Ripple (XRP) Rally looks to be done. Good short entry.
Updated
XRP has not displayed a topping pattern yet, and due to the three rising methods, we have a 70% chance of breaking up. However, taking into account that we need to manage our risk, going short is the better option.
Using basic market theory, when all the buyers have longed, price drops. So far we have realized that there is still support for XRP at this level, but I have noticed big take profit market sells, so most the buyers have left. We also failed to break the 0.236 level, confirming my theory.
However, notice how each XRP rally goes to 0.5, then 0.236, before continuing down. So if we cannot break 0.236, that is our short signal.
Short:
8937
Stop Loss:
9420
If we do break 0.236 for real, you may enter long with a stop loss close to your entry. You must have a stop loss either way as this trade could make or break your trading account if you use a good amount of capital.
I am already in this short trade since 9150. My stop is 9420.
Using basic market theory, when all the buyers have longed, price drops. So far we have realized that there is still support for XRP at this level, but I have noticed big take profit market sells, so most the buyers have left. We also failed to break the 0.236 level, confirming my theory.
However, notice how each XRP rally goes to 0.5, then 0.236, before continuing down. So if we cannot break 0.236, that is our short signal.
Short:
8937
Stop Loss:
9420
If we do break 0.236 for real, you may enter long with a stop loss close to your entry. You must have a stop loss either way as this trade could make or break your trading account if you use a good amount of capital.
I am already in this short trade since 9150. My stop is 9420.
Note
Despite Ripple being down 5%, there is a good chance it will test 9000+ again. So you can still join in. If you are reading this 3 hours after this chart is posted, the chance may be gone.Note
I believe this will happen. Short then.
Note
The truth may be hard to accept. But please take a look back. See for yourself what happens each pump.0.5 to 0.236. XRP/BTC drops even though BTC USD rises, so even if Bitcoin goes to 6900, this may be the top.
Note
We hit the short target. You should be in good profit now.Note
In theory 9036 should not be broken. Move your stop loss there so if this trade goes bad there is no chance that you lose money.
Note
5680 is the target to hit. 6669 is the safer target due to the fact that people are still buying into XRP. Every single pump ends the same way yet they do not spend the time to backtest.
Even if Bitcoin goes to 6900, I do not see XRP testing the highs again.
Note
On support. If we drop, we drop big.
Note
Despite the quick BTC pump, there are too many XRP bagholders who are desperate to get out of their longs. Support is currently acting as resistance.
Note
Move stop loss down to 8700 area on Bitmex. Now we have locked in 5% and just let this thing run. We can move on to other trades.Note
Do not waste this chance to short XRP. Have a stop 9400 and short 9000+
Note
As predicted it will test 9000 again. Try to short at the highest price you can with a stop 9400+ on XRPU18.
Note
9000 target hit. Now we see if it will break resistance or fail. Have a stop 9400 if you want to short.
Note
There is no way we break the previous high of the wick. 100% chance.If we do break the previous high, it will take a few weeks as the bag holders need to give up on selling at break even.
Trade closed: target reached
Anyway this trade has long been closed for 5%. I will post a new chart soon. Most likely a short idea.This is what I'm currently planning:
Note
If you look at past pumps we often curve up to retest the resistance (which is 9000) before failing.Have a stop above the bull fractal and just let it run, If you lose, you lose small, but if you win, you can get another 5%-26% easy,
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