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Spare1
Feb 5, 2020 6:29 AM

XRP - 1D - Decsending triangle limit 

Ripple / EuroKraken

Description

Hello,

Relating to the last chart, we are approaching the pink line of the descending triangle.

Looking at the stochastic : Overbought on 1H, 2H, 6H, 1D, 2D, 3D chart.
Looking at the RSI : Overbought on 1H, 2H, 6H, 1D, 2D, 3D chart.
Looking at the EMA : We see that the pink line crossing can correspond to a golden cross, that could validate the importance of this triangle.

In my opinion, I'll try a short trade for next move with the bottom of the triangle as target. Then we have to make an strong analysis to understand what will happen next.

There is a chance that the price will beat right now the descending triangle but technical indicators are showing the contrary. Don't forget the to put safety limits.
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