's go guys.
What more can I say about this? It may look like I've drawn an arrow down from point A to point B but trust me it's more that, there was an analysis before all of that but I'll keep that to myself! Clues: RSI, Break of structure, Retest, Lower low lower close e.t.c Figure it out or watch it go down.
We have a bearish gartley here and the market is at a strong resistance on a higher time frame and the RSI is also showing bearish divergence so it's just a matter of time before we make our way down, will this be the trigger? We'll find out soon
You rarely get a trading opportunity which combines 3 different strategies all telling you the same thing but we have one here. When that happens you get a winning trade and this will be a winning trade. Its A Bat Pattern for those of you who are curious!