XRP Bull trap, ALTS Pullback

14 Kas 2023

Hi Traders, Investors and Speculators of Charts📈📉

A bull trap is "false" signal that shows a bearish trend (such as the lower highs in XRP) has reversed and is now heading upwards, when in fact, it will continue to decline. Often a large wick towards the upside is observed, shaking out traders favoring the obvious move (shorting).

It's important to note that for the first time, the TOTAL3 chart is about to close a red candle ALONG with Bitcoin Dominance:


This indicates that the entire crypto environment is being drained of liquidity, and corrections will follow.

Again, I wish there were more options... I'm choosing "short" to label my outlook even though I would not trade with leverage on XRP. The bulltrap and the TOTAL3 chart indicates we're heading lower, and so my bias for the short term is testing next immediate support zones.

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CryptoCheck

XRPUSDT BTC.D TOTAL3

16 Kas 2023

Not

XRP Bears are dominating lower timeframes, 65c new local resistance. Candle closes above this zone would be needed before considering further upside: