XRPUSDT - CORRECTION WITHIN BULLISH TREND?
Symbol - XRPUSDT
Yesterday evening, XRPUSDT retraced the previous decline but encountered significant resistance, which defines the upper boundary of the descending channel. This may lead to a potential correction. Following a notable upward movement, XRP is now entering a corrective phase, which is occurring within a descending channel or flag pattern. The nature of this pattern suggests a continuation of the prevailing trend, with the broader market trend remaining bullish.
From a technical perspective, a false breakout of resistance and a subsequent correction are plausible, with a potential pullback to the 3000 level before the market begins to develop the momentum for a breakout of the channel’s resistance, thus facilitating further upward movement.
Key support levels: 3000, 2900
Key resistance levels: 3145, 3200
The liquidity zone between 3145 and 3200 may initially prevent the price from breaking higher. In the short term, I anticipate a false breakout followed by a correction to the targets outlined in the chart.
Yesterday evening, XRPUSDT retraced the previous decline but encountered significant resistance, which defines the upper boundary of the descending channel. This may lead to a potential correction. Following a notable upward movement, XRP is now entering a corrective phase, which is occurring within a descending channel or flag pattern. The nature of this pattern suggests a continuation of the prevailing trend, with the broader market trend remaining bullish.
From a technical perspective, a false breakout of resistance and a subsequent correction are plausible, with a potential pullback to the 3000 level before the market begins to develop the momentum for a breakout of the channel’s resistance, thus facilitating further upward movement.
Key support levels: 3000, 2900
Key resistance levels: 3145, 3200
The liquidity zone between 3145 and 3200 may initially prevent the price from breaking higher. In the short term, I anticipate a false breakout followed by a correction to the targets outlined in the chart.
交易开始
The XRPUSDT pair has corrected by 4% following my entry. The price is currently retracing, indicating the formation of lower highs. I am holding the short position with stop-loss at 3.2500注释
Holding Short position with CTC SL now.
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