BEARISH DISTRIBUTION PARTTERN FOR XRP BEARS

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XRPUSDT Price action is building this descending triangle pattern. Now this is a Bearish pattern that fulfills downward about 78% of the time.

its important to Note that we are early in the formation of this distribution formation and there are many paths the market can take to fulfill this pattern.

PATH 1--> Price action break above the red trendline .. Enter short into the resistance block

PATH 2--> Price trades within the descending triangle .. Enter short as/when price hits red trendline.

Safe Trade Option ----> is to wait until the formation resolves .. (i.e a clear break and close outside the pattern) before you open trade positions

Like I said, we early to the trade. This formation should resolve in Feb 2025.. so plan the trade to manage fees, time and emotions.

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Giao dịch được đóng thủ công

Trade idea is invalidated