We seem to be forming an inverse head and shoulders on the 1-hour timeframe after hitting the strong support area around 0.78/0.80 earlier and being rejected by the 0.89 resistance.
We have also backtested the break back into the large triangle and should see some upside here.
RSI is moving nicely around mid-40s and MACD can cross trigger line at any time.
As we know if BTC moves so will XRP so although the technicals show a possible move up to a target area of 0.98 it could also be halted at the resistance areas before that at 0.9 and then 0.95.
All depends on if we break the neckline and with what RSI, volume and what BTC does. If we break the neckline and possibly confirm then we can safely enter a long trade.
Not financial advice, just calling what I see.
Any constructive criticism appreciated.
We have also backtested the break back into the large triangle and should see some upside here.
RSI is moving nicely around mid-40s and MACD can cross trigger line at any time.
As we know if BTC moves so will XRP so although the technicals show a possible move up to a target area of 0.98 it could also be halted at the resistance areas before that at 0.9 and then 0.95.
All depends on if we break the neckline and with what RSI, volume and what BTC does. If we break the neckline and possibly confirm then we can safely enter a long trade.
Not financial advice, just calling what I see.
Any constructive criticism appreciated.
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We are currently forming the right shoulder and heading towards the confirmation of the neckline. Let's see if we can build enough volume to get past it.
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One can just widen the shoulders somewhat to capture the whole range as long as the uptrends and downtrends are continuous.
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Right shoulder is now failing on the back of dwindling volumes and as indicated an RSI that has retracted.
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Formation totally invalidated but price holding well and in an ascending angle now.