Inverse head and shoulders or ascending triangle

2021年6月2日

We see a definite ascending triangle here which could signal an eventual breakout to the top with the target indicated in purple. We could also be seeing the formation of the Right shoulder of an inverse head and shoulders with the target in green. The MACD just crossed but is still above the signal line and the RSI is above 50 but a bit undecided at the moment. The shoulder should also reach the bottom of the triangle perfectly if we see that move down and since we have been rejected off the top of the triangle that is the most likely course.
A push to the upside has an immediate resistance at 1.05 which coincides with the top of the triangle. A break above this level and a successful retest will take us to 1.1 then 1.2. From there we will need to reassess the situation.
For now, I would think it would follow the shoulder down testing the bottom of the triangle and then move up.

Let's see :)

Bsafe and this is not trading or fin advice.

2021年6月3日

注释

The head and shoulders did not materialise as XRPUSD found support around1.0 where it accumulated and has now broken out of the top of the triangle. Too early to tell whether it will continue upward and/or retest successfully.
Let's see.

2021年6月4日

注释

Ok touched the bottom of the triangle and bounced slightly. MACD about to cross the trigger line on the way down though and space to move on the RSI -.
Let's see what happens in the next hour where the 4hour candle closes as that will give us a better idea of where we're going.

2021年6月4日

注释

Remember that this is a test of the bottom of the small triangle which if failed will take us to the bottom of the larger, longer term triangle bottom at around 0.81.

2021年6月4日

注释

We may see a short term move upward as we have hit the target of the ascending channel breakdown perfectly.

2021年6月4日

注释

Nice quick scalp there, and now on the way down again , let's see if it will hold again.