I posted a short term bullish idea on XRP, but taking a look at it on the weekly timeframes with indicators on, it looks mightly bearish.
We have some pretty nasty Bearish divergences between last peak (candle close) and most recent peak (candle close) on both RSI and MACD.
I've circled a potential fractal that we may be in. Could see us reaching for another high, after which we proceed to bleed to our bottom. Where that bottom is? Not sure, I'd want to wait to see how far we bounce up first and then see how far we can go down.
It's all good to be trading shorter time frames, but larger timeframes are just as important. Always good to know what trend we are in.
We have some pretty nasty Bearish divergences between last peak (candle close) and most recent peak (candle close) on both RSI and MACD.
I've circled a potential fractal that we may be in. Could see us reaching for another high, after which we proceed to bleed to our bottom. Where that bottom is? Not sure, I'd want to wait to see how far we bounce up first and then see how far we can go down.
It's all good to be trading shorter time frames, but larger timeframes are just as important. Always good to know what trend we are in.