Descending triangle broke down on XRP

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.


Interesting. My daily says we did indeed break support. However, the candle didn't close below.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out