Bearish Gartley with Potential Bearish Divergence

5 авг. 2020 г.

I have identified a harmonic pattern known as a bearish gartley on the weekly chart for XRPUSD. While I think there could also be hidden bearish divergence on the oscillators, I am told that the divergence is not confirmed until it starts waning, which it has not. Regardless, the pattern is only invalidated if the price of Ripple exceeds point X, which is essentially 35 cents, which is a tremendously difficult area of resistance for XRP. For that reason I think this trade setup is lower risk, but I suppose if BTC continues to rise, XRP might follow and invalidate the pattern.