Last couple days Ripple has entered consolidation and the countercyclical traders have taken the asset back to test resistance and the breakdown level. However, overall, XRP is in a full-blown downtrend:
1) we can see it continues trading within a descending channel.
2) its now testing the EMA50 on the daily.
3) We have yet to test significant support on the daily and weekly timeframes.
Judging by the way it has traded at the top channel line we should anticipate a sharp selloff.
- Below 35 cents we have confirmation of trend continuation.
- Above 38 cents we are bullish.
Here is part 1 of this idea:
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
1) we can see it continues trading within a descending channel.
2) its now testing the EMA50 on the daily.
3) We have yet to test significant support on the daily and weekly timeframes.
Judging by the way it has traded at the top channel line we should anticipate a sharp selloff.
- Below 35 cents we have confirmation of trend continuation.
- Above 38 cents we are bullish.
Here is part 1 of this idea:
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Comment:
We have a nice flag pattern on the small timeframe which we can use to enter this trade:
Order cancelled:
Rekt!
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OK. Here's the new confirmation... targets are the same.
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H&S?
Bigger tf:
Bigger tf:
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May need to consolidate here and kiss the upper downward trendline
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Watch for the shorting opportunity ;)
