$BTCUSD diamond bottom in play at the moment.
Details below from thepatternsite, and satisfying many of the required conditions.
First target: 7020
Second target: 7260
Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers."
Downward trend 67% of the time."
Exploring some volume price time analysis using the ZVWAP.
Expecting a 1D close within 6600 - 7000 within the next three days (17AUG - 20AUG), before a down trend to the next trend bottom between 4800 - 4150 during the second week of September.
The price action this morning for XRPBTC hit 8700sats.
They say to "never try and catch a falling knife", but if I had to make a guess, I'd say that the price action this morning was our new low and new support. This was also the resistance for the first leg of the first Elliott Wave and the spike in volume is another confirmation of this movement. The conclusion...
Ascending triangle pattern with potential breakout after 0.0052 resistance on volume.
T1: 0.0063 (21%)
T2: 0.0074 (42%)
T3: 0.0082 (58%)
Steep trend angle could see higher degree of failure. Failure to breakout of resistance will see price collapse to 0.236 fib and previous trend line at 0.0042.
Buy recommendation entry only on breakout.
XMR is known to retrace pretty hard after a run, hence the deep target.
With Poloniex margin trading, this is a reasonably safe bet in my opinion.
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