Ripple XRP fractal Bullish Wedge in Play? Part 2
Updated
Previous analysis xrp' was too weak during it's drop so i decided to wait (as i updated). Now i am still waiting at this moment. From the looks of it, we will probably make another drop. If it will be the a similar size as today's drop, it could work out. Volume inside that small channel/wedge is dropping a bit as well, which is a good sign.
But anything below that purple zone, remains very bearish. That is the level where the purple trend line from the left chart is at. So if we see a drop and good rally straight through that purple zone, it could become a bear trap and a first small confirmation that the low is set (short/mid term).
Based on the chart on the left, the blue circled wedge we dropped out of, it should happen within like 24/36 hours. Because it needs to get back above that purple trend line. Than it could still be seen as a false breakout (bear trap)
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Previous analysis
But anything below that purple zone, remains very bearish. That is the level where the purple trend line from the left chart is at. So if we see a drop and good rally straight through that purple zone, it could become a bear trap and a first small confirmation that the low is set (short/mid term).
Based on the chart on the left, the blue circled wedge we dropped out of, it should happen within like 24/36 hours. Because it needs to get back above that purple trend line. Than it could still be seen as a false breakout (bear trap)
Please don't forget to like if you appreciate this :)
Previous analysis
Note
That thick blue line looks like a genius support line now, but it was something random and meaningless :), just to show a higher low. Anyway, seems the XRP bulls were too eager to wait to complete that wedge and it got pumped already. Going straight through several resistance levels, almost conforming a bear trap and a reversal. But a reversal only gets confirmed if the daily closes at current levels, or even higher. So ideally a bull flag gets formed now.
Note
XRP made another push up above that flag even with a sideways Bitcoin. It's looking very good and strong now. It's just Bitcoin, that one is very hesitant to move up. So not in the clear yet. Normally for a real bullish version, we should stay above the first green zone from now on. With the second one being the real max.
We could be in the yellow circle now, from the Dec rally.
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