XRPUSD / 25% move incoming
Updated
So we can see that XRP is trading inside a triangle for quite a while now and it's tightening. After a long consolidation like this when Trenline is broken we usually see explosive moves.
Those are 2 possible scenarios for XRP now, both giving us 25ish % moves, either to the upside or to the downside. My bias is bit tilted more to the downside as we had 5 TCPs (Trend Continuation Patterns) within this huge triangle and all of them broke to the downside, and also we saw that 3 pushes up never reached previous highs, indicating that bulls are bit exhausted and trend is slowly shifting in favor of bears.
In any case I would wait to have perfectly broken Trendline before entering any trades.
Good Luck!
Those are 2 possible scenarios for XRP now, both giving us 25ish % moves, either to the upside or to the downside. My bias is bit tilted more to the downside as we had 5 TCPs (Trend Continuation Patterns) within this huge triangle and all of them broke to the downside, and also we saw that 3 pushes up never reached previous highs, indicating that bulls are bit exhausted and trend is slowly shifting in favor of bears.
In any case I would wait to have perfectly broken Trendline before entering any trades.
Good Luck!
Note
One correction, 5th TCP is still not broken... 4 of them are :)Note
We saw the breakout and now resistance becoming support. Although I am not entirely convinced that price will go up, chart is telling otherwise so how do I go on with my bias and chart telling me 2 different things - I will risk manage this and open 50% of the position, so instead of risking 2% on this trade I will risk 1%.
Note
We might however, see BTC dominance drop and alt season booming, so still some things supporting price going up. Also, it's 5:1 RR trade, which I want to take all day long :)Note
Our buy hit SL. Told you I am not entirely convinced in this move up... Let's see if the support now breaks so we can switch the side and enter short :)
Note
Well, we had a break, retest and perfect short opportunity. Targets hit. Let's see how XRP behaves at support and demand level.
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