A “TD9” Sell Indicator Triggers For XRP After 6 Weeks of Stagnance
XRP continues to lag behind the rest of the market after a short-lived glimmer of hope brought prices to current levels in late July. And while crypto analysts expect the fourth-ranked cryptocurrency to outperform Bitcoin and Ethereum eventually, a sell setup has triggered on daily timeframes that could send Ripple ripping lower.
TD 9 Sell Setup Triggers On Daily XRP Charts After Barely Any Upside
There are hundreds of technical analysis indicators available to analysts and traders – some are new and custom; while others have been around for decades and were built by financial market icons.
One such tool, the TD Sequential indicator, is among the most accurate across all of crypto, created by market timing wizard Thomas Demark.
It has successfully sniped several Bitcoin tops and bottoms and works just as well in altcoins and traditional markets. The indicator gives a sell setup after a series of candle closes meeting a specific sequence of requirements.
There have now been a total of six weekly candles where the body of the candle closed within a 6% range. Typically, when assets trade sideways for an extended period of time, a large, decisive move results.
XRPUSD Weekly Tightening Trading Range | Source: TradingView
A strong move to the upside would complete an inverse head and shoulders pattern on weekly timeframes, and begin forming an even larger right shoulder on monthly timeframes as well.
The one thing standing in the way, for now, is this TD 9 sell setup on the daily, which could very well be the start of a deeper correction. Due to the extended sideways, and imperfect sell setup, however, a move higher cannot be ruled out.
Featured image from Deposit Photos, Chats from TradingView