XRP leaving one pitchfork and staying within two?
Here we have XRP on 2W timeframe with three pitchforks depicted on the historical price action. The glorious weeks and months were in 2017 when the first broad pitchfork pointing upwards was formed. The price action has still been keeping above the low boundary of that global XRP pitchfork.
From the peak of of the previous cycle the downward price action has created the downward pitchfork. Although the price has risen to the uppermost boundary of that pitchfork, it has not been unable to break through the boundary to a fully bullish territory.
The most local narrow pitchfork upwards started from the covid lows in March 2020. Let us zoom into the more recent price action.
Starting from November 2020 the price action has moved from one boundary to another in the upward channel. Presently the price is sliding down along and below the uppermost boundary of the downward pitchfork. This can continue all the way to the end of the year, but I would expect the breakout taking place sooner. I would, however, not go long before a clear breakout with good volume. Lately the volume has been decreasing suggesting that something might be cooking.
After the breakout the price action can be viscious, within few weeks XRP can make 5-7x. So stay alert.
Stay cool and trade safe.
Cheers, Whoop
PS If you like these ”pitchfork”-ideas, please let me know if there are any coins you would like to see?
From the peak of of the previous cycle the downward price action has created the downward pitchfork. Although the price has risen to the uppermost boundary of that pitchfork, it has not been unable to break through the boundary to a fully bullish territory.
The most local narrow pitchfork upwards started from the covid lows in March 2020. Let us zoom into the more recent price action.
Starting from November 2020 the price action has moved from one boundary to another in the upward channel. Presently the price is sliding down along and below the uppermost boundary of the downward pitchfork. This can continue all the way to the end of the year, but I would expect the breakout taking place sooner. I would, however, not go long before a clear breakout with good volume. Lately the volume has been decreasing suggesting that something might be cooking.
After the breakout the price action can be viscious, within few weeks XRP can make 5-7x. So stay alert.
Stay cool and trade safe.
Cheers, Whoop
PS If you like these ”pitchfork”-ideas, please let me know if there are any coins you would like to see?
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