Chart depicts a forecast of how price could play out if Xrpusd is ending a re-accumulation that began 30 July.
As noted in the linked idea that I published moments ago, price is also following a parallel channel. I frequently see accumulation take the form of a pennant and ascending channels turn out bearish. So, assuming re-accumulation is valid, I suspect the parallel channel pattern will fail and instead form a pennant like the blue one I’ve depicted here.
As noted in the linked idea that I published moments ago, price is also following a parallel channel. I frequently see accumulation take the form of a pennant and ascending channels turn out bearish. So, assuming re-accumulation is valid, I suspect the parallel channel pattern will fail and instead form a pennant like the blue one I’ve depicted here.
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Note that, if valid, the breakout confirmation can easily pull back to .28 to rip Longs before finally confirming with a bounce closer to .33.
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I published one more idea linked below that mashes the two together - both a parallel channel and pennant playing out.
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Black line is closing price, which has touched 3x on bottom and 2x on top trend lines of parallel channel. Purple line is HL/2, which has completed a broadening wedge.
