XRPShort
XRP TO $1.45!
Previously i stated i was waiting for XRP to develop to provide more data to generate some better predictions using TA. I said that XRP seems to be in a consolidation phase and it still looks that way, aggressively bouncing between key levels.
Price rejected support at $1.95 and pumped to $2.47 which is roughly where XRP is sitting now. Based on basic TA the market is now creating LH's & LL's which would align with my previous idea regarding a short term trend change to the downside, it does look like XRP is in a relief period (pull back on larger time frames).
My SMA's have crossed clearly on the 4hr, it's also rejecting the SMA's as well as the resistance at $2.47 seems to be holding up for now and again we have LH's & LL's confirming the trend change.
The fib is also supporting my analysis as the 61.8% pull back percentage is aligning perfectly with my initial key level of $1.45, this is now a major key level as its pretty obvious so a lot of traders (retail & whales) will be looking at this key level, for targets, limit orders and liquidity for the whales.
If the $2.47 clearly rejects i would be inclined to short, but will have to be careful of slight breaks through the resistance as liquidity traps so won't be to eager to enter, instead i'll wait for a few forms of confirmation of rejection before entering. This is a trade with 40% as a potential ROI so no need to rush in, if i'm a bit late to reduce risk then so be it.
If the resistance at $2.47 breaks through, comes back to retest it as a support then that will likely void this set up for now. Stop would be placed above last LH and resistance level for protection.
Price rejected support at $1.95 and pumped to $2.47 which is roughly where XRP is sitting now. Based on basic TA the market is now creating LH's & LL's which would align with my previous idea regarding a short term trend change to the downside, it does look like XRP is in a relief period (pull back on larger time frames).
My SMA's have crossed clearly on the 4hr, it's also rejecting the SMA's as well as the resistance at $2.47 seems to be holding up for now and again we have LH's & LL's confirming the trend change.
The fib is also supporting my analysis as the 61.8% pull back percentage is aligning perfectly with my initial key level of $1.45, this is now a major key level as its pretty obvious so a lot of traders (retail & whales) will be looking at this key level, for targets, limit orders and liquidity for the whales.
If the $2.47 clearly rejects i would be inclined to short, but will have to be careful of slight breaks through the resistance as liquidity traps so won't be to eager to enter, instead i'll wait for a few forms of confirmation of rejection before entering. This is a trade with 40% as a potential ROI so no need to rush in, if i'm a bit late to reduce risk then so be it.
If the resistance at $2.47 breaks through, comes back to retest it as a support then that will likely void this set up for now. Stop would be placed above last LH and resistance level for protection.
Related publications
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.