XRP and XLM Outlook
Updated
The analysis below is based on my opinion and is not to be used to initiate trades, always make your own analysis.
Left Chart - 4H XRP: XRP has been consolidating in an ascending triangle which was broken to the downside, this is the smaller pattern visible. On a larger timeframe, XRP is consolidating within a larger falling wedge pattern which is a bullish pattern, combined with the bullish divergence is giving a promising look to the upside. I've outlined what I would like to see for XRP with ghost bars, a double bottom as charted would give me even more confidence.
Right Chart - 4H XLM: XLM has been consolidating in a falling wedge / bullish pennant for a while now. Similar to XRP I've charted with ghost bars what I would like to see, of course, both of these scenarios could play out different, but given the signals, I see I'm relatively confident. Well, find out!
Left Chart - 4H XRP: XRP has been consolidating in an ascending triangle which was broken to the downside, this is the smaller pattern visible. On a larger timeframe, XRP is consolidating within a larger falling wedge pattern which is a bullish pattern, combined with the bullish divergence is giving a promising look to the upside. I've outlined what I would like to see for XRP with ghost bars, a double bottom as charted would give me even more confidence.
Right Chart - 4H XLM: XLM has been consolidating in a falling wedge / bullish pennant for a while now. Similar to XRP I've charted with ghost bars what I would like to see, of course, both of these scenarios could play out different, but given the signals, I see I'm relatively confident. Well, find out!
Note
So far so good ... dropping as anticipatedTrade active
XLM position activeNote
XLM is looking good, volume ok as well. XRP seemingly broke out of a descending broadening wedge, but its momentum is lacking, not sure what to make of it. Will sit on the sidelines with XRP. XLM positions are already in profit.Trade active
We can see a retest of both trendlines in XRP as well as in XLM. To me, XRP is looking riskier since it has strong overhead resistance at 24 cents. It sort of depends on bitcoin now.Trade active
XLM rocket is active ... TP is 0.2, ambitious goal but possibleNote
Closed 25% of my XLM position, rest is looking for a close at a higher price.Note
Im a little bit worried about the development of an ascending broadening wedge in XLM. I've seen a few of these in BTC and they tend to go either way, so it's not a reliable bearish signal but it's something to watch closely.Note
Comment on the ascending broadening wedge ... I think its not that but an ascending channel which is a bullish pattern. Ill keep watching, Ive marked in green what I want to see for XLM. Depends on the trend strength, well see.Trade active
Closed another 25% ... there's a bearish divergence on the 4hr XLM ... I think a correction is very likely. Keeping 50% and looking to re-enter the market later with more capital.Note
What a welcome suprise
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