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XRP / Euro

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XRPEUR trade ideas

Correction for ripple?Ripple broke out downward from it's upward channel. It bounced back and touched this channel as a final ´test´but couldn´t get back in. This looks like the formation of a right shoulder after already forming a left shoulder and head. This is a reversal pattern. Additionally divergence is showing between price movement and volumes; a lot of volume backed the climb to 2.04, then there was a drop to somewhere around 1.65, and then far less volume backed the climb to 2.20. A lot more volume backed the fall that came after though. These are signs of trend reversal as well. And obviously; after rallies like we've seen, a correction is to be expected (and healthy).
by stuff
Ripple/EUR: price to break out of "Ascending Triangle"-pattern?Pennant-pattern (see the two orange trendlines): First of all, price broke out of a "Pennant"-pattern. This resulted into a price target of EUR 1.21 Calculation: Between 12/12/2017 and 12/14/2017 price increased from roughly EUR 0.20 to EUR 0.76 The difference is 0.76-0.20=0.56 You add this difference to the price at which price broke out of the "Pennant"-pattern, which was EUR 0.65 This results into a price target of 0.65+0.56=1.21 Ascending Triangle-pattern (see the two blue trendlines): At the moment price is a the top of the "Ascending Triangle"-pattern. This pattern is a continuation pattern: price takes a breather from the previous increase. Also, the rising blue trendline indicates that even though price also decreases, the price decreases are getting smaller: price is being pushed to the upside Bearish divergence price and RSI (see the two purple lines): However, we spot a bearish divergence between price and the RSI: the price sets a higher high, but the RSI does not. This means that the higher high of the price isn't confirmed by the RSI. This indicates that the momentum is slowing down and, therefore, price increase may be halted.
Long
by Commandeur