XRP/BTC 4H Chart - Less is More?

Hello everyone,

Less is more and the more we draw stuff on our charts and look for confirmation of our internal desires, the more we actually start making mistakes. So why am I not listening to this rule?

Well, it is good to look for confirmation signs for either direction. At this point, I believe XRP will go down in the short-term and then there will be a moment to rethink position.

Bearish signs:

1. Bearish MACD crossover imminent
2. Massive hidden bearish divergence
3. We haven't tested the uptrend line support from the previous lows yet.
4. 20MA is still below us, so not tested yet as well.
5. It seems we are in a small descending channel.

Bullish signs:

1. Seems we are in an ascending channel
2. Within another ascending channel
3. Above 20 MA
4. Good news popping up frequently
5. The BTC manipulation pump caused XRP to go above key resistance levels so if we hold, good.

TL;DR

Short the short term till nice supports at 6800 sats area and look for confirmation for uptrend or downtrend then.

Thanks!

Kommentera:

Ok, so first move down went as planned. We are trading at the upper black-dotted trendline support.

Short if there is volume breakdown as price is looking weaker by the moment. Take profit around 6300sats.