XRP bulls creating an uptrend channel or ?BITSTAMP:XRPUSD 1D HEIKIN ASHI
Ripple
Perhaps a somewhat complex setup in which I would give the 2 both the upward and the horizontal channels the leading role.
Since the inverted Head and Shoulder, the bulls have pushed the price upwards towards $1.41. After 2 attempts to pierce the $1.41 the bears have come into play and the game now seems to be in that horizontal trend channel.
The prices goes sideways and in the progress has now found upward support and the price is slightly up and as now moving again at the bottom of that channel so I'm curious.
I would have liked to count symmetrical triangle as fully valid but as you can see the 0.168 retrace in the downtrend plays a role in that for the symmetrical triangle. If we can follow the oblique light line we can say it will cause some re
in case of falling through the support of both channels I will look at the fibonacci sequence 0.5 ($0.84) ~ 0.618 ($0.75)
If the bulls gain ground, the horns will be pointing at the $2 dollar.
side/note: with the inverse Head and Shoulder drawing people will see a cup n handle.
at first it had the ideal Handle (1/3 return) later in September the bears brought it to 50%.
you could take it with you but you wouldn't go blind on it (it would bring the price to $2.20).
For now, his focus is on the trend channels from my perspective.
Keep calm, do your own research! trade safely and manage your risk.
(Disclaimer: This is not financial advice)
