XRPLong
XRPUSD
THE SYMMETRICAL TRIANGLE
Symmetrical triangles, sometimes called coils, are a popular chart pattern because they appear often and perform reasonably well in a bull market.
Price trend can be any direction leading to the chart pattern. Shape looks more triangular. Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down. Price must cross the pattern from side to side, filling the triangle with price movement, not white space. Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume trends downward 86% of the time(not shown).
Breakout upward 54% of the time and 75% of the way to the triangle apex (upward breakout).
VERDICT:
BUY:$0.32735
SELL:$0.33467 up to $0.37062
STOP LOSS:$0.30063
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Symmetrical triangles, sometimes called coils, are a popular chart pattern because they appear often and perform reasonably well in a bull market.
Price trend can be any direction leading to the chart pattern. Shape looks more triangular. Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down. Price must cross the pattern from side to side, filling the triangle with price movement, not white space. Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume trends downward 86% of the time(not shown).
Breakout upward 54% of the time and 75% of the way to the triangle apex (upward breakout).
VERDICT:
BUY:$0.32735
SELL:$0.33467 up to $0.37062
STOP LOSS:$0.30063
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Disclaimer
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