XRP / TetherUSShort
Rising Wedge (12H timeframe)
Hi there,
I am posting my updated analysis onXRPUSDT, it appears that the chart has formed a rising wedge on near enough every timeframe. These include; 2H, 3H, 4H, 6H, 8H, 12H, 1D.
If this pattern confirms and breaks down from the rising wedge we're looking at the following targets for taking profit.
TP1: $2.16
TP2: $2.08
TP3: $1.96
TP4: $1.82
I believe the recent 'breakout' of the symmetrical triangle isn't a break out whatsoever, I think something else is happening here. There was no reason for todays pump. No major news no nothing. This seems to be a fake out.
A reversal doji formed on 2H and 3H signalling a reversal down to the triangles previous resistance, if it retests and re-enters the triangle these targets are possible.
I have entered my short position on the green line, TPs are labelled.
I am posting my updated analysis on
XRPUSDT, it appears that the chart has formed a rising wedge on near enough every timeframe. These include; 2H, 3H, 4H, 6H, 8H, 12H, 1D.If this pattern confirms and breaks down from the rising wedge we're looking at the following targets for taking profit.
TP1: $2.16
TP2: $2.08
TP3: $1.96
TP4: $1.82
I believe the recent 'breakout' of the symmetrical triangle isn't a break out whatsoever, I think something else is happening here. There was no reason for todays pump. No major news no nothing. This seems to be a fake out.
A reversal doji formed on 2H and 3H signalling a reversal down to the triangles previous resistance, if it retests and re-enters the triangle these targets are possible.
I have entered my short position on the green line, TPs are labelled.
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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.
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.