Fractals Converge On Similar Targets! R.I.P. RIPPLE!

Looking at the chart, we can see that XRP has created a new symmetrical triangle formation. Previously, there was a smaller triangle (seen with the dashed black trendline ) that broke to the upside, only to form this new, larger triangle. This price action is identical to what we are seeing in many of the other cryptos, and it suggests that a downside continuation is highly probable. For those who are unaware, symmetrical triangles are typically continuation patterns. Since we are in a bear market correction, the continuation would have to be to the downside.

Before we go any further, and delve into the beautiful fractal nature of this chart, I want to emphasize the fact that I am a strong believer in fractal market theory. In mathematics, fractals can be described as fragmented geometric shapes, that can be broken into smaller parts, which fully or NEARLY replicate the whole. Yesterday, someone commented on one of my posts that “The problem is ‘professional traders’, as you call yourself, think market has a pattern all the time, and is a beautiful drawing.”

He’s absolutely right.

Regardless, I am still a TRADER! I analyze the market, in a very efficient and accurate way. However, if the market moves against my analyses, I am generally quick to reconsider my positions. I am nimble, and not at all emotionally attached to my views on the market. Therefore, if I were to see an upside breakout, above the heavy overhead resistance, I would definitely consider new bullish positions. However, given the overall picture of this chart, and how close the fractal symmetry of it is, I highly doubt we will see an upside breakout, before we reach the downside target.

This has been your not-so-humble market wizard, droppin’ knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

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