Z4Zachary

XRP Bearish Continuation

BITFINEX:XRPUSD   XRP / U.S. Dollar
Hey Traders!

Over the next few weeks it is expected that we will see a continued bearish movement on XRPUSD

The intraday trend is a slow and steady downwards move indicating the possibility we will see price trading at/below 50 cents within the next Weekly Candlestick

Why do I believe this?

Beyond the psychological elements of 50 cents being a major quarter level there really isn't too much structure we can identify through backtesting at this area

There is a clear range of interest between 40 cents and 25 cents so this area will act as the demand zone that may "support" the market from slipping too low

The sentiment of the cryptocurrency industry at this moment is overall bearish given all of the investors who have been taking profit and other news related to this specific asset shows us that $29m worth of ripple tokens (approx 54m tokens as of the time of this publication) were given away to DonorsChoose; an organization that will be liquidating the position over the next 2 weeks to purchase school supplies across the United States

https://www.cnbc.com/2018/03/28/ripple-g...

Macro trend is bearish on the D/W/M

New Monthly candle to form April 1 Easter Holiday
Weekly Candle has lots of momentum signaling lower prices
New Blue Moon also will be influencing humanity this weekend (second full moon in the month of march) and this will be the last time until 2020 we experience this!

As always trading involves risk and anything you choose to do is solely up to you...

Expect lots of supply (sell limits) to exist around 60/65 cents... when we separate the market into "ranges" where we can expect Price Action to give us confirmation of the anticipated movement to see price CONTINUE to MOVE DOWN

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