I've drawn this triangle some days ago and, if I did it well the chart broke out yesterday, if I didn't might turn to be a bigger triangle. The dashed yellow lines are resistances and supports, next resistance is 0.678$. The steep yellow line might be a possible bullish trend to reach the resistance. In 2017 alts used to pump when BTC dumped, right now it seems they all pump together so, for XRP to test 0.678$ we need:
1) BTC to keep going;
2) volume to rise because at the moment isn't very high;
3) the chart to follow the steep yellow line.
About #2: the volume flow indicator shows it has slightly risen over the line at 4h chart but on the daily chart it's still below. However momentum indicator it's green at both daily and 4h chart. Furthermore the chart is following the green ichimoku cloud and its lines are both below the chart (good signs).
About #3: if we close a green candle a bit over 0.63$ I think we'll follow the yellow line otherwise we could stay in this " limbo" zone going up and down within 0.546 and 0.678. Hopefully this limbo will turn out to be an accumulation rather than the peak before the retracement.
SUMMARIZING: If you bought below 0.50$ hold and wait, I'm convident the price will rise, if you're not I wouldn't enter right now.
I'm not a pro so let me know what you think and if I made some mistake
1) BTC to keep going;
2) volume to rise because at the moment isn't very high;
3) the chart to follow the steep yellow line.
About #2: the volume flow indicator shows it has slightly risen over the line at 4h chart but on the daily chart it's still below. However momentum indicator it's green at both daily and 4h chart. Furthermore the chart is following the green ichimoku cloud and its lines are both below the chart (good signs).
About #3: if we close a green candle a bit over 0.63$ I think we'll follow the yellow line otherwise we could stay in this " limbo" zone going up and down within 0.546 and 0.678. Hopefully this limbo will turn out to be an accumulation rather than the peak before the retracement.
SUMMARIZING: If you bought below 0.50$ hold and wait, I'm convident the price will rise, if you're not I wouldn't enter right now.
I'm not a pro so let me know what you think and if I made some mistake
Note
Candles didn't follow the yellow line so I suppose we'll remain here waiting but the general forecast remain the same
I do TA because I like and it seems at least 70% of my calls usually turn out to be true. If you wanna support me please donate some tradingview coin or check "about me"
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.
I do TA because I like and it seems at least 70% of my calls usually turn out to be true. If you wanna support me please donate some tradingview coin or check "about me"
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.