XRPUSDT wants the breakout from the key level?

17. Jan. 2023

The price had a clear breakout from the descending channel and retest it as new support on 0.36$ area on 0.618 Fibonacci level.
XRP got the liquidity from the false breakout from the 0.33$ area, where the market created the local demand zone
At the moment the price is going to create a pennant just below the daily resistance and key level

How to approach it?
the price needs to create a new breakout from 0.41$ area, it's a clear and strong resistance for the price. For that reason, we could see an accumulation phase below this structure.
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Follow the Shrimp 🦐

Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  
• ⚫️ Black structure -> <= 1h structure.
  

Follow the Shrimp 🦐

21. Jan. 2023

Anmerkung

a clear false breakout inside a pennant. now the price is testing the upper trendline as support. ready for the breakout

22. Jan. 2023

Anmerkung

the price is testing the daily resistance

23. Jan. 2023

Anmerkung

8% as expected

23. Jan. 2023

Anmerkung

so clear

24. Jan. 2023

Anmerkung

a perfect breakout from the pennant!

A pennant is a chart pattern that is formed when the price of a financial instrument moves in a tight range after a significant price move. It is characterized by two converging trendlines that form a "flag" or "pennant" shape. The pattern is considered a continuation pattern, which means that it is expected to signal a continuation of the existing trend after a brief period of consolidation.

27. Jan. 2023

Anmerkung

Waiting for the breakout from the bull flag