Hello traders,
We see XRP/USDT pair is forming tightening equilibrium since Feb 18th, and it will break in next 2-3 days. Currently it is confined within symmetrical triangle, so the direction of breakout needs more confirmation.
The target of breakout is indicated in the chart. I am leaning toward bearish breakout, because the target for bearish breakout is roughly $0.25-$0.26, where we see a confluent layer of support (then we can have double bottom to confirm trend reversal).
Happy trading!
We see XRP/USDT pair is forming tightening equilibrium since Feb 18th, and it will break in next 2-3 days. Currently it is confined within symmetrical triangle, so the direction of breakout needs more confirmation.
The target of breakout is indicated in the chart. I am leaning toward bearish breakout, because the target for bearish breakout is roughly $0.25-$0.26, where we see a confluent layer of support (then we can have double bottom to confirm trend reversal).
Happy trading!
Comment:
There was a bullish breakout attempt this morning with high volume, but it was rejected. It seems like Ripple is attempting for another breakout again, so let's see how market will react to this.
Comment:
There is a clear bearish breakout this morning as expected.
29 cents is acting as a support for now. The Bitcoin is still staying strong despite the $4050 rejection.
29 cents is acting as a support for now. The Bitcoin is still staying strong despite the $4050 rejection.