Hello all. First I would like to apologize for the chart sizing as I couldn't find a way to get the whole idea in and give you a clearer current view as well. Suggestions/tips on how to do this better are welcomed and appreciated.
Looking at the 4H chart, we have 2 rising support trend lines . One connecting the December 21 and Feb 6 lows (which we violated recently (lets call that support line 1) and another one connecting the December 21 low to our most recent low from today at $0.63 or so (lets call that support line 2)
Notice how we went below and then back above, then below again and we are heading to rise back above support line 1 and are in the start of an upwards channel leading towards the neckline of the very large INVERSE H&S which if we do confirm as a competed pattern with a strong breakout with high volume , should be targeting $1.60 If we do not strongly rise above trend line 1 it weakens this idea as we would be confirming lower lows over a larger time span.
Looks like MACD is about to go into a bullish divergence in the 4H chart. Just for fun, you can look at my other recent idea showing a small inverse h&s taking us to $0.75 (linked below)
If XRP trades inside the channel (more or less) to the neckline, it makes this idea more plausible as many will notice the pattern and jump in pushing prices higher. If it sways too much to the side, it may not be as visible and hence less buying volume.
Now obviously, if we really are on our way up, we will have lots of resistance aside from the EMA's that are above us. There will be ups, downs, bull and bear flags, H&S and other patterns along the path to get there but Look for smaller value EMA's to cross over and higher than higher value EMA's along the way as well as smaller bullish patterns that slowly bring us to our target.
Viewing the charts in multiple timelines also helps to see whats happening in the short term and you may see smaller EMA's cross over confirming bullish sentiment.
Do not forget that as clear as a pattern appears to be, wait for solid confirmation before jumping in.
Last thing, keep your eyes on BTC as we are being pushed and pulled by what happens to BTC.
For educational purposes only.
Good luck and if you like my ideas/charts/commentary, please encourage by LIKING & FOLLOWING me.
Looking at the 4H chart, we have 2 rising support trend lines . One connecting the December 21 and Feb 6 lows (which we violated recently (lets call that support line 1) and another one connecting the December 21 low to our most recent low from today at $0.63 or so (lets call that support line 2)
Notice how we went below and then back above, then below again and we are heading to rise back above support line 1 and are in the start of an upwards channel leading towards the neckline of the very large INVERSE H&S which if we do confirm as a competed pattern with a strong breakout with high volume , should be targeting $1.60 If we do not strongly rise above trend line 1 it weakens this idea as we would be confirming lower lows over a larger time span.
Looks like MACD is about to go into a bullish divergence in the 4H chart. Just for fun, you can look at my other recent idea showing a small inverse h&s taking us to $0.75 (linked below)
If XRP trades inside the channel (more or less) to the neckline, it makes this idea more plausible as many will notice the pattern and jump in pushing prices higher. If it sways too much to the side, it may not be as visible and hence less buying volume.
Now obviously, if we really are on our way up, we will have lots of resistance aside from the EMA's that are above us. There will be ups, downs, bull and bear flags, H&S and other patterns along the path to get there but Look for smaller value EMA's to cross over and higher than higher value EMA's along the way as well as smaller bullish patterns that slowly bring us to our target.
Viewing the charts in multiple timelines also helps to see whats happening in the short term and you may see smaller EMA's cross over confirming bullish sentiment.
Do not forget that as clear as a pattern appears to be, wait for solid confirmation before jumping in.
Last thing, keep your eyes on BTC as we are being pushed and pulled by what happens to BTC.
For educational purposes only.
Good luck and if you like my ideas/charts/commentary, please encourage by LIKING & FOLLOWING me.
Trade closed manually
INVERSE H&S NO LONGER POSSIBLE. WE JUST WENT BELOW THE INVERSE HEAD.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.