Fancy #technicalanalysis techniques such as #Elliottwave are certainly very nice and helpful in some circumstances.
However, one should never neglect the power of something as basic as #trendlines.
Here on XRP, trendlines were giving us 3 big warnings:
1) Rising wedge = bearish pattern
2) Horizontal resistance at $0.202, giving confluence with the wedge to find the top.
3) Descending triangle , another bearish pattern , which typically breaks to the downside.
Now, this descending triangle broke to the downside as expected.
I will keep a bearish 🐻 bias until proven wrong, which means: as long as we remain below 0.182.
I will reassess if we get a 4 hours closes above this level
<=> If previous support fails to be turned into resistance.
However, one should never neglect the power of something as basic as #trendlines.
Here on XRP, trendlines were giving us 3 big warnings:
1) Rising wedge = bearish pattern
2) Horizontal resistance at $0.202, giving confluence with the wedge to find the top.
3) Descending triangle , another bearish pattern , which typically breaks to the downside.
Now, this descending triangle broke to the downside as expected.
I will keep a bearish 🐻 bias until proven wrong, which means: as long as we remain below 0.182.
I will reassess if we get a 4 hours closes above this level
<=> If previous support fails to be turned into resistance.
