$XRP #Ripple - Bullish Ascending Triangle Forms - LOI Decreases
I mentioned this morning a slight concern about the topping LOI pattern I saw. It broke down during this 4H bar. That said, I do not see it as an indication at this time of any significant downward movement.
There is a new Bullish Ascending Triangle on the chart. It terminates in 20 hours. These things never go to full termination, so I expect some break one way or another in the next 8, probably during the Asian session. It is a bullish formation, and we should be in Wave 3, so it should be breaking up.
Should... so... it can also break down. Either way, these formations, and Pennants, usually precede significant moves.
Ready. Set. Go.
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Legal disclaimers and stuff.. dont use my personal analysis of the market as trading advice.
Follow me here and on Twitter @ExsiliumI for up-to-date price action analysis.
There is a new Bullish Ascending Triangle on the chart. It terminates in 20 hours. These things never go to full termination, so I expect some break one way or another in the next 8, probably during the Asian session. It is a bullish formation, and we should be in Wave 3, so it should be breaking up.
Should... so... it can also break down. Either way, these formations, and Pennants, usually precede significant moves.
Ready. Set. Go.
=================
Legal disclaimers and stuff.. dont use my personal analysis of the market as trading advice.
Follow me here and on Twitter @ExsiliumI for up-to-date price action analysis.
Komen:
So.. the Ascending Triangle did break down unfortunately. However, as noted in this mornings analysis, LOI has been increasing over the last 8 hours and is only 500k from its high yesterday. In other words, there is no real sell-off and price should recover quickly and break Monthly Pivot soon.
