XRPUSD Divergence from BTC and Consildation
On the 2 hour chart XRPUSD is showing a divergence from BTC and is forming a triangle pattern that extends into September.
It is well known that the crypto market generally moves in harmony with BTC. The same goes for XRP. However, the upcoming rally could be different. This is because the current trend shows a divergence between the value of XRP and BTC.
Although current trends indicate an upcoming bullish BTCUSD movement, it seems likely that XRP will still continue to consolidate within this triangle until August/September (during a supposed BTC rally). Afterwards, I'm expecting a bullish run that will surpass previous highs (consolidation-breakout).
I'll be shorting XRP for now, because I'll be long on the alts. Once XRP breaks above resistance, then I'll go long.
Thanks for taking the time to read this.
Nothing is random.
Stay profitable.
It is well known that the crypto market generally moves in harmony with BTC. The same goes for XRP. However, the upcoming rally could be different. This is because the current trend shows a divergence between the value of XRP and BTC.
Although current trends indicate an upcoming bullish BTCUSD movement, it seems likely that XRP will still continue to consolidate within this triangle until August/September (during a supposed BTC rally). Afterwards, I'm expecting a bullish run that will surpass previous highs (consolidation-breakout).
I'll be shorting XRP for now, because I'll be long on the alts. Once XRP breaks above resistance, then I'll go long.
Thanks for taking the time to read this.
Nothing is random.
Stay profitable.
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Here's a closer look at the chart. BTC divergence almost always correlates with a big price movement.
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Now neutral
