Rising Wedge (12H timeframe)
2025-01-12
Category: None

Hi there,

I am posting my updated analysis on  BINANCE:XRPUSDT , it appears that the chart has formed a rising wedge on near enough every timeframe. These include; 2H, 3H, 4H, 6H, 8H, 12H, 1D.

If this pattern confirms and breaks down from the rising wedge we're looking at the following targets for taking profit.
TP1: $2.16
TP2: $2.08
TP3: $1.96
TP4: $1.82

I believe the recent 'breakout' of the symmetrical triangle isn't a break out whatsoever, I think something else is happening here. There was no reason for todays pump. No major news no nothing. This seems to be a fake out.

A reversal doji formed on 2H and 3H signalling a reversal down to the triangles previous resistance, if it retests and re-enters the triangle these targets are possible.

I have entered my short position on the green line, TPs are labelled.