Show here is the 1 day chart bull pennant. I will post the 4hr chart below this to get a better look at the cup and handle. The top trendline of the bull pennant is overlapping with the rimline of the cup and handle pattern...which is currently causing double reinforced resistance...I believe however by the apex of this 1 day bull pennant(next 1 day candle) that...
Keeping this idea neutral now because although both patterns are in play I don't have that high of confidence either will actually get triggered...the main one I'm gonna show first is this Cup & handle pattern that is forming on the 1 hr chart. We can see that the 1hr 50ma and 200ma are very close to completing a golden cross here and that the 200ma on the 1hr...
Nice bullish break here puts us over both the 4hr 200ma(in blue) and on the 1day chart(not shown) we have now gone above the 1 day 50ma again which is a fantastic sign. The 1 day candle also looks very likely to close as a big bullish engulfing candle as well which should lead to more upside. Another bullish signal is the fact that it looks likely we may see a...
so far it has completed a left shoulder and a head keep an eye on it to form a right shoulder. If so I will switch from neutral to short if I see it break the necklien and confirm....but only short for a little while considering 30minute head aand shoulders don't typically drop too far.
Looking like it may confirm the break but as always we need confirmation candles to confirm the breakout and with a 30minute chart it may take more than one...looking optimistic so far though.
A Pattern worth keeping an eye on...price action is currently heading back towards the neckline.
ZCash is one of my long holds so regardless of whether or not this inv h&s pattern breaks I will be holding. I'm pretty confident it will at least be testing the neckline soon and likely breaking upward. If it does break upward I have the price target posted here in green.
Now that we have hit over 50 cents and for a brief few hours xrp became number 2 over ethereum by market cap it is consolidation time....this is very healthy as both the 1 day and 4 hr charts were very overbought and we want xrp to sustain this price range and not just experience a pump and dump...SHown here is the 4hr chart to illustrate the 4 hour golden cross...
I'm long on XRP and expect to make some big waves in the near future...here's a look at the weekly chart. If this is a valid descending triangle pattern it could very potential skyrocket. Not financial advice and no guarantees but if it does trigger this pattern the price target is not too far off the ath. I remain always slightly skeptical of patterns with this...
Very exciting price action in the past hour looks like we are now back above the 4hr 50ma and appear to be breaking up out of the symmetrical triangle...this could be another megafake the other way of course so we must take that into consideration and still watch for candle close and follow up confirmation candle price action but at the rate it is flying upward...
In dark turquoise here I ahve drawn an inverted cup and handle pattern...the price action has sent a wick to the neckline...should we not climb back into the symmetrical triangle by the time this candle closes probability is very high that we could trigger this cup and handle pattern...if so the target drop would be down to the bottom trendline of the weekly...
Could break either way...wait for a clear breakout should come by the next 4hr candle.
The target breakdown ended up being lightly shy of hitting its mark this time before turning around although I had anticipated a potential pump fake back up to the 4hr 50ma so thee's still a chance that this could be that pump fake. I am much more hopeful that we will simply achieve a higher low from here because if so, odds are very good that we can maintain...
breaking down and barting from the current bull flag at this point is interesting because the drop target should take us just above the top trendline of the weekly descending wedge pattern. Hopefully this means that trendline will maintain support and then bounce the price action back upward...if so we will then have a higher low on the 4hr to follow our the...
Current resistance form the 4hr charts 200ma (in blue is causing us to form a bull flag...the pole of the bull flag should send us to a target just under 6.8k and allow us to finally surpass the 200ma and hopefully flip it from resistance to solidified support. I have a feeling FOMO will send us slightly above the 6.8 zone to 6.9k and possibly even to test the...
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...