XRP has been the focus of attention lately.
For those who followed my updates on ethusd (which i use as an overall market and altcoin thermometer), you know I have been preparing for this altcoin market reversal since September 12th, and XRP was in my core holdings. It always is
XRP has always been one of my main "go to" altcoin at every dips, and still is, for those who follow me since the start on tradingview and elsewhere. Even when it is slightly disappointing as it has been the last months. But we can agree it just made it up for that
Now that we are well positioned, we have nothing more to do than see what the market makers have in store for us
Here is my interpretation of what I expect as the two most probable scenarii
As you know, bitcoin is at a huge squeeze, a 9 month ranging zone with narrower range each time, and is ready to explode in one direction or another. As always, XRP will show us the way
For those who followed my updates on ethusd (which i use as an overall market and altcoin thermometer), you know I have been preparing for this altcoin market reversal since September 12th, and XRP was in my core holdings. It always is
XRP has always been one of my main "go to" altcoin at every dips, and still is, for those who follow me since the start on tradingview and elsewhere. Even when it is slightly disappointing as it has been the last months. But we can agree it just made it up for that
Now that we are well positioned, we have nothing more to do than see what the market makers have in store for us
Here is my interpretation of what I expect as the two most probable scenarii
As you know, bitcoin is at a huge squeeze, a 9 month ranging zone with narrower range each time, and is ready to explode in one direction or another. As always, XRP will show us the way
Note
XRP overshot, and went directly to our second target. But as you know, when I put a resistance, it means we will at least revisit it most of the timesNow, for bullish impulse, we should not go too deep below this resistance (no more than 0.000076 ideally, on the support part of the red square)
If so, then the maximum target is 0.00034, optimal target 0.00029.
Expecting a big correction (in progress), and one more big wave if bullish, or eroding down if bearish (we are at pivot value)
Trade closed: target reached
We got a wick to 0.000073 but overall, movement is moving nicely and we have a nice reposition from 0.000076Rest of the market should follow the same pattern as XRP BTC, all of it sync'd on btcusd 's correction and where it stops (6590, 6480, 6350 or a bearish turn)
Note
Showing weakness, I sold all my spot positions from 0.000076 and the blue buy zones yesterday, and kept 50% of the new (big) one from the danger zone only(Big position because the Stop Loss was very close, and risk to reward ratio was great)
This is coinciding with the retest of the strong 0.43$ support as well that held for so long in the past. So we will see.
Hard stop loss in place at breakeven (at entry) for the 50%
Note
Moment of truth in the coming week.Trade closed manually
Support broken, leftovers of the trade stopped after taking good swing profits
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.