XRP future price theory

KRAKEN:XRPUSD   Ripple幣 / 美元
218 0
The red bottom line is where I place my suspected support level , the price is head into a descending triangle . I will call this situation A.
On the other hand, I have a bottom black line that's going downwards. I will call this situation B.

Given the action of the price, the resistance level could be the upper black line going downwards or the 40 EMA . Either way, both are tested 3 times as per the 3 blue arrows, and its on a BEARISH momentum.
However, the support line has only been tested twice. Depending on where the price finds its support, either situation a or b, I can make a decision on whether how I will position myself to sell short.
IF the price gets supported in situation A, the descending triangle would hold my fiat in my bank account. However, if it lands on situation B(roughly 0.33c), I can short sell on its way up to the
analyzed resistance level and sell once it hits it.

My fiat is locked and loaded. Ready to fire when it hits the appropriate support level .
評論: I was right regarding my downward channel analysis. On March 5, the candle failed to penetrate the downward resistance line. It is now back to a bearish momentum. I will hold my fiat for now. Looks like it's about to test the 0.64 support line. If it does succeed in in supporting it at that price. It would look as though we would have formed a descending triangle pattern which is an another bearish momentum.

I am analyzing that we will hit as low as 0.04 before we go for a MAJOR bull run. My fiat is in my holster for now. I will pull the trigger once I see a new momentum.
評論: Looks like it broke through the 0.64 support line. We will likely see as low as 0.07 if it continues to follow the downward channel.
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