XRP ready for another wave down... :)
So our recent long position took 7hrs to hit our mark of 1.40... but at least it hit :)
Moving forward we are going to zoom back out from the 1hr chart and analyze the 4hr chart shown above.
As illustrated on the chart we can see a clear downwards trend pattern forming in measured waves...
The last two waves down bounced just above the 21 EMA shown in Red, before starting another leg down.
From our recent long position, we can see the same pattern forming as the last two legs down.
It is also worth noting that BTC cannot hold 50k let alone climb anywhere above it. This is bearish and shows that the market is ready for another push down imo.
Lastly, the 1d chart shows our EMA's on the verge of crossing over...could happen in the following 12 hours so i'm watching closely that as well.
Moving forward we are going to zoom back out from the 1hr chart and analyze the 4hr chart shown above.
As illustrated on the chart we can see a clear downwards trend pattern forming in measured waves...
The last two waves down bounced just above the 21 EMA shown in Red, before starting another leg down.
From our recent long position, we can see the same pattern forming as the last two legs down.
It is also worth noting that BTC cannot hold 50k let alone climb anywhere above it. This is bearish and shows that the market is ready for another push down imo.
Lastly, the 1d chart shows our EMA's on the verge of crossing over...could happen in the following 12 hours so i'm watching closely that as well.
Related publications
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.