Is XRPUSDT Forming a Bullish Harmonic pattern?

27 nov 2021

XRP is the native cryptocurrency for products developed by Ripple labs. Its products are used for payment settlement, asset exchange, and remittance systems. Banks including Fidor Bank, Santander, the commonwealth Bank of Australia and a consortium of 61 Japanese banks have all said that they are trialing or implementing applications utilizing the Ripple network payment system. Unlike most Altcoins, XRP wasn't able to recover to previous highs in this bull cycle, it faced a strong resistance at $1.3 that triggered high selling momentum every time it tested it. Take a look at the chart, You will see that XRP has been trading in the modified pitchfork range for the past few weeks. It tested the median line and then went and tested the upper trendline in the pitchfork, which is parallel to the median line. Now its on its way back down. Retesting the median line would complete the formation of the Bullish Gartley Harmonic reversal pattern. The harmonic pattern completes its formation at the $0.71 price level where I have my first limit order waiting. If XRPUSDT reverses before it retests the median line, then I will be expecting a strong recovery and a major possibility of the break of the long standing resistance at $1.3, because according to the Alan Andrew's principles, the price usually retests the median line after a rejection of the upper trendline of a Pitchork, but if it doesn't, then the price action is strong and carries a lot of momentum. (In this case its bullish momentum)

5 dic 2021

Comentarios

My orders got filled, following the projection drawn on the chart.