Dear Everyone,
Welcome to my third analysis on Tradingview. Let's have a look on the damned XRP.
We can see a nice beautiful bull flag formed in the recent week with the bottom on the fib .50 level (90 cents). Looking at the chart from the bigger perspective and combining it with the impact of the bull flag, we can see inverse head and shoulders pattern forming. One might say, the H&S pattern is very ugly. I disagree. If you look at the length of the flag's pole (black vertical line), it is exactly the same as the distance between top of the flag and the neckline of the potential inverse H&S pattern. Beautiful symmetry, isn't it?
Let's have a look on the indicators. MACD is converging, however still signalizing further downside (potential cross on the bottom of the bull flag). RSI hovering around 30 level, signalizing oversold market state. Stoch RSI is indecisive, but can be understood as showing further down trend.
Entry: 0.92
Target 1: 1.20
Target 2: 1.40
Target 3: 1.70
Stop Loss: 0.86
Please let me know what think about my ridiculous idea.
Obviously, this is not a trading advice. Only a drunk person can trade base this pretty drawings :)
Regards,
D.
Welcome to my third analysis on Tradingview. Let's have a look on the damned XRP.
We can see a nice beautiful bull flag formed in the recent week with the bottom on the fib .50 level (90 cents). Looking at the chart from the bigger perspective and combining it with the impact of the bull flag, we can see inverse head and shoulders pattern forming. One might say, the H&S pattern is very ugly. I disagree. If you look at the length of the flag's pole (black vertical line), it is exactly the same as the distance between top of the flag and the neckline of the potential inverse H&S pattern. Beautiful symmetry, isn't it?
Let's have a look on the indicators. MACD is converging, however still signalizing further downside (potential cross on the bottom of the bull flag). RSI hovering around 30 level, signalizing oversold market state. Stoch RSI is indecisive, but can be understood as showing further down trend.
Entry: 0.92
Target 1: 1.20
Target 2: 1.40
Target 3: 1.70
Stop Loss: 0.86
Please let me know what think about my ridiculous idea.
Obviously, this is not a trading advice. Only a drunk person can trade base this pretty drawings :)
Regards,
D.