Ethereum forming bearish wedge / XRP forming ascending triangle
Updated
On the left side, we can see Ethereum forming a bearish wedge on the 4hr timeframe. Its validity is difficult to determine, as the volume does not clearly decline while the price rises within the wedge, moreover there's some strong EMA/Ichimoku support below and a medium-term uptrend line originating from the March low. It can potentially be a bear trap, unlikely but a possibility, depending on which direction BTC takes. Trade with caution!
On the right side, we can see XRP/USD on a smaller timeframe, after the large pump throughout all of the crypto space it seems to be forming an ascending triangle. This is usually associated with being a bullish continuation pattern. Yet, again caution is to be had, there is some strong resistance ahead. Moreover, XRP usually does not shine with strong and sudden moves making it keen to false breakouts. On the other hand, bullish perspective is supported by the strong EMA/Ichimoku support below and the recent bullish price action since march.
Best of luck trading!
*These are personal views, do not base trading decisions on posts submitted on tradingview, make your own decisions and analysis.*
On the right side, we can see XRP/USD on a smaller timeframe, after the large pump throughout all of the crypto space it seems to be forming an ascending triangle. This is usually associated with being a bullish continuation pattern. Yet, again caution is to be had, there is some strong resistance ahead. Moreover, XRP usually does not shine with strong and sudden moves making it keen to false breakouts. On the other hand, bullish perspective is supported by the strong EMA/Ichimoku support below and the recent bullish price action since march.
Best of luck trading!
*These are personal views, do not base trading decisions on posts submitted on tradingview, make your own decisions and analysis.*
Note
XRP always dissapoints
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