XRP has been pretty weak past days, each attempt to break up failing and getting pushed back down again. Giving the impression it just can't rally anymore, but is this real or intentional? I gave the same question in my Bitcoin analysis a few days ago when it was in the 17K prices. Most things i mentioned in my previous analysis, still stand. Yesterday's double bottom failed again (when i updated about that bearish wedge, because the double bottom was weak!). While dropping to the lows again, bears again failed to break the lows.
I have zoomed in into the fractal from above, it's pretty scare how identical both moments are. Then we also had that first failing double bottom (yellow circles), then testing the lows again to eventually make the bigger double bottom. Now this doesn't mean the same will happen again, but it could of course. 0.49/0.495 must hold from now on and if the double bottom is real, it has to make a big push up very soon. Anything slow is not good. It has to push towards 0.53, maybe consolidate there a bit and then a second push. Now this second push will then determine if the potential rally is temporarily or the start of another big move. I always measure it depending on if the second push is bigger than the first.
At the moment it's against the first small resistance around 0.505 (the support level i mentioned yesterday a few times), it should be an easy one to break. But already being pretty hesitant. Think the range for now is 0.5050 and 0.49, So a break of either of these 2 levels, should give an answer on what the following step will be. If bulls fail, there is a channel support around 0.46, that trend line on the left.
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Previous analysis:
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Still each bounce being very weak and small, even with a bullish Bitcoin, XRP is finding an excuse to drop. Each time Bitcoin slows down, XRP drops. I don't like this at all.
Normally with a picture like this, with that support line, when it starts to crawl against it without doing a decent bounce, it results in a very bearish outcome.
It could be a bullish wedge here, from past days, has the shape of it and the volume profile is decent as well. But first job is to break 0.49ish, second one is 0.505ish.
If it continues to drop slowly, like the red line, it could result in a big dump.
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At some point, it has to make a big green candle on the 4H, something like those yellow circles, otherwise, it's a gamble
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So dropped quite a bit, but no big dump, that is prob because bitcoin is holding very steady at the highs. XRP is just so weak, as mentioned in the previous update, it's looking for an excuse to drop.
The wedge broke on the downside, now normally one has to judge it as bearish now, unless it becomes a false breakout and gets back in the wedge. It's not uncommon, but not easy. First big step is that green zone around 0.46/0.465, if it then holds there, the second bigger level is the red zone. If it is a real fake breakout of the wedge, it eventually needs to explode to the upside, meaning a big strong fast short squeeze. Otherwise, it will become another failure. So, 0.46ish is the first minimum bull need to break coming hour or so. Should normally not take much longer. Bears, also don't want to see it get back in the wedge, until then, they are in favor
Yeh nice man. I went long. Love how you use fractals as well. Not many do they just draw the usual resistance lines and triangles which of course the MM will use against the trader.
@raginfac, i went long 49x on the quick scalp and made 100%. when it hit my blue resistance line and ran out of momentum i bailed. thankfully haha. check my twitter.
WanderingGene
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A classic falling wedge breakout, I think we see it come when we fall to around $.45, Nicely done!
botje11
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@ceegee47 not dumping but also not bouncing up for the fake wedge break. So still a chance, but not much room left I think
Crypto_Dracula
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As always great content! Thank you!
kevinmonge
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So we broke above .46 with confidence....Do you see a test of .78 next?
hamidtranyen
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another bad analysis. Ta is not drawing . Haha ha . you always not right