XRPUSDT → H&S which can strengthen the Ripple

27 may 2023

XRPUSDT forms quite a long correction, which turned into a counter-trend movement after a false breakout 0.5590 was formed and the channel resistance was touched.

The Ripple falls and tests the ascending support line, relative to which the "H&S" pattern is formed. A false breakout of the support line is formed and the price forms an impulse to the base of the reversal pattern.
At the moment, the resistance at 0.4761 plays a key role, if this area is broken, the cryptocurrency pair will form a bullish impulse, within which it can reach the resistance at 0.5850.
A global upward price channel is being formed.
Moving averages act as support.



Strong resistance: 0.4761, 0.4928, 0.5078.
Strong support: downward pattern base line, 0.4620
Price is currently squeezed in the local range of 0.4761 and 0.4700. If the bulls hold the lower boundary of the range and start to test the resistance, then after the next retest we will see a breakout at 0.4761 with the following growth

Regards to R.Linda!