Don't be fooled by small bullish spike on XRPUSD, which happened this week. Small jump of +10% doesn't have to mean we are on the bottom of MegaBearish trend, which is happening in the crypto market right now. In this idea i wanted to share some technicals analysis and what was behind the moves of XRP in past weeks/months.
In my eyes, bearish trend is not over yet and this "huge" spike meant almost nothing here (as you can see on analysis). We could head to 0.20 easily on XRP. Don't forget we are still in huge bearish trend. Hope you like this analysis, I want to post more of this for educational purposes and ofcourse for informating you what I think pairs/cryptos will do next.
Thank you for support everyone. Have a great week ahead!
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Wow guys. Wasn't expecting that much Views on this idea. Thanks for Support everyone.
IF you dont mind me asking why did you make 2 upper trend line ? Instead of making two one larger bigger trend line could have be better representation of longer trend .Am I wrong?
ForexThief
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@SpaceCatZ, I don't mind at all. I didn't include those two wicks, because both of them was huge manipulation and caused major spikes on XRP.
So for me, I'm not taking it as a proper analysis. (Both News, but still respected technicals key levels).
UNWOUND
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Now that makes more sense------------ thanks
ForexThief
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@UNWOUND, Hope its not sarcasm. :D Thanks anyway bro.