Setup for XRP.
Zooming out we broke the recent low's but if price action can come back inside, it will create a nice deviation outside of the range low and be very bullish, marking the bottom.
Zooming in here on the lower time frame, we see a possible inverse head and shoulders. Need to create a new higher low and the right shoulder, which would make for a good entry.
An alternative option would be to wait for the breakout and then long the retest. Getting a break out here and a decent retest could mean that we are then trading above the ichimoku cloud and enter a new bullish trend.
Zooming out we broke the recent low's but if price action can come back inside, it will create a nice deviation outside of the range low and be very bullish, marking the bottom.
Zooming in here on the lower time frame, we see a possible inverse head and shoulders. Need to create a new higher low and the right shoulder, which would make for a good entry.
An alternative option would be to wait for the breakout and then long the retest. Getting a break out here and a decent retest could mean that we are then trading above the ichimoku cloud and enter a new bullish trend.
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.