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.
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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.