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An analyst pointed to how XRP and three altcoins are the other that involves the fate of a similar technical analysis (TA). Here’s what can be in the store for these assets.
TA patterns indicate the same result
In new mail In X, analyst Ali Martinez referred to common denominators that may be between XRP (XRP), Ethereum Classic (ETC), Bitcoin Cash (Bch), and Farn.finance (YFI).
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The similarity is to point out that TA gives it on the price plans of each of these altcoins. Below are the graphs shared by the analyst, which show the patterns:
The first scheme (the top of the left) highlights the trend at the price of XRP for one day, the fourth largest encrypted currency depending on the maximum market. It seems that the original may have been what is known as the head and shoulder pattern.
This pattern is formed when the price of the original appears three peaks after a sharp increase, as the internal and external peaks are similar in size (shoulders), and the largest mediator (head). The composition also includes another feature: the support line that facilitates the formation of different peaks.
From the graph, it is clear that XRP is currently re -testing this support line, after forming its third peak (right shoulder). The head and shoulder generally indicate the reflection of the direction, so the currency can end with failure in this test and that sharp diving will follow this after that.
Bitcoin Cash, the right lower scheme, re -test what could be an important support line. In this case, the trend line is the similar triangle.
The similar triangle occurs when the origin finds itself combining the two trend lines that converge in an almost equal and reflective slope. This means that with the price move to the canal, the distance between its peaks and its signs gradually becomes narrower.
The upper channel provides resistance and the lower channel provides support, but with increased unification (i.e., the price approaches the top of the triangle), the penetration can be possible.
Recently, Bitcoin Cash has approached the end of the triangle, so the escape can happen soon. Since BCH re -testing the lower direction line at the present time, this break is likely to occur on the downside. Such penetration, in the event of someone, can be a declining sign of currency, just like that of XRP.
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Two altcoins, Ethereum classic (the top right) and Farn.finance (under the left), both near the lower canal of the parallel canal. In this style, monotheism occurs between parallel trend lines.
It is possible to end with support for these coins, just as it happened in the past, but given the fact that they have been circulating inside the channel two years ago, there has been a shift towards a declining mood in this sector, and the collapse may be to the negative side.
It remains now to see whether XRP and Altcoins will end up in the path to which TA was hinted.
XRP price
At the time of this report, XRP is trading about $ 2.06, a decrease of more than 16 % in the past seven days.
Distinctive image from Dall-e, plans from TradingView.com
