Bearish Rectangle (1H)Hi there,
I am posting my updated analysis on CRYPTOCAP:XRP , I believe that we're currently trading within a Bearish Rectangle on the 1H timeframe. The fact we're hovering closer to the lower side of the rectangle would suggest a possible breakdown which would result in the price falling down towards the following levels;
$2.16, $2.08, $1.96
- $2.16 is within the pennant which would make it a more likely objective.
- $2.08 is just below the pennant, I believe we could wick down to this.
- $1.96 is seeming less likely as we progress through the pennant
> These are places where I'll be looking to open long positions.
BINANCE:BTCUSDT has created the neckline for the very large H&S on 12H-1D timeframes, it rejected at first but could it do another retest? If it does breakdown then it'll drag the rest of market with it. This is something we must watch for in coming hours/days.
If BTC was to breakdown we'd be looking at $75,000-$80,000 target, where would that leave XRP? I'm not too sure but it's been holding well so far.
Does anyone have input on this analysis or feedback, it would be greatly appreciated. I'm relatively new to trading and TA but I'm figuring it out slowly.
Thank you! =)
