The price had a clear breakout from the descending channel and retest it as new support on 0.36$ area on 0.618 Fibonacci level. XRP got the liquidity from the false breakout from the 0.33$ area, where the market created the local demand zone At the moment the price is going to create a pennant just below the daily resistance and key level
How to approach it? the price needs to create a new breakout from 0.41$ area, it's a clear and strong resistance for the price. For that reason, we could see an accumulation phase below this structure. ––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
Komen
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a clear false breakout inside a pennant. now the price is testing the upper trendline as support. ready for the breakout
Komen
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the price is testing the daily resistance
Komen
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8% as expected
Komen
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so clear
Komen
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a perfect breakout from the pennant!
A pennant is a chart pattern that is formed when the price of a financial instrument moves in a tight range after a significant price move. It is characterized by two converging trendlines that form a "flag" or "pennant" shape. The pattern is considered a continuation pattern, which means that it is expected to signal a continuation of the existing trend after a brief period of consolidation.