XRP Ripple Daily Triangle
On the right we can see that the 0.60ish is like a magnet for XRP, probably caused because of the big triangle it's moving in. That also says that bulls need to break that zone first.
For the triangle is the support and resistance are the triangle lines, but i think the more important levels for the triangle are the red and green zone on left, at around 0.64 and 0.54. The triangle targets are around 0.8 and 0.4. But this triangle could also be a bull flag, in that case the bullish target would be much higher even, but think for that to happen we need a big Bitcoin rally.
Volume is dropping clearly in the triangle, which is normally in favor of the bulls. Trading inside of a triangle is always by far the most difficult thing to do, day traders shouldn't forget that.
If we get a break of the triangle, a volume increase is of course important, otherwise a false breakout could easily happen, which is common with triangles.
For now, i favor the bulls, as long as the 0.54ish holds. Just don't dare to say if we go up from here or that we still get that shake out move to the downside first (as described in my Bitcoin analysis). Short term it also looks as if we have a support just below the 0.58.
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Previous analysis:
For the triangle is the support and resistance are the triangle lines, but i think the more important levels for the triangle are the red and green zone on left, at around 0.64 and 0.54. The triangle targets are around 0.8 and 0.4. But this triangle could also be a bull flag, in that case the bullish target would be much higher even, but think for that to happen we need a big Bitcoin rally.
Volume is dropping clearly in the triangle, which is normally in favor of the bulls. Trading inside of a triangle is always by far the most difficult thing to do, day traders shouldn't forget that.
If we get a break of the triangle, a volume increase is of course important, otherwise a false breakout could easily happen, which is common with triangles.
For now, i favor the bulls, as long as the 0.54ish holds. Just don't dare to say if we go up from here or that we still get that shake out move to the downside first (as described in my Bitcoin analysis). Short term it also looks as if we have a support just below the 0.58.
Don't forget to like if you appreciate this :)
Previous analysis:
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