XRP Symmetrical Triangle reversal?
Updated
XRP/USD
Bullish Case
- Reclaim the triangle at $0.5
- Hourly RSI, MACD and Histogram looks to want to reverse
- Symmetrical Triangle generally are a continuation patter, generally 80% chance breaking upside, but since it has broken down, this is not likely
Bearish Case
- Broke out of Symmetrical triangle and KOBO (kiss off bugger off) touch and retest to be rejected.
- Below 50MA on the hourly
- Break down can bring us to the 0.618 fib, which is $0.42 area
I am more bearish than bullish , thoughts?
Bullish Case
- Reclaim the triangle at $0.5
- Hourly RSI, MACD and Histogram looks to want to reverse
- Symmetrical Triangle generally are a continuation patter, generally 80% chance breaking upside, but since it has broken down, this is not likely
Bearish Case
- Broke out of Symmetrical triangle and KOBO (kiss off bugger off) touch and retest to be rejected.
- Below 50MA on the hourly
- Break down can bring us to the 0.618 fib, which is $0.42 area
I am more bearish than bullish , thoughts?
Trade active
Comment
getting rejected at resistance, shorts in playOrder cancelled
Fake out, structure is all over the placeTrade active
Big fake out, now continuing to targetTrade active
Comment
XRP/USDBullish Case
- Bounce from this M or double top bottom.
- RSI , MACD and Histogram looks to want to reverse as it is close to oversold on the LTFs (5min, 15min, 30min, 1hour)
- Possible retest at 0.382 fib area which is approx. $0.4754
Bearish Case
- Break down past the bottom of the M or double top pattern and we go to next support at approx $0.45 which is the 0.5fib retrace.
- RSI , MACD and Histogram looks to want to continue on down on the HTFs (8hr, 12hr, 1day)
I am more bearish than bullish still, thoughts?
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