Bearish XRP - 05 November 2024 - Technical Analysis

EURUSD Forex

Ripple

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports Ripple Bearish bias. A break of 0.4993 will support the fall towards the target of 0.4652 the break of 0.4652 would push the price to 0.4425.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.3884
Support S1: 1.3804, S2: 1.3764 , S3: 1.3684
Resistance R1: 1.3924 , R2: 1.4004 , R3: 1.4044

Brokers

Open account

Summary

Instrument :

Ripple

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

50%

Entry Level :

0.4993

Activation Time :

2024-11-03 18:00

Age :

14 Bars

Progress :

19%

Close Time :

2024-11-05 22:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.