Bearish scenario: descending trend breaks down taking us to 23k
Despite defending the weekly open, the bearish scenario is highly likely to play out. We have a descending trend / triangle and these have a high probability of breaking to the downside.
Rejected from the .5 fib level.
Fundamentals - poor week for Ripple has caused fear in the market, particularly for institutions.
One of the largest ever CME gaps from 23.8k, we pumped to 28k VERY fast which will have surprised many institutions who want to buy at that level.
Pullback is natural and due.
Rejected from the .5 fib level.
Fundamentals - poor week for Ripple has caused fear in the market, particularly for institutions.
One of the largest ever CME gaps from 23.8k, we pumped to 28k VERY fast which will have surprised many institutions who want to buy at that level.
Pullback is natural and due.