XRP v.s BTC 2020
Weekly (Zoomed Out)
Higher timeframe showing XRP continues respect it's downtrend since 2018 ATH. Stochastic RSI showing price in favor of the bears with no signs of slowing down. Price now looking to test it's All Time Low (ATL) *close of 0.00001500 satoshis. The trend is your friend until it bends.
Weekly (Zoomed In)
Sticking to our pattern timeframe with a closer look at more recent price action shows XRP now respecting a descending wedge pattern. Price is currently testing what could be the (3rd) bounce of our uptrend or continue falling to our next major support at 0.00001759. Another scenario is a double bottom forming at our current level of 0.0002500, however no signs of reversal just yet.
Daily
Shifting to our pattern timeframe we see XRP formed a higher low at 0.00002800 which could lead to a lower low. Stochastic RSI showing a double top and we should see momentum to continue towards the downside. Our pattern timeframe shows our next following dynamic support is at 0.00002500, however, our next major support isn't until the 0.00001750. Aggressive sell entry is triggered with a daily close below 0.00002550. An aggressive buy entry would be triggered with a daily close 0.00002600. In conclusion, these charts show 2020 will be dominated by BTC, however that can change quickly in the crypto space.
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