So we can see that XRP is trading inside a triangle for quite a while now and it's tightening. After a long consolidation like this when Trenline is broken we usually see explosive moves.
Those are 2 possible scenarios for XRP now, both giving us 25ish % moves, either to the upside or to the downside. My bias is bit tilted more to the downside as we had 5 TCPs (Trend Continuation Patterns) within this huge triangle and all of them broke to the downside, and also we saw that 3 pushes up never reached previous highs, indicating that bulls are bit exhausted and trend is slowly shifting in favor of bears.
In any case I would wait to have perfectly broken Trendline before entering any trades.
Good Luck!
Those are 2 possible scenarios for XRP now, both giving us 25ish % moves, either to the upside or to the downside. My bias is bit tilted more to the downside as we had 5 TCPs (Trend Continuation Patterns) within this huge triangle and all of them broke to the downside, and also we saw that 3 pushes up never reached previous highs, indicating that bulls are bit exhausted and trend is slowly shifting in favor of bears.
In any case I would wait to have perfectly broken Trendline before entering any trades.
Good Luck!
Note
One correction, 5th TCP is still not broken... 4 of them are :)Note
We saw the breakout and now resistance becoming support. Although I am not entirely convinced that price will go up, chart is telling otherwise so how do I go on with my bias and chart telling me 2 different things - I will risk manage this and open 50% of the position, so instead of risking 2% on this trade I will risk 1%.
Note
We might however, see BTC dominance drop and alt season booming, so still some things supporting price going up. Also, it's 5:1 RR trade, which I want to take all day long :)Note
Our buy hit SL. Told you I am not entirely convinced in this move up... Let's see if the support now breaks so we can switch the side and enter short :)
Note
Well, we had a break, retest and perfect short opportunity. Targets hit. Let's see how XRP behaves at support and demand level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.