Double Bottom Provides XRP Long Scalp

2 mars 2020In the 4-hour chart we can see a that a double bottom has been formed (inside a support area visible in higher time-frames).

There are three reasons that I think the entire breakout of this double bottom will play out.

• The pattern is combined with bullish divergence in the RSI.
  The RSI has broken out from an ascending triangle
  The price has broken out from a short-term descending resistance line
  

So, the first target would be at the high between the two bottoms ($0.245) while the second one at the previous breakdown level ($0.27).

6 mars 2020

Commentaire

That definitely took longer than expected, but the first target is reached!

-RSI clearly above 50

-Possible ascending support line.

Expecting the price to get to the target within a week.