XRP symmetrical triangle / ETH in bearish wedge
Updated
On the right side, you can see XRP being close to breaking out of a symmetrical triangle, no matter which direction the breakout will be, it will come soon.
On the left side, you can see ETH is consolidating within a bearish wedge, which might be a bear trap as the typical characteristic of the declining volume is absent.
My opinion is that it all depends on BTC.
On the left side, you can see ETH is consolidating within a bearish wedge, which might be a bear trap as the typical characteristic of the declining volume is absent.
My opinion is that it all depends on BTC.
Note
Starting to look interesting now, ETH testing the wedge trendline. Meanwhile XRP got rejected from the trendline of the upper triangle, now retesting the upper trendline of that bull flag for support. BTC in my view still indecisive, which is unfortunate as I believe its the deciding factor.
Personally Id be extremely inclined to take a short position in ETH, but with BTC hanging around without a clear direction, I will resist my FOMO for now.
Trade active
Short position in ETH: Max Target 160 SL: 203Trade active
ETH forming a bearish pennant should continue downwards depending on BTC movement
Note
XRP successful breakout TP #1 reachedTrade active
My bad call, not making a pennant but looking like a bear flag, could also be a trap. Will see.
Trade closed: stop reached
ETH position closed in the negative, clear bear trap. Markets behaving weird lately.Note
XRP TP #2 reached, likely that we will see a small correction of some sorts aka a bull flag or pennant.
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