XRP Chart Analysis , W Bottom Pattern forming?
Chart legend:
Uptrend= blue
take profit= red area
Major trendline is UP
Secondary trendline is also UP
According to past events, on day 30, we saw a decline in price from $2.38 to $1.63, after that, consolidated during a full day, next day it exploded to an all-time high! From this information, we can see that the patterns are similar to day 4 and on.
There are 2 ways:
1- It's on the way to form a W bottom pattern, it reached 23.6 retracement (working as resistance), will probably drive the price down close to 38.2 retracement (working as support), I advise to buy here, after that, it will explode close to the all-time high, I advise to take profit close to $3.05.
2- If Price breaks the 38.2 retracement, there's a significant probability the downtrend will continue.
I strongly advise you place a stop-loss close to $2,39 (50 retracement)
Disclaimer: This is not financial advice, I'm not responsible for any losses due to my chart analysis!
Uptrend= blue
take profit= red area
Major trendline is UP
Secondary trendline is also UP
According to past events, on day 30, we saw a decline in price from $2.38 to $1.63, after that, consolidated during a full day, next day it exploded to an all-time high! From this information, we can see that the patterns are similar to day 4 and on.
There are 2 ways:
1- It's on the way to form a W bottom pattern, it reached 23.6 retracement (working as resistance), will probably drive the price down close to 38.2 retracement (working as support), I advise to buy here, after that, it will explode close to the all-time high, I advise to take profit close to $3.05.
2- If Price breaks the 38.2 retracement, there's a significant probability the downtrend will continue.
I strongly advise you place a stop-loss close to $2,39 (50 retracement)
Disclaimer: This is not financial advice, I'm not responsible for any losses due to my chart analysis!
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