Folks, we are tracing right down the Light Red 1.618 magical fib circle boundary. This is amazing, how accurate it turned out to be. If I had to guess, my thoughts about a break to the up side in the last idea could be wrong. Sometimes we can prematurely draw triangle formations long before the apex has formed, which leads us to believe the action point is a lot closer than what it is. There really might not be enough data here to make an accurate base to the triangle. Honestly, that base that I have is more representative of the overall upper trend line than the base of a triangle formation. That's why I think we can't really get a good determination of what is transpiring just yet.
The only other indication besides the apparent break from the triangle is the stochastic, which is right in the neutral territory. But looking at the fast and slow lines, you can clearly see that the momentum is downward. This might be the opportunity to dollar-cost-average and buy on another dip rather than an exciting break to the positive. Whatever the case, it's all good in the long run in my opinion. I'm going to take a look at BTC and provide some TA next, which will help illuminate a possible path for XRP. Until then, let's just stay watchful.
Carlton Flowers
The CrytpoPro
The only other indication besides the apparent break from the triangle is the stochastic, which is right in the neutral territory. But looking at the fast and slow lines, you can clearly see that the momentum is downward. This might be the opportunity to dollar-cost-average and buy on another dip rather than an exciting break to the positive. Whatever the case, it's all good in the long run in my opinion. I'm going to take a look at BTC and provide some TA next, which will help illuminate a possible path for XRP. Until then, let's just stay watchful.
Carlton Flowers
The CrytpoPro
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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.