So, we can see that the breakdown has occurred. Price is currently finding a bit of support off of a rising (teal dots) which originates at the beginning of the rally. If you look closely, you can see that the current candle has pierced this rising — weakening it as a . If XPR continues to break below that level, the dark blue will be the next level of support. As you can see, there is still more resistance above XRP, than support below. Above us, we have the triangle, the 50 (in orange,) the 61.8% retrace, the 200 (in purple,) and then the heavy overhead . Below us, we have the rising dotted , the blue , and then the 78.6% retrace. Therefore, the path of least resistance is down. With that said, I wouldn't be surprised if we saw XRP trade back up to the 61.8% retrace, before turning back to the downside. For those of you who don't know, symmetrical traingles often return to the apex, after a breakout, before heading back to the downside. That is normal movement for a triangle breakout. Contrarily, we could see XRP just start to smash through these weakened support levels below us.
All doom aside, there is a small glimmer of bullishness on this chart, and that's on the . We can see two back-to-back divergences (green ) where momentum made higher highs, while price made lower lows. Divergences are typically hit-or-miss, so I don't usually pay much attention to them, unless they correspond with several other indicators. Just take the DIA , SPY , or the QQQ for example — divergences galore, during one of the strongest bull markets in history.
Overall, I expect that the rising dotted will be broken, and price will continue to fall toward my symmetrical triangle target. The overall formation is unmistakably , and the vast majority of indications point to further selling.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
1st one. my daughter 9yo told me that your nickname is really shitty and revealling how no life you are and spending all your time on trading charts. (i don t lie)
2nd i like your analyses and the fact you are able to stand a position against the mainstream.
3rd you can save a lot of time. Because, having spent so much of your time on charts, you have not noticed that BTC is driving everything up/down upon the mood of the day, therefore each altcoin is either a liltlle more volatile, or delayed in the trend.
In conclusion. If you are brave and so convinced by your analyses remove your disclamer at the footpage of your post, and tell people target objectives and stop loss, and holding time.
Otherwise, you are just here to serve you own ego.
I hope your TA brought you a lot of fortune.