This is a short-term descending triangle on the 4-hour chart of
XRPBTC
. We have two targets of the descending triangle breakdown: 1) 1316 points reaches 7655 satoshis, or 2) 13% drop reaches 7481 satoshis. We also see recent support at that zone, precisely at 7625 satoshis, from 8 November and 14 November.
However, unfortunately, the triangle is not perfect. The touches on its top are beautifully aligned but not so on the bottom. Therefore I wouldn't take the risk of shorting
XRPBTC
without seeing more short-term bearish signs.
If a short is placed here, then the stop loss should be a bit over the triangle's top line. Given the volatility of
XRPBTC
and the uncertain trend, I would place it higher over at 9100 satoshis, a point which already forms a double top.
XRPBTC
. We have two targets of the descending triangle breakdown: 1) 1316 points reaches 7655 satoshis, or 2) 13% drop reaches 7481 satoshis. We also see recent support at that zone, precisely at 7625 satoshis, from 8 November and 14 November. However, unfortunately, the triangle is not perfect. The touches on its top are beautifully aligned but not so on the bottom. Therefore I wouldn't take the risk of shorting
XRPBTC
without seeing more short-term bearish signs. If a short is placed here, then the stop loss should be a bit over the triangle's top line. Given the volatility of
XRPBTC
and the uncertain trend, I would place it higher over at 9100 satoshis, a point which already forms a double top. 