Ripple XRP fractal Bullish Wedge in Play?
Updated
It is starting to look like a real fractal for XRP', with the movement of the past weeks looking like a bullish wedge (when zooming out). With the orange zone being similar, not in shape but a similar stage it was in. Also the thick blue line, with a prior lower low and where we should see a higher low forming now.
When zooming in, it doesn't look like a typical wedge though, but the low volume the past month and the low volume on today's drop, show the wedge could be real. Ideally we see a smaller wedge forming the coming days, like i have drawn on the right with the blue line. If that happens, it will be an easy long. If something different happens, it's safer to wait longer and to see a break up from that wedge first and then i wil try to get in around the small yellow circle on the left. Just like it happened half year ago where we got lucky, while going for the wedge but eventually catching a huge rally.
Of course, all of this will only work if the big ABC for Bitcoin' plays out as well. I think the max for XRP' should be around 0.30ish
Please don't forget to like if you appreciate this :)
Previous wedge analysis:
Previous analysis:
When zooming in, it doesn't look like a typical wedge though, but the low volume the past month and the low volume on today's drop, show the wedge could be real. Ideally we see a smaller wedge forming the coming days, like i have drawn on the right with the blue line. If that happens, it will be an easy long. If something different happens, it's safer to wait longer and to see a break up from that wedge first and then i wil try to get in around the small yellow circle on the left. Just like it happened half year ago where we got lucky, while going for the wedge but eventually catching a huge rally.
Of course, all of this will only work if the big ABC for Bitcoin' plays out as well. I think the max for XRP' should be around 0.30ish
Please don't forget to like if you appreciate this :)
Previous wedge analysis:
Previous analysis:
Note
Its dropping a bit faster than anticipated, if we simply contintue to drop, that small wedge wont be in play and the big one (the fractal) will be in big troubles as well. So i choose to wait a bit longer here to see how it plays out first.Note
Note
Here it shows that patience can pay off. I choose to wait simply because yesterday's drop went a bit too fast, indicating more weakness could happen. Now it looks even worse at the moment because we are simply at the Dec low again. The only way this support can play out is, if we see a good bounce soon. Otherwise it will be like to see it break. So for now, i am keeping my hands off this one. A break of that small channel on the right could be a first stepNote
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.