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.
- 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.
has a lot of space for downside.
- No capitulation candle and V shape recovery in crypto market as a whole.
start to moon.