Long

Possible bullish wedge for XRP

Updated

The volume picture is not the one i want to see with a pattern like this but the shape seems to be valid. It should not break that green support area anymore

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Of course, without a breakout the risk is still high of course! I always try to catch the low so i can use a tight stop or wait for the break out and maybe even possible pullback. But pullbacks don't happen that often in crypto

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From a very bearish outlook all of a sudden all alts seem to have turned it around. The wedge is still in play because of this bounce. Now it needs to break the wedge to continue this rally.

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Volume is still not great but it's okay. So far the rally is continuing, i think the bulls need to keep this speed, at least not a day of sideways action now. The market is to weak to hesitate, need to put some pressure on the bears.

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Just noticed i posted the wrong chart here. Anyway, it is still looking good and stable at the moment, nice solid bull flag. Only thing making me doubt a bit about going up from here or not make a small drop first, is bitcoin. But anything within this bull flag is still very bullish.

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Looks like the XRP buyers were just waiting for the market to show a little bit of bullish momentum. The target has been reached already with this big rally today. I think allot more is possible so what i always do, is keep part of the position and use a trailing stop

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So XRP made another big push up. Only thing that can F things up, is Bitcoin. It's still in dangerous territory. Otherwise it would be very easy to say that the long term low for XRP has been set. Because bulls broke a resistance now. Formed a double bottom and the volume is still very good at the moment. Next target seems to be around 0.45. As i mentioned in the previous update, because the move was so strong, it was worth keeping part of the position. Doesn't always work out, but when using a trail stop. It becomes like a new trade and the risk reward for it is/was really good!

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Wow :)

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Update:

XRP bullish wedge part 2, possible inverse H&S

botje11

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