Continuation to yesterdays post:
On the left side, we can see Ethereum forming a bearish wedge on the 4hr timeframe. Its validity is difficult to determine, as the volume does not clearly decline while the price rises within the wedge , moreover there's some strong EMA / Ichimoku support below and a medium-term uptrend line originating from the March low. It can potentially be a bear trap, unlikely but a possibility, depending on which direction BTC takes. Its clear to say that its to reach the apex of the wedge soon, no matter which direction it will take, trade with caution!
On the right side, we can see XRP/USD on a smaller timeframe, after the large pump throughout all of the crypto space it seems to be forming an ascending triangle . This is usually associated with being a bullish continuation pattern. Yet, again caution is to be had, there is some strong resistance ahead. Moreover, XRP usually does not shine with strong and sudden moves making it keen to false breakouts. On the other hand, bullish perspective is supported by the strong EMA / Ichimoku support below and the recent bullish price action since march. As I said, in yesterdays analysis XRP is keen for false breakouts, and indeed there was a small bear trap that quickly recovered into the triangle again, decision time will come here soon as well!
Best of luck trading!
*These are personal views, do not base trading decisions on posts submitted on tradingview, make your own decisions and analysis.*
On the left side, we can see Ethereum forming a bearish wedge on the 4hr timeframe. Its validity is difficult to determine, as the volume does not clearly decline while the price rises within the wedge , moreover there's some strong EMA / Ichimoku support below and a medium-term uptrend line originating from the March low. It can potentially be a bear trap, unlikely but a possibility, depending on which direction BTC takes. Its clear to say that its to reach the apex of the wedge soon, no matter which direction it will take, trade with caution!
On the right side, we can see XRP/USD on a smaller timeframe, after the large pump throughout all of the crypto space it seems to be forming an ascending triangle . This is usually associated with being a bullish continuation pattern. Yet, again caution is to be had, there is some strong resistance ahead. Moreover, XRP usually does not shine with strong and sudden moves making it keen to false breakouts. On the other hand, bullish perspective is supported by the strong EMA / Ichimoku support below and the recent bullish price action since march. As I said, in yesterdays analysis XRP is keen for false breakouts, and indeed there was a small bear trap that quickly recovered into the triangle again, decision time will come here soon as well!
Best of luck trading!
*These are personal views, do not base trading decisions on posts submitted on tradingview, make your own decisions and analysis.*
Comment:
Not sure if that ascending triangle from XRP was valid maybe its forming a bull flag, need to see, or it was an actual breakdown.
Comment:
ETH following wedge nicely, can now confidently say XRP is not in that ascending triangle. BTC is the key to all this I believe.
Right: 4hr ETH chart, bearish divergence.
Watch out for bear traps!