I don't trade XRP as a rule BUT... I have noticed this very large triangle pattern here.
This should serve as an indicator for the rest of the market - hence it's interest to me.
This can only be a wave 4, which means we should expect further upside.
In fact on a speculative basis, as I sketch here, I suspect that this is only a subwave of something much bigger taking place
My reasoning being that I think the divergence that took place between November and December is far too small to be indicative of a proper top.
On broader daily timeframes, there is no divergence at all.
Which means that the overall crypto market is not done yet and there's further upside on altcoins.
To trade this, DCA the next dip (assuming we get one!), and have an invalidation threshold (a hard stop) about 1.90.
Trade carefully and watch your stops.
This should serve as an indicator for the rest of the market - hence it's interest to me.
This can only be a wave 4, which means we should expect further upside.
In fact on a speculative basis, as I sketch here, I suspect that this is only a subwave of something much bigger taking place
My reasoning being that I think the divergence that took place between November and December is far too small to be indicative of a proper top.
On broader daily timeframes, there is no divergence at all.
Which means that the overall crypto market is not done yet and there's further upside on altcoins.
To trade this, DCA the next dip (assuming we get one!), and have an invalidation threshold (a hard stop) about 1.90.
Trade carefully and watch your stops.
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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.