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XRP/BTC is reaching the later stages of a wedge formation but has recently hit strong resistance. This resistance has come in the form of the 50, 100, and 200 DMAs and the descending wedge’s upper boundary.
XRP/BTC Daily 1
Price is currently falling like a knife, smashing through any effort to support price at the 2740 satoshi mark. This is the unfortunate conclusion of a small bull run after price broke through the local range top at 2740 sats on 17th September, where it consolidated above the 50 DMA and 100 DMA, being rejected at the 200 DMA. After consolidating between the 50 and 100 DMAs for a while, it did not garner enough support to break above the 200 DMA resistance and has consequently broken downwards.
However, from a higher time frame perspective, this does not signal that bears are in control because XRP/BTC is at the end of the wedge formation. If the price breaks down below the wedge’s lower boundary, will a bullish structure turn into a bearish one? The next support level for XRP/BTC is at 2417 sats – the previous range’s low – but it is likely to break lower, towards the 1600 and 2005 sats area.
Just like in real life, one should never catch a falling life. In trading, one should not either. To protect oneself, it is important to wait for the price to find a bottom before buying in.