Symmetrical Triangle on the XRP Monthly chart ready to breakout?
Updated
This Triangle can also be seen well on the weekly…and also valid on the daily chart but you have to scroll over to see the whole triangle on the daily. I chose the monthly chart for this idea though because it’s the easiest one to see all the key valid touches on both the bottom and top trendlines of the triangle.That bottom trendline has been holding for 3 years now and is super strong support. We just had a flash crash on the daily dip down below it and threaten to trigger what looks like a h&s on the daily chart (not shown here) however that was quickly bought up and with very little volume to show is looking to be a classic fakeout breakdown/bear trap. Still a decent amount of hours left in todays daily candle but as long as that candle closes green it is a very good sign that this triangle will likely be breaking upwards. *not financial advice*
Note
If breakout is validated the measured move target is $1.86
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.