XRP / USD Secondary Trend. Wedge.

Updated

Secondary trend. In a downtrend, a falling wedge is formed. At the moment, the price is moving from the "reset 19" in the falling wedge zone. Now the price value is $ 0.62. Also, the price is near the dynamic zone of support for an uptrend (rising lows) from "reset 13" (lows on 13 03 2020).

At the moment, it is rational to pay attention to the work with this wedge and its resistance, as well as the dynamic ascending support line (green), the base of which is from 03/13/2020. It is worth noting that in December, when there was a massive FUD of the game with SEC, it was temporarily broken through. Areas of key price levels are shown on the chart.

All secondary uptrend since "reset 13" 13 03 2020
XRP/USD Secondary Trend.An expandingVolatility zoneWedge.

XRP / USD Secondary Trend. An expanding volatility zone. Wedge.

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Stop the price decline in the support level 0.545, from it the breakdown of the wedge resistance +14%. Now there is a pullback after the breakdown.

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+24% from the breakdown of the wedge. Continuation of the movement after the local pullback. An attempt to break through the trend line (back to the big channel). The price fixation above the trend line is important for the continuation of this trend development. The double bottom is formed 33%.

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The local target of the double bottom is taken. Almost +40% from the breakdown of the wedge. 2 08 21 there should be "news-trends" for the direction of the price movement. They may be both positive of the continuation of this local trend and pumping to the marked local targets, and negative of the nature to correct the price in sideways movement. Local levels to work showed on the price chart.

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+148% of the secondary trend reversal level of 0.5450. The price reached the level of 1.26. To understand the further price movement see the related ideas of the secondary and main trend

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resistance zone of $1.3 did not break through, from it the pullback (22% channel), at the moment the price after the pullback is in its lower part. On some exchanges in a zone of $1.85 - $1.09 (13/19) there were huge orders to buy (price retention).

For a local manipulative movement for the completion of a position when stops are placed under this zone (for large orders, clever traders use the market glass, but not the chart, to avoid the early sale of small movements). That's such a trick. It is very effective in "quiet time" and at very important reversal zones. Bids form a chart pattern, support, resistance, trend direction...

Large bids of the market maker protect stops of smaller market participants. But, you have to understand that these same orders can be removed by the market maker to set the coin with discounts and liquidity. The drain 22 12 21 on this principle occurred. I wrote it as it is. If that happens, the moves will be fast on the stops, but it doesn't have to be. Globally, the price is in an ascending large channel under the support zone of the inner channel.

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A local descending wedge has formed. The price reached the dynamic support of the trend channel. I think it is worth thinking about at least a partial set of positions on the allocated amount on this coin.

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Mid-term work. Further development of the trading situation. Formation of a triangle above the uptrend (fractal if you look at the larger chart scale). The price is squeezed into a corner. Zones of levels from which the further development of the local trend shown on the chart with arrows.

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