XRP BINANCE: XRPUSDTPERP since then has been pumping coins like all other coins BTC cracked the 30k mark. We need to understand that based on the market maker method, the price will regress sooner or later. Before each return we see what we call Double top or an M formation. An M-formation can mean the end of a trend, in this case the end of the uptrend. Does that mean I have to sell all of my inventory? Definitely no, this is just a trading idea.
I’m going to make it short personally because I can see different confluences in the table that makes me think we’re going to fall from now on. The confluences I see are:
The first stage of the large M formation contains many mini Ms.
The first leg has a stop volume In other words, many traders have longed for the top and are trapped.
The second section of the large M formation contains many mini Ms.
The second leg has a stop volume In other words, many traders have longed for the top and are trapped.
We’ve already gone back to 50 EMA (4h candles) and the 200 EMA (1h candles), which means a reset and resistance. Also many trapped traders who have long considered EMA would be broken.
We have lots of green vector candles that market makers will bring back if they want.
Possible resistance at KDJ.
Finally, we need to understand that the market has a cycle of 3 levels of uptrend and then 3 levels of downtrend. The first three levels of the uptrend have been completed, so we see an M formation, now we are missing 2 more levels down because the first has already ended.
Speaking of take profits, I will close my position at 0.9439 and 0.8974 as we had a previous peak formation (W formation) and an nPOC (naked point of control).
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