Let's look at XRP

27. Dez. 2021

Here's a quick look at XRP 3 day chart. As we can see, the price has printed a bigger symmetrical triangle. The price action has been pretty boring for the past many weeks with decreasing volume. Decreasing volume indicates a bigger move to come soon. The price will probably revisit previous ATH when it breaks to the upside. Definitely one to keep an eye on.
The best entry would be, when the price breaks above the symmetrical triangle with good amount of volume .
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The idea is: Buy when the price breaks above the symmetrical triangle and take profits at the levels shown in the chart.

Targets:

1. 1.2$
2. 1.4$
3. 1.8$
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What are triangles when it comes to trading?

Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.

2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.

3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."

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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!