A prominent analyst and trader says Bitcoin (BTC) and XRP are on the edge of precipice and may face significant breakdowns in the short term.
The pseudonymous analyst who goes by the name Credible Crypto tells his 69,000 Twitter followers he recently went long on XRP, but was stopped out when BTC pulled back on Friday.
“Well woke up stopped out of this one as BTC saw a nasty rejection overnight. Setup I was taking is below. Now looking for a move below the dotted red lines.”
The analyst is now warning his fellow traders that the fourth-largest cryptocurrency is clinging to a key area of support.
“Dotted red lines cleared… Now things start to get interesting… Bulls don’t want to lose the dotted red lines at the lows, that would equate to a break in bullish MS (market structure) and send us down to 0.21 XRP.”
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