Just noticed this pattern could be forming.
Although it was trading at overbought levels after yesterday's rally, bulls seem reluctant to let the price fall, perhaps a move through to .30 levels will complete this accumulation pattern. A Fair Value Gap exists at .29982, and also at .2155
Lots of effort but little reward (or "result") recently.
Wyckoff says if the effort is great but with little result, the trend is coming to the end.
Now volume is beginning to fall of as traders lose confidence.
Perhaps we will see a bullish move to the trendline, followed by a reversal of the bullish trend, the first target being the .382fib, followed by the .5
Once again we find XRP at the crossroads.
The .368 fib from the bearish fork has been exerting it's influence on price action since late April
The Price has now breached the influence of the neutral fork and we have also broken through the strong support at .1777, this has now become resistance.
We find ourselves dangling above the abyss, with no bullish...
Classical TA, a Descending Broadening Wedge.
A is the measured move, from the bottom of the wedge, to the highest entry into it, and from the height of the breakout to the target.
These are crazy days, a second wave of Covid just announced in Germany, trade carefully, DYOR
My Wyckoffian study into Cad Chf.
We have already seen the spring and the break above the SC line, confirmed by the spike in volume. Price looks to be re-testing that level now at 0.6898.
I intend to keep my stop in place this time, instead of losing out by trying to book profit and missing out on pips and spread fees. If the pattern completes as planned there...
Either cup and handle or a inverse H&S, don't matter, the measured move is the same, depth of the cup (or inverse H&S) is the target above the neckline.
Computer says it'll retest the neckline then rise to .23
Not yet Star Wars day (May 4th) but if we apply the pitchfork to the chart, (and use a little poetic license), we can see whats been hampering the progress.
If the price can break above the current tine, we will get support from it, probably bounce around in the next channel, bull or bear, who knows but at present, we remain bullish.
Of course, if we continue to...
The price was rejected from the .786 fib and printed a bear flag, the target of which and the bearish rhombus also point to 1.0795 which conveniently lines up with the.5 fib.
There is also a second target at the .382, also shown by the rhombus
Price action moving in a bullish ascending triangle.
I expect the price to re-test the lower boundary and then to breakout.
The .0618 fib is currently forming the horizontal boundary, the target would seem to be the .50 fib at .2280
DYOR before entering any trade
Well, maybe the bottom was in (maybe not as well) and here is the picture we see.
Having seemingly found some support at the green zone we are ranging between there and the long term trendline from the channel on the weekly.
Expect to see a return to the supply zone.
After this, we can reasonably expect a return to the red zone.
In the red zone, we find the local...