✴️ XRP Descending Triangle, Correction High Probability
Updated
This is what can happen in the coming weeks, early 2024, based on current chart signals.
➖ XRPUSD peaked 13-July and has been moving lower ever since.
➖ By mid-Nov a lower high emerged and a new descending triangle formed.
➖ This triangle is still active, lower highs, with the action moving yesterday below EMA50.
➖ This is matched by the RSI going weak (bearish) with decreasing volume...
This combination of signals can lead to a major drop.
First slow as it is happening now and then a sudden crash to liquidate all those who are long.
It is the same bullish scenario but in reverse... The market moves in waves.
Namaste.
➖ XRPUSD peaked 13-July and has been moving lower ever since.
➖ By mid-Nov a lower high emerged and a new descending triangle formed.
➖ This triangle is still active, lower highs, with the action moving yesterday below EMA50.
➖ This is matched by the RSI going weak (bearish) with decreasing volume...
This combination of signals can lead to a major drop.
First slow as it is happening now and then a sudden crash to liquidate all those who are long.
It is the same bullish scenario but in reverse... The market moves in waves.
Namaste.
Note
Breakdown confirmed.This should be the start of the correction.
Note
A strong crash is imminent now... XRPUSD is moving daily below EMA200 with a weak RSI (34.33).There is no going back from here, all signals are red. Of course, the day is not over so below EMA200 is not confirmed.
Here is the 4H timeframe:
The rejection happened right at EMA10 which is the shortest moving average we use, it didn't reach EMA21 nor any of the longer ones on the upward bounce, a signal of weakness.
Prepare accordingly.
Note
Here on this chart we can see a strong rejection right below EMA50, yesterday.XRPUSD pushed above this level (0.6054) but ended up closing the session below.
It hit the upper triangle trendline as well...
Today we have full-red... It will be a very strong correction based on the action today.
Since this is just the start, brace for impact.
We will have plenty of time to buy at lower prices and enjoy and entire year of growth (2024).
I will be here sharing with you the best time to enter, when support is found.
We adapt live to the market and...
We ride the wave, up and down, up and down and then UP!
Thanks a lot for your continued support.
Namaste.
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