Second of Double Bottom for XRP
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The double bottom will be confirmed if the candle for today closes below .25USD cents. Retracing to an almost exact amount the previous hill. The double bottom forming here would indicate a drop to .23-.21USD cents. A 10-20% drop from the current price of .25USD cents.
The triangle drawn is a Thomas Denmark (TD) style triangle(forextraininggroup.com/introduction-tom-demark-indicators-studies/). It connects two relevant highs and two relevant lows in a recent time frame. Both lines follow simple logic, the horizontal line, connecting the two highs, is bearish. It is a bar of resistance. The diagonal line connecting the lows is a bullish line, trending upwards as a support for the price action looking to breakout.
Though simple the TD trend lines are a very useful analysis and can be used well in tandem with other indicators.
In this case The reason for predicting the confirmation of the second peak of a double bottom is the resistance shown in the bollinger bands lining up with the bearish, top TD line. Also, the curve of the AO indicates buyer exhaustion around the corner.
These signals in confluence with one another are enough of a reason to believe a small drop in price will occur over the next 2-5 days.
That being said the target buys would be placed between .23-.21USD.
The triangle drawn is a Thomas Denmark (TD) style triangle(forextraininggroup.com/introduction-tom-demark-indicators-studies/). It connects two relevant highs and two relevant lows in a recent time frame. Both lines follow simple logic, the horizontal line, connecting the two highs, is bearish. It is a bar of resistance. The diagonal line connecting the lows is a bullish line, trending upwards as a support for the price action looking to breakout.
Though simple the TD trend lines are a very useful analysis and can be used well in tandem with other indicators.
In this case The reason for predicting the confirmation of the second peak of a double bottom is the resistance shown in the bollinger bands lining up with the bearish, top TD line. Also, the curve of the AO indicates buyer exhaustion around the corner.
These signals in confluence with one another are enough of a reason to believe a small drop in price will occur over the next 2-5 days.
That being said the target buys would be placed between .23-.21USD.
Nota
The candle forming yesterday closed at .254USD cents. That may have been the confirmation that this price movement has more momentum. The candle forming today started out red and was down all the way to .248USD cents. In the last few hours the price is up to .263USD cents, for so far a gain of 5%.This candle will likely show the outlook for the next two candles. According to the Thomas Denmark sequence, this is candle number 9 so it has a high probability of being the last green candle in this sequence. Profits taken here would hedge against this possibly being the second peak of a double bottom.
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