"Jack's Trading Classroom": Layout of the XRPUSD Downtrend

Original trading classroom by Jack on "Layout of the XRPUSD Downtrend"

Currently, we are looking at the four-hour candlestick chart of XRPUSD, and Ripple is showing a medium-term downward channel. Judging by channel trading, it is more reasonable to operate with a bearish bias in the medium term.

After forming a high point at 0.2545 earlier, the descending resistance trendline still holds. For those who prefer long positions, it might be advisable to wait for the breakthrough of the descending resistance trendline and a subsequent upward close before choosing to enter a long position.

Resistance levels above
R1 0.2660
R2 0.2949

Support levels below
S1 0.2424
S2 0.2328
S3 0.2236
S4 0.1991

Comment: Bottom head and shoulders pattern emerging

In recent days, the digital currency market has experienced significant volatility. It is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article represents personal opinions, please read with caution, as cryptocurrency trading may pose risks to your capital.

WeChat Official Account: Jack's Trading Room

Telegram: https://t.me/jackscrypto