XRP 4hr cup and handle pattern overlapping 1day bull pennant
Show here is the 1 day chart bull pennant. I will post the 4hr chart below this to get a better look at the cup and handle. The top trendline of the bull pennant is overlapping with the rimline of the cup and handle pattern...which is currently causing double reinforced resistance...I believe however by the apex of this 1 day bull pennant(next 1 day candle) that we will be able to flip that resistance to double reinforced support and continue our breakout upward. We should know by the next 1 day candle....of course always wise to be prepared for the exact opposite outcome as well.
Commento:
sorry the cup and handle is actually more clearly defined on the 1hr chart more so than the 4hr chart: s3.amazonaws.com/tra...shots/b/B1yOyJlR.png
Commento:
also a chance instead of the false breakout on the cup and handle before that that was really the top right side of the cup in which case the rimline is slanted upward...if so it looks correct on the 4hr chart: s3.amazonaws.com/tra...v/vfMaq9Bq_thumb.png
Commento:
The daily rsi is still very close to overbought zone though so we will likely drop back to the bottom part of the pennant again to cool the 1 day rsi before making our breakout.