On the right side, you can see XRP being close to breaking out of a symmetrical triangle, no matter which direction the breakout will be, it will come soon.
On the left side, you can see ETH is consolidating within a bearish wedge, which might be a bear trap as the typical characteristic of the declining volume is absent.
My opinion is that it all depends on BTC.
On the left side, you can see ETH is consolidating within a bearish wedge, which might be a bear trap as the typical characteristic of the declining volume is absent.
My opinion is that it all depends on BTC.
Trade active:
Short position in ETH: Max Target 160 SL: 203
Trade active:
ETH forming a bearish pennant should continue downwards depending on BTC movement
Comment:
XRP successful breakout TP #1 reached
Trade active:
My bad call, not making a pennant but looking like a bear flag, could also be a trap. Will see.
Trade closed: stop reached:
ETH position closed in the negative, clear bear trap. Markets behaving weird lately.
Comment:
XRP TP #2 reached, likely that we will see a small correction of some sorts aka a bull flag or pennant.
Personally Id be extremely inclined to take a short position in ETH, but with BTC hanging around without a clear direction, I will resist my FOMO for now.