XRPUSD, Building Huge HS-Formation With Solid Possibility!

7 paź 2020

Hello Traders Investors And Community, Welcome to this analysis where we are looking at XRPUSD 4-hour timeframe perspective, the recent events, the current formational structure, what are likely outcomes the next times and what needs to be fulfilled that XRPUSD shows up properly with these price-actions. The formation XRPUSD is building here is differential to other coins which are building more triangles or channel-formation this is why it is so important to distinguish between these individual currencies to finally handle them in the proper way, the market is not the same as in 2017 where everything went into the same direction, it has changed, therefore it is necessary to look at the different formations like the one I detected within XRPUSD, therefore, I determined the important levels and likely outcomes we can expect within the XRPUSD structure forming.

Looking at my chart you can watch there the left shoulder and the head of the potential head-and-shoulder-formation already formed and now XRPUSD is establishing the right shoulder in the whole structure where it already tested the lower levels consisting of the 40-EMA in green and horizontal support lying here, furthermore, it has the preliminary support within the blue level marked in my chart between 0.2335-0.235 which is an important support to hold for XRPUSD before moving upward to complete the right shoulder and therefore the whole formation. When XRPUSD bounces properly in this support it has a high possibility to form the right shoulder otherwise when this does not happen and bullish weakness increases further XRPUSD will follow with bearish pressure when it closes below this preliminary important blue support.

When XRPUSD manages to form the right shoulder this will lead to the confirmation of the whole formation and activation of upside targets as it is shown in my chart, the targets will be determined higher in the structure and the whole mechanism can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the aggressive entry is also possible here the conservative one will be much smarter as it will provide the best setup for further continuation. It will be interesting to see XRPUSD further development in the structure and in comparison to the rest market this is a structure which has good potential which nevertheless isn't forming in all other cryptocurrencies, therefore it is a good approach to pick the best with the solid and clear setups for trade considerations.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.