Bull Pennant appears to have formed on the 1H timeframe, this would be targeting $2.6 region. If this resistance broke, the target of the pennant would be $2.8.
We've also broken out of the symmetrical triangle with the overall target being $4.9
Will this pennant breakout and re-test of $2.6 or fail and fall back down to the symmetrical triangles resistance? We'll soon find out.
12H candle appears to possibly be forming a morning star doji which would signal continuation of upwards momentum. BTC also appears to be forming a morning star on 12H and has also formed a bullish pennant on 2H timeframe. Could this be the time to shine and test new heights? I'm still not sure.
Some of my concerns for XRP right now is the upcoming SEC case, which could put downwards pressure on the market, we also don't know how Trump coming into office will effect the market. Will it dump then pump? We don't know. This breakout is stale, the volume has drastically decreased which is worrying. XRP has a reoccurring theme of selling false moves. $2.6 seems to be a region we're incapable of breaking.
I have taken profit on my short from $2.591 to $2.48 and have now entered a long position just above the bottom of the pennants support. I've also set a tight stop loss on this due to volatile market conditions.
Thank you for taking the time to review my idea, if you have any feedback please feel free to comment. All feedback is greatly appreciated.
We've also broken out of the symmetrical triangle with the overall target being $4.9
Will this pennant breakout and re-test of $2.6 or fail and fall back down to the symmetrical triangles resistance? We'll soon find out.
12H candle appears to possibly be forming a morning star doji which would signal continuation of upwards momentum. BTC also appears to be forming a morning star on 12H and has also formed a bullish pennant on 2H timeframe. Could this be the time to shine and test new heights? I'm still not sure.
Some of my concerns for XRP right now is the upcoming SEC case, which could put downwards pressure on the market, we also don't know how Trump coming into office will effect the market. Will it dump then pump? We don't know. This breakout is stale, the volume has drastically decreased which is worrying. XRP has a reoccurring theme of selling false moves. $2.6 seems to be a region we're incapable of breaking.
I have taken profit on my short from $2.591 to $2.48 and have now entered a long position just above the bottom of the pennants support. I've also set a tight stop loss on this due to volatile market conditions.
Thank you for taking the time to review my idea, if you have any feedback please feel free to comment. All feedback is greatly appreciated.
Trade active
Trade closed: target reached
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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.