XRP/BTC Big Move Incoming
Updated
This article is mainly for the purpose of being an "trade diary", so that I can view my past mistakes or good calls and learn from them.
XRP/BTC is currently testing a critical support level that turned out to be very fruitful in the past.
At the time of this writing the depth of the sell side of XRP/BTC is absurdly strong. There is no buy support below 0.00006600~ BTC, but there is a strong wall defending 0.00006700~ BTC.
This is a high-risk trade, because the next support levels for XRP/BTC are way below 0.00006600 BTC.
My trade:
Buy target: 0.00006800 - 0.00006900 BTC
Stop-limit: Stop - 0.00006575 / Limit - 0.00006500
Sell target 1: 0.00007500 BTC
Sell target 2: 0.00008000 BTC
If it breaks 0.00007500 BTC, raise stop to 0.00007250 BTC and limit to 0.00007175
Notes: I expect this trade to last around 2 weeks from this posting.
XRP/BTC is currently testing a critical support level that turned out to be very fruitful in the past.
At the time of this writing the depth of the sell side of XRP/BTC is absurdly strong. There is no buy support below 0.00006600~ BTC, but there is a strong wall defending 0.00006700~ BTC.
This is a high-risk trade, because the next support levels for XRP/BTC are way below 0.00006600 BTC.
My trade:
Buy target: 0.00006800 - 0.00006900 BTC
Stop-limit: Stop - 0.00006575 / Limit - 0.00006500
Sell target 1: 0.00007500 BTC
Sell target 2: 0.00008000 BTC
If it breaks 0.00007500 BTC, raise stop to 0.00007250 BTC and limit to 0.00007175
Notes: I expect this trade to last around 2 weeks from this posting.
Comment
I wish I would have waited a little longer to make my buy.Bounced hard with lots of volume on the initial touch of the wedge and now it's riding in slow upwards direction. If it breaks 0.00006700 I will start worry, but until then things are looking good.
Changed 'Stop-limit sell order' stop to 0.00006500 and limit to .00006425.
Keeping my first sell target of 75% @ 0.00007500, but im raisng my second sell target of 25% @ 0.00008400.
Comment
XRP/BTC has dropped below the wedge and is currently sitting in the low 0.00006600 area. I am now a bit concerned about this trade now.Good thing I lowered my stop loss because it would have hit on todays dip.
Im no longer super confident about this trade. What would give me confidence again is if we close below 0.00006800+ tomorrow.
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