A few simple concepts to follow here.
Two massive thrusts out of a declining wedge patterns (first wedge not fully pictured, but thrust in Spring 2017 clearly pictured)... both took price up to the top of what appears to be a much larger wedge pattern forming (higher lows, and lower highs).
The third thrust broken out but hasn't yet reached the upper trendline of the first two... however it is holding very nicely above the 50 day moving average in spite of BTCUSD dropping like a rock through support this week. Notice the perfect touch earlier this week in the "flash crash" that was quickly retraced.
What does this mean to me?
My money is on a return trip to the upper bound of the wedge pattern at some point. This can happen in three ways:
1. BTCUSD tanks and XRPUSD stays the same.
2. BTCUSD rises and XRPUSD rises faster.
3. A variation of #1 or #2.
Two massive thrusts out of a declining wedge patterns (first wedge not fully pictured, but thrust in Spring 2017 clearly pictured)... both took price up to the top of what appears to be a much larger wedge pattern forming (higher lows, and lower highs).
The third thrust broken out but hasn't yet reached the upper trendline of the first two... however it is holding very nicely above the 50 day moving average in spite of BTCUSD dropping like a rock through support this week. Notice the perfect touch earlier this week in the "flash crash" that was quickly retraced.
What does this mean to me?
My money is on a return trip to the upper bound of the wedge pattern at some point. This can happen in three ways:
1. BTCUSD tanks and XRPUSD stays the same.
2. BTCUSD rises and XRPUSD rises faster.
3. A variation of #1 or #2.