XRP/BTC - Some Trendlines to Think About (Long-term trend?)
XRP/BTC is in a critical spot right now, that could either confirm long term reversal or potentially endanger the year-long low.
In the last two months XRP has broken up from a descending channel (indicated by the red arrow), a pennant (indicated by blue arrow) while forming another major pennant in the process (green line).
A break up from the green line would indicate three moves up from three major interim patterns in a row, potentially a very bullish sign and could confirm a true reversal in year-long terms.
A move down from the green support line would reject this pattern and leave us with little support on the way down t 0.00000004600 area set on May 26th, the year-long low from May 19th would be our next major support.SHould we break down there we are still in a long-term BEAR market.
In other words, big moves coming up from XRP. Personally I'd like to see this pattern fully break out before entering.
In the last two months XRP has broken up from a descending channel (indicated by the red arrow), a pennant (indicated by blue arrow) while forming another major pennant in the process (green line).
A break up from the green line would indicate three moves up from three major interim patterns in a row, potentially a very bullish sign and could confirm a true reversal in year-long terms.
A move down from the green support line would reject this pattern and leave us with little support on the way down t 0.00000004600 area set on May 26th, the year-long low from May 19th would be our next major support.SHould we break down there we are still in a long-term BEAR market.
In other words, big moves coming up from XRP. Personally I'd like to see this pattern fully break out before entering.
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