Ripple/EUR: price to break out of "Ascending Triangle"-pattern?
Pennant-pattern (see the two orange trendlines):
First of all, price broke out of a "Pennant"-pattern. This resulted into a price target of EUR 1.21
Calculation:
Between 12/12/2017 and 12/14/2017 price increased from roughly EUR 0.20 to EUR 0.76
The difference is 0.76-0.20=0.56
You add this difference to the price at which price broke out of the "Pennant"-pattern, which was EUR 0.65
This results into a price target of 0.65+0.56=1.21
Ascending Triangle-pattern (see the two blue trendlines):
At the moment price is a the top of the "Ascending Triangle"-pattern.
This pattern is a continuation pattern: price takes a breather from the previous increase. Also, the rising blue trendline indicates that even though price also decreases, the price decreases are getting smaller: price is being pushed to the upside
Bearish divergence price and RSI (see the two purple lines):
However, we spot a bearish divergence between price and the RSI: the price sets a higher high, but the RSI does not.
This means that the higher high of the price isn't confirmed by the RSI.
This indicates that the momentum is slowing down and, therefore, price increase may be halted.
First of all, price broke out of a "Pennant"-pattern. This resulted into a price target of EUR 1.21
Calculation:
Between 12/12/2017 and 12/14/2017 price increased from roughly EUR 0.20 to EUR 0.76
The difference is 0.76-0.20=0.56
You add this difference to the price at which price broke out of the "Pennant"-pattern, which was EUR 0.65
This results into a price target of 0.65+0.56=1.21
Ascending Triangle-pattern (see the two blue trendlines):
At the moment price is a the top of the "Ascending Triangle"-pattern.
This pattern is a continuation pattern: price takes a breather from the previous increase. Also, the rising blue trendline indicates that even though price also decreases, the price decreases are getting smaller: price is being pushed to the upside
Bearish divergence price and RSI (see the two purple lines):
However, we spot a bearish divergence between price and the RSI: the price sets a higher high, but the RSI does not.
This means that the higher high of the price isn't confirmed by the RSI.
This indicates that the momentum is slowing down and, therefore, price increase may be halted.
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