Posted a chart of the XRP triangle fractal
Updated
We can see xrpusd is doing something very very similar for the past few years its been forming this massive triangle pattern that it did before the last time it had its massive breakout from a triangle that eventually led to its all time high. On the weekly chart we can see we are now very very close to the apex of this triangle and I have also superimposed a small screenshot of the triangle it broke up from. Back then as it does seem to be repeating itself here. If you zoom in you can see just before it broke up from the previous triangle it painted a big red wick to the downside to fake a lot. Of traders out of their positions before finally skyrocketing up and out of the triangle. This increases the odds that the fractal of that triangle we are in now might also have a big capitulation wick that dips below the current triangle first before the breakout upwards. If we are lucky enough to get a repeat of this fakeout tactic I know I will personally be buying such a dip. Speaking only for myself of course *not financial advice*
Note
As expected price action dipped below the triangle right before the current impulse essentially pulling back the arrow or the slingshot just as it did in the previous fractal and now current price action is already testing the top trendline of the triangle and likely to at least send a wick above that top trendline, even sooner than I ws anticipating. Still a chance we could see one last fake out bear trap back underneath but also very probable we will instead just see it break upward in the near future.Note
Click play on this chart nd zoom in to the apex of the triangle you will see that the currently weekly candle has a chance of closing the entire candle body above the triangle. Getting. Full candle body close above the top trendline would be. Very bullish development, although it may still take a few more consolidation candles afterwards that also close above th trendline to truly trigger the breakout. For now, there’s no guarantee even the current candle will close above the trendline but for now it is looking positive and there’s only 2 more days left in the current weekly candle. Hopefully it will close above.Note
Seeing a big long red bear wick on the daily candle close(not shown here). However, for now the current weekly candle that is shown here is still green. Very important that we close this weekly candle above the top trendline of the triangle as well as the weekly 200MANote
Currently back side the triangle. Getting closer and closer to its apex. Note
Closed another weekly above the triangle last week only to then close the most recent weekly candle red with the body poking its bottom back into the triangle. Still think e need at least 2 consecutive weekly candle closes above the triangle before we can anticipate it triggering a breakout. Note
It’s wild but as of right now, price action is holding exact wick support on the top trendline of the blue triangle, would be marvelous if it holds as support. Note
Top trendline has continued to maintain support so I anticipate it finally validates the breakout any day now *not financial advice*
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