XRPUSD: SIGNS OF WEAKNESS???
Updated
* Reasons for short:
- Showing signs of weakness.
- 0.34$/0.35$ is huge resistance and got rejected several times last 2 days.
- Consolidation below a key resistance is never a bullish sign.
- Rising wedge formed, this is a bearish wedge.
- Coincide with a retrace of BTC.
- History says: When it is on high expectation, XRP usually do the opposite.
- A 10-20% drop after a long pump is a healthy retracement afterall.
* 2 options for entry:
- Wait til the price enters the short zone at yellow label. Stoploss is the red one and target the blue ones (partially).
OR
- Wait til the wedge breaks down (0.32x) and short the pull back (0.32x/0.330) with stoploss at 0.34x. TP are the same, the blue ones.
******
This might be a counter-trend trade, low leverage and small position recommended.
Good luck and dont forget to give me a like if this matches your idea.
- Showing signs of weakness.
- 0.34$/0.35$ is huge resistance and got rejected several times last 2 days.
- Consolidation below a key resistance is never a bullish sign.
- Rising wedge formed, this is a bearish wedge.
- Coincide with a retrace of BTC.
- History says: When it is on high expectation, XRP usually do the opposite.
- A 10-20% drop after a long pump is a healthy retracement afterall.
* 2 options for entry:
- Wait til the price enters the short zone at yellow label. Stoploss is the red one and target the blue ones (partially).
OR
- Wait til the wedge breaks down (0.32x) and short the pull back (0.32x/0.330) with stoploss at 0.34x. TP are the same, the blue ones.
******
This might be a counter-trend trade, low leverage and small position recommended.
Good luck and dont forget to give me a like if this matches your idea.
Note
Trade closed perfectly with 65% gained for 5x leverage.
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.