Long

XRP USDT - Double bottom

Updated

Looks pretty straight forward to me.
XRP to hit 0.49 cents resistance soon with a potential of a double bottom formation.
If it breaks the neckline, the next resistance is also shown in the chart.

The indicators are pretty bullish too:

TLL RSI light up green, still needs some momentum.
Money flow is over 0.10
Volume is picking up

Furthermore; if SEC rules out the case against XRP, I could see it going much higher. Of course we dont know when its going to be finalized, but the CEO today mentioned it could be over by June 2023.
Will follow closely.

Let me know if you think otherwise, or boost if you like please.
Cheers

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I forgot to draw the long term formation of the symmetrical triangle when I posted the chart above. I was too focused on the double bottom formation so I completely missed the long term pattern there, sorry about that. But at least we can expect an uptrend/ reversal with the confirmation of the double bottom and break out of the symmetrical triangle.

Please see in this chart; we are at a very critical few days now with this pattern with at least 4 Higher Lows and at least 4 Lower Highs.

Breakout is expected to happen at the apex which is where we are almost at. We can confirm this breakout if the 3D candle closes above the resistance.

Price Target description is taken from chart school of Stock Charts: "There are two methods to estimate the extent of the move after the breakout. First, the widest distance of the symmetrical triangle can be measured and applied to the breakout point. Second, a trend line can be drawn parallel to the pattern's trend line that slopes (up or down) in the direction of the break. The extension of this line will mark a potential breakout target."

So for the first method as the potential action; I drew the price target at $6.26; and for the second method, I drew the dashed line for reference of resistance/price target.

What do you think? Please let me know if you think otherwise or boost if you agree.

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Rejection on resistance seems strong; The price couldn't hold above it so far. There seems to be a forming H&S pattern, so better be prepared with a trailing stop.

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Double bottom broke above neckline; current price is just sitting above resistance to find the support but we are still within the triangle.
The safest entry would be when it breaks out of the triangle and closes above the resistance for consecutive days.

Indicators and the wicks on the daily candles which sit above the neckline gives me bullish vibes as it shows the sellers weren't as strong. However, I would go for the safe road as we are at a very critical point.

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So the H&S kind of worked, we saw a neckline breakdown as well; however the price is still within the trading range and trying to find support above the neckline again. Still unsafe to enter for a strong long position.
I will keep on following.

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Spotted a IH&S on the 3day time frame. Still possible with the original price target.

Note

Inverted H&S seems to have worked.
We are currently at the resistance zone. I dont expect a breakout of that first resistance zone too soon. Good idea to off-load a bit now and keep a trailing stop to secure profits.

Lets keep following. I still see a strong move up over the medium term.

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First targets reached, will look for longer term entry.

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Hit the main target today thanks to SEC news.
Didnt have a position but glad to see the market rallying.

TheAlchemist888

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