BEARISH DISTRIBUTION PARTTERN FOR XRP BEARS
Updated
XRPUSDT Price action is building this descending triangle pattern. Now this is a Bearish pattern that fulfills downward about 78% of the time.its important to Note that we are early in the formation of this distribution formation and there are many paths the market can take to fulfill this pattern.
PATH 1--> Price action break above the red trendline .. Enter short into the resistance block
PATH 2--> Price trades within the descending triangle .. Enter short as/when price hits red trendline.
Safe Trade Option ----> is to wait until the formation resolves .. (i.e a clear break and close outside the pattern) before you open trade positions
Like I said, we early to the trade. This formation should resolve in Feb 2025.. so plan the trade to manage fees, time and emotions.
Trade closed manually
Trade idea is invalidated
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