XRP’s 3 hour chart 50ma climbing up through the bullflag

26 nov 2024

A rare look by me at the 3 hour timeframe chart on XRPUSD. I normally don’t try to chart timeframes lower than 1 day because the chart patterns have a much lower success rate of reaching their full breakout targets. However I noticed that the 3 hour charts 50ma (in orange) has held as support since November 5th and is getting close to climbing its way up out of the bullflag here. If price continues to maintain solidified support on that 50ma, then it will validate the breakout up from this bullflag in the near future which will have a breakout target of around $2.00 . Of course being a small time frame, the 3hr 50ma could also easily flip back to resistance in which case we wouldn’t validate the breakout. For now probability favors the breakout upward slightly moreso. *not financial advice*

26 nov 2024

Nota

3hr ma has at least temporarily flipped to resistance here, however the 4hr 50ma is still holding support.

26 nov 2024

Nota

4hr 50ma held support and 3hr 50ma is back to acting as support for now.

27 nov 2024

Nota

As originally anticipated the 4hr 50ma appears to be shoving price acton up out of the flag now that it has flipped back to support.

27 nov 2024

Nota

An updated look at the 3hpur 50ma:

I also added the pink ascending channel we are currently inside to showcase how the 3hr 50ma has started to run almost parallel with the trajectory of the channels bottom trendline. This should create double reinforced support. Which is why I felt the new spot I placed the dotted measured move lne at seemed like a safe bet. Should it break up there the new revised breakout target is round $1.97 although price could also easily go past that to test the top trendline of the rising pink channel too.

1 dic 2024

Trade chiuso: obiettivo raggiunto

Target hit!