XRP/USDT - Possible Bearish Breakout
Hello traders and community, today we will tell ourselves shortly about the situation of XRP/USDT
Trend analysis
- As you can see from the XRP/USDT daily chart, right now we are still moving in bullish ascending triangle (white zone on the chart), but unforunately the price of Ripple started creating bearish breakout for testing new lower prices. That's why as a trader, I recommend to wait for correct signal before opening buy or sell position on this pair. If the price of XRP drops lower than 0,435 price level then we can expect beginning of bearish trend and the price will continue to drop up to 0,37 price level (white line on the chart). As another alternative scenario price of Ripple continue to rise up to 0,56 price level. Resistance level is on 0,5 pricel level, support zone near 0,417 pricel level and global trend stays bullish (but can change if the price drops).
Chart pattern
- Bullish ascending triangle (processing)
- Bearish breakout (processing)
Technical indicators
- RSI: market is still in boarders and is located near 50 level (not overheated, Neutral signal)
- MACD: MAs are prepared for downward movement + they get closer to each other (Bearish signal)
- BB: Volatility of the market started stabilizing after volatile movement accomplished (Bearish signal in this case)
- MA (10,20): MA10 is going upward to the level of MA20 (Bull signal)
= Overall bearish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
Trend analysis
- As you can see from the XRP/USDT daily chart, right now we are still moving in bullish ascending triangle (white zone on the chart), but unforunately the price of Ripple started creating bearish breakout for testing new lower prices. That's why as a trader, I recommend to wait for correct signal before opening buy or sell position on this pair. If the price of XRP drops lower than 0,435 price level then we can expect beginning of bearish trend and the price will continue to drop up to 0,37 price level (white line on the chart). As another alternative scenario price of Ripple continue to rise up to 0,56 price level. Resistance level is on 0,5 pricel level, support zone near 0,417 pricel level and global trend stays bullish (but can change if the price drops).
Chart pattern
- Bullish ascending triangle (processing)
- Bearish breakout (processing)
Technical indicators
- RSI: market is still in boarders and is located near 50 level (not overheated, Neutral signal)
- MACD: MAs are prepared for downward movement + they get closer to each other (Bearish signal)
- BB: Volatility of the market started stabilizing after volatile movement accomplished (Bearish signal in this case)
- MA (10,20): MA10 is going upward to the level of MA20 (Bull signal)
= Overall bearish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.