just a quick update on xrp
we have a break of structure and are
bearish, within an ascending macro triangle.
looking at simple support and resistance
I would say that the next
major support would be at 0.83
and as for a timeline if I had to guess
we will bounce off support around October to November.
this would give us another 40% to the downside and 7 to 8 months to go to reach support.
this thesis is only valid if we continue to fall.
however, the trend also shows us making lower lows while grabbing liquidity grinding down slowly.
IMO until we have a full exhaustion of buyer we won't go higher
once all buyers have given up, we will see a reversal until then I see the market maker grinding down slowly grabbing liquidity giving bulls false hope.
we have a break of structure and are
bearish, within an ascending macro triangle.
looking at simple support and resistance
I would say that the next
major support would be at 0.83
and as for a timeline if I had to guess
we will bounce off support around October to November.
this would give us another 40% to the downside and 7 to 8 months to go to reach support.
this thesis is only valid if we continue to fall.
however, the trend also shows us making lower lows while grabbing liquidity grinding down slowly.
IMO until we have a full exhaustion of buyer we won't go higher
once all buyers have given up, we will see a reversal until then I see the market maker grinding down slowly grabbing liquidity giving bulls false hope.
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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.
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.