Crypto Express

07/13 05:29

XRP : From bearish to bullish: Chart morphs

Brandt’s analysis marks a sharp turn from his previous bearish outlook. In a tweet, Brandt explains his rationale, which is that charts are always morphing and that chart patterns might sometimes fail.

According to Brandt, "Charts are always morphing—they might morph from a possible chart formation with one implied outcome into another chart pattern with different implications."

Chart patterns sometimes fail, according to Brandt, referring to XRP’s false breakout in April, which initially hinted at a bearish Head & Shoulders top. However, that formation was swiftly invalidated

"There is actually more meaning in a failed pattern than in a completed pattern. You do not understand that XRP actually had a completed intraday H&S top in early April. This action was quickly negated," Brandt said.

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