It's a Triangle! More correctly it's a Symmetrical Triangle.
XRPBTC pair has gotten it self into a symmetrical triangle pattern for nearly 2 months now.But,what does this mean to us?
It means that the price is about to "Explode" and we are going to try and predict where the price is going to move (Up or Down).
Triangle Patterns
We have 3 kinds of triangle patterns:
- Ascending Triangle
- Descending Triangle
- Symmetrical Triangle
Symmetrical Triangle Pattern
A symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle.
What’s happening during this formation is that the market is making lower highs and higher lows. This means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend.
As these two slopes get closer to each other, it means that a breakout is getting near. We don’t know what direction the breakout will be, but we do know that the market will most likely break out. Eventually, one side of the market will give in.
All we have to do now is wait for the right moment.By that I mean that we have to wait until the price breaks through one of the two trendlines and goes in a certain way.But be careful because the price can come right back to the triangle and test that broken trendline and until it bounces back the same way it was going do not go for a buy or a sell!
I hope I explained it right for you guys and hope it's helpful.