$XRP has got a nasty Hanging Man candlestick pattern (see my Daily chart) which, if confirmed, will trigger me to close the remaining 50% of this long position.
At this point, Ripple coin is starting to look pretty ripe for a correction, which is a healthy behaviour after a 32% pump, like this week.
The Hanging Man pattern is NOT a trading signal by itself, remember, it only works reliably after getting a confirmation, like most TA events.
Long story short, for this bearish pattern to get confirmed, the next candle will be key:
Close below the head (or a chin, but essentially the body part of that poor guy, excluding the wick), and with rising selling volume, and we are done out here.
Even worse, if today the daily candle closes below the wick (at $3.06) of this sinister Hanging Man.. You will do you, as I exit the position fully then.
To fully invalidate the pattern, $XRP has to close above $3.26... The higher the better.
The Hourly still in bearish mode, the Rising Breakdown has been active, targetting the $2.9 zone. That zone is also confluenced by Decembers high ($2.91), 200 MA on Hourly chart, and Fib 0.382 Retracement of the latest pump.
Also, I'm not liking the price action against $BTC either. The Falling Wedge has just been invalidated today on high selling volumes.. Hourly RSI has turned bearish as well as the Market Structure.
Golden Pocket is 8-11% percent lower... If we get a nice bounce.. Then I will change my XRP outlook.
I won't do any trading today, except for a possible exit. As far as buy-the-dip buying, $2.9 zone, but this could be too early, so only entering on good technical confirmations.
Full 1hr chart in comments.. 💙👽
