Janko88
Short

XRP/USD Descending triangle

BITFINEX:XRPUSD   XRP / U.S. Dollar
XRP/USD pair is forming descending triangle on weekly timeline. This formation is bearish , and the range become extremely tight, last time this kind of formation is seen, bitcoin broke its 6K support. The more tight range become, the more brake will be violent. Compared to BTCs 6k brake, the XRP drop could potentially be 50+%. As the range is getting close to the end of triangle tip, the brake is imminent. As there is very high coherency between Bitcoin and other alt coins, the dump must happen simultaneously on BTC/USD and XRP/USD to get some follow thru on XRP/USD. If the BTC/USD start to moon the XRP/USD will probably brake to upside and nullify the bearish formation, due to high coherency.

Pros:
- Unable to close and stay above weekly EMA 12, which indicate weakness.
- Lower high after lower high, meaning there is no trend reversal in sight.
- Research proved that the ~95% of volume on exchanges is fake, meaning low liquidity.
- RSI has a lot of space for downside.
- No capitulation candle and V shape recovery in crypto market as a whole.

Cons:
If BTC start to moon.
Comment: Descending triangle is still in play. It seems that the triangle broken to the upside, because mooning of BTC/USD pair. However with small correction of upper triangle line we are in a new descending triangle as the breakout could be considered as fake out. The first support line at 0.29521 higher low is taken out, however as this could be another fake out to downside, one should wait for confirmation by braking the support line at double bottom higher low at 0.28534. Also if the BTC/USD start to dump at same time as latter support line starts to brake, probably we will see dump described in original prediction.

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