Hello everyone, thanks to the viewer for the comment 🙂👍 under the investment idea, which was successfully implemented on #Ripple: https://www.binance.com/ru/feed/post/618804
Let's start with the monthly chart, the price #XRP is confidently moving along the upward trend support (green), and therefore the priority is for growth.
On the weekly chart, the price has broken through a strong resistance level (red), this condition also provokes players to buy.
On the weekly, a double bottom reversal pattern is formed:
More details about the figure:
A double bottom reversal pattern in technical analysis is a signal of a possible price reversal from a downward trend to an uptrend. It is formed when the price first reaches a certain level (lower level), then bounces up and falls again to approximately the same level, forming the first “bottom” of the pattern. Then the price bounces up again, rises above the previous peak, and then declines again, but not to the level of the first “bottom”, forming the second “bottom” of the pattern.
An important signal to confirm a double bottom is the breaking of the resistance line, which is formed at the level between the two “bottoms”. This signals that buyers are becoming more active and the price may continue its upward movement.
Traders often use double bottoms to determine when to buy an asset because it indicates the possibility of a trend reversal.
Conditions for entering the market:
If the level of 0.5828 is broken on the weekly growth target of 0.8573, we envisage a rollback at the level of 0.7038.
💡Don’t forget to set a notification when the price #XRPUSD crosses the level of 0.5828.
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* Breakout is the closing of the candle body behind a specified level. * Rollback is a level upon reaching which, with a high probability, the price may begin to correct to the previous, breakout level or go into a deeper correction to the level of resistance or support of the main trend. You can record your profit without waiting for your goal. Use positive sl and trailing stop
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