XRP Triangle Could Point To Support Between $0.60 And $0.90
A cryptocurrency analyst has pointed out how support could lie between the $0.60 and $0.90 levels for XRP, based on this technical analysis (TA) pattern. XRP Could Be Moving Inside An Ascending Triangle In a new post on X, analyst Ali Martinez has shared a TA pattern forming in the monthly price chart of XRP. The pattern in question is an Ascending Triangle, which is a type of triangle. Triangles form whenever an asset’s price trades between two converging trendlines, with the upper level acting as a source of resistance, while the lower one that of support. Related Reading: Ethereum....
Related News
Litecoin price yesterday struggled to break a contracting triangle pattern formed on the 30-min chart via the data feed from Bitfinex. Our idea of a short-term buy did not work out, as the price never managed to settle above the contracting triangle. In fact, our idea of selling with a break worked, as the price traded below the support trend line of the triangle and moved towards the $3.44 level. An important point to note is that the price retested the broken triangle trend line where it found sellers for a downside move. It can be seen as a perfect example of a support acting as a....
Bitcoin price looks ready to break out of its symmetrical triangle consolidation pattern, which could determine its longer-term direction. Bitcoin Price Key Highlights. Bitcoin price has been stuck in consolidation for a while, forming lower highs and higher lows inside a symmetrical triangle pattern. Price is currently testing support and is approaching the peak of the pattern, which suggests that a breakout could take place soon. Technical indicators seem to be favoring a downside move at this point. Technical Indicators Signals. The 100 SMA is still below the 200 SMA so the path of....
Here's a look at what we are focusing on in the bitcoin price this evening. In this morning’s bitcoin price watch analysis, our primary focus was the forming of a triangle, a classical charting pattern, and the implications of this triangle from our strategy throughout the day. We hoped that we would see price break out of the triangle in a definitive direction and – in turn – that we would see a sustained move in one direction or the other. As things turned out, we didn’t really get anything decisive. When we published the first analysis, price was just about to break through the....
Bitcoin Price Key Highlights. Bitcoin price is forming a descending triangle pattern with its lower highs and support around $315. Price is currently testing the top of the triangle near the 100 SMA, which has held as a dynamic inflection point in the past. Bitcoin price could be due for a decline to the bottom of the descending triangle, as technical indicators are showing that bears are taking control. More Sell Signals? First off, the short-term 100 SMA is below the longer-term 200 SMA, indicating that the path of least resistance is to the downside. Any pop higher from the descending....
Bitcoin price is trying to make an upside breakout from the symmetrical triangle but another test of support might take place. On the daily time frame, the 100 SMA is safely above the 200 SMA, which suggests that the path of least resistance is to the upside. In addition, the moving averages are edging farther apart so bullish momentum is getting stronger. An upside break from the resistance could lead to a move to the triangle highs at $500 and beyond. The chart pattern is around $200 tall so the resulting rally could last by the same amount. However, stochastic and RSI are on their way....