Looking at the chart, we can see that XRP has created a new symmetrical triangle formation. Previously, there was a smaller triangle (seen with the dashed black ) that broke to the upside, only to form this new, larger triangle. This price action is identical to what we are seeing in many of the other cryptos, and it suggests that a downside continuation is highly probable. For those who are unaware, symmetrical triangles are typically continuation patterns. Since we are in a bear market correction, the continuation would have to be to the downside.
Before we go any further, and delve into the beautiful nature of this chart, I want to emphasize the fact that I am a strong believer in market theory. In mathematics, fractals can be described as fragmented geometric shapes, that can be broken into smaller parts, which fully or NEARLY replicate the whole. Yesterday, someone commented on one of my posts that "The problem is 'professional traders', as you call yourself, think market has a pattern all the time, and is a beautiful drawing."
He's absolutely right.
Looking at the chart, you can see that when XRP ran up to the all-time high, it formed a pattern. After measuring the height of the pattern, and subtracting that amount from the neckline, we can see that it gives us a price target around $0. Many people did NOT like to hear that, in my "Will Ripple Crash To Zero?" posts. However, more recently, XRP has formed this series of symmetrical triangles. When I measure the newest symmetrical triangle, and subtract that measurement from the proposed breakdown level, we can see that the price projection is not too far, percentage wise, from that of the pattern. THAT, is the nature of the markets at work. It is fragmented geometric shapes, that fully or nearly replicate the whole. With that in mind, I think it is inevitable that we reach the symmetrical triangle target. I realize that the implications of the pattern are drastic. Personally, I have no idea if XRP will go to zero. I'm just showing you what's on the chart.
Regardless, I am still a TRADER! I analyze the market, in a very efficient and accurate way. However, if the market moves against my analyses, I am generally quick to reconsider my positions. I am nimble, and not at all emotionally attached to my views on the market. Therefore, if I were to see an upside breakout, above the heavy overhead resistance, I would definitely consider new positions. However, given the overall picture of this chart, and how close the symmetry of it is, I highly doubt we will see an upside breakout, before we reach the downside target.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
If it broke that channel, we can prepare bor a big drop!
It is very big period, and I cannot draw it so precise everywhere. As example here is another try: