XRP consolidation setup 03/2023
Hello all,
I see some interesting elements in XRP chart, thus I'd like to share and post my idea here. This setup is just for educational purposes only.
1. Timeframe: 8h
2. By counting the Low and High, it could be seen that the Buyers are now weaker than Sellers, by observing the Top high N0 6 can not surpass the N04 with a nice DOUBLE TOP formation.
3. Why the low N0 5 could be violated by strong selling pressure to create the low N0 7?
The arrow in this chart is opened up the idea for both trading LONG or SHORT, the closing candle 8H today ( 13/03/2023) or the Daily candle of XRP could be a Hanging Man form.
if so, imo it will pave the way for a short trade, rather than a bullish continuation in short term.
Cheers. Thank you a lot for your comments and sharing.
Best regards,
I see some interesting elements in XRP chart, thus I'd like to share and post my idea here. This setup is just for educational purposes only.
1. Timeframe: 8h
2. By counting the Low and High, it could be seen that the Buyers are now weaker than Sellers, by observing the Top high N0 6 can not surpass the N04 with a nice DOUBLE TOP formation.
3. Why the low N0 5 could be violated by strong selling pressure to create the low N0 7?
The arrow in this chart is opened up the idea for both trading LONG or SHORT, the closing candle 8H today ( 13/03/2023) or the Daily candle of XRP could be a Hanging Man form.
if so, imo it will pave the way for a short trade, rather than a bullish continuation in short term.
Cheers. Thank you a lot for your comments and sharing.
Best regards,
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