Breakdown from the triangle.

What I am currently seeing on the daily is the breakdown from the triangle, unsuccessful retest and subsequent drop.
Hovering just above 1.10 (1.12) previous resistance that seems to be providing some support at the moment.
A break of this level takes us to the next, and fairly strong support in the 1.0 - 1.02 region, also being a psychological support.
Breaking this brings inn play all the targets from my previous analysis where we bounced from the first support and that delayed this move down.
This is just looking at previous daily support levels and there are some other minor supports in the way of the move down but not looking too good for XRPUSD at the moment as the MACD is moving below the trigger line, RSI below 40 and moving down and declining volumes.
We are also moving below the Ichimoku which has been resisting the move upward with the bottom of the triangle.
If we were to move up we need to break these two levels and the strong resistance at 1.65 with enough volume.
For now I am bearish on this based on the TA above.
As we know however, it only takes one whale or some seriously good news or a sharp move from BTC to change all of that. Btw BTCUSD is also retracing from the resistance of the 100 EMA and therefore also not a very good sign especially taking into account the big drop from the ATH.

Let's see what happens.

This is not financial/trading advice and is as much for my own education as yours.
Please feel free to share your opinions so I may learn ;)
Stay Safe!

Comment:

Ok so we are moving down as predicted. Slight bounce at the 0.8 (.236 retrace) but with very low volumes even more so considering the fundamentals at play.
So I am still on the sidelines and my order is in at 0.63.
If we see a solid move above 1 dollar with volume and considering where we are on the MACD and RSI at that time, I will be looking to get in again.

For now we still have plenty of space to move down and hit that target.


Lets wait and see

Comment:

A close below the 0.9 area will signal a sustained move down for me personally. Otherwise we may see a move back up to $1 - 1.02 area where it will be decision time again.
Overall BTC is also not looking too healthy so.

Just my 2c worth not trading advice.

Comment:

3rd touch of the 0.8 region, if we bounce we are still struggling to get past the first resistance around 0.9. Personally, my feeling is still that we need to see that move down to 0.63.
If BTC continues on it's current course we may even see us breaking that level and moving further down, but that is just dependant on what daddy BTC does and who if the kiddies holds it hand on the way down.
Have a great Sunday.

Comment:

So that played out perfectly and we should see some upside to at least 0.9 and if we break through that then up to the $1 region where we will find the next resistance.
Will look at the charts and do some mew TA later today but this one was absolutely spot-on.