📊XRP: long after the false breakout! Enjoy it!
Hi friends! Do you want to know what is the most common pattern on the crypto market? 📈False breakout is one of the main patterns of technical analysis. How do you apply it to XRP? Read the description for details!
✅What is the advantage of a false breakdown? This pattern is very easy to use. You need to mark a key level and wait for the price to break it and then return under it the next candle.
Let's mark 2 key levels:
1️⃣ $0.92 is a key after the false-breakout, the price fell by 60%.
1️⃣ $ 0.34 is a key level, behind which there are shorts traders' sell orders and long traders' stop-losses. There is a lot of liquidity for the WHALES!
If we look at the key level of $0.91, we can see that this pattern works out perfectly. An additional trigger for going short is the rapid price movement. The price did not consolidate under this level, but broke through it with large candles. You may have guessed that someone pumped the price on purpose to activate traders' buy orders and then make them sell lower and lower (cheaper and cheaper).
The same could happen with the key level of $0.34 only to open a LONG. The trigger for opening a long would be:
🚩 false breakout - the price broke through the level and returned above it
🚩 large volumes - the orders have triggered, the whale has collected liquidity to BUY
As the price rises, everyone who opened shorts from $0.92 to $0.34 will be closing trades in a panic, which will give the price an additional impulse for growth.
🎯Targets:
🔶0.59-0.63 is the first target (+90%).
🔶0.74-0.78 - global target. If many traders opened short trades and Bitcoin shows the strength in the near future, the price will easily reach it.
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
✅What is the advantage of a false breakdown? This pattern is very easy to use. You need to mark a key level and wait for the price to break it and then return under it the next candle.
Let's mark 2 key levels:
1️⃣ $0.92 is a key after the false-breakout, the price fell by 60%.
1️⃣ $ 0.34 is a key level, behind which there are shorts traders' sell orders and long traders' stop-losses. There is a lot of liquidity for the WHALES!
If we look at the key level of $0.91, we can see that this pattern works out perfectly. An additional trigger for going short is the rapid price movement. The price did not consolidate under this level, but broke through it with large candles. You may have guessed that someone pumped the price on purpose to activate traders' buy orders and then make them sell lower and lower (cheaper and cheaper).
The same could happen with the key level of $0.34 only to open a LONG. The trigger for opening a long would be:
🚩 false breakout - the price broke through the level and returned above it
🚩 large volumes - the orders have triggered, the whale has collected liquidity to BUY
As the price rises, everyone who opened shorts from $0.92 to $0.34 will be closing trades in a panic, which will give the price an additional impulse for growth.
🎯Targets:
🔶0.59-0.63 is the first target (+90%).
🔶0.74-0.78 - global target. If many traders opened short trades and Bitcoin shows the strength in the near future, the price will easily reach it.
💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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