another xrp short
Updated
XRP's latest run seems to be correcting, and so far it's gone down quite far.
thoughts are that if it corrects all the way to the bottom of the latest run then that ends the growth waves and indicates a possible top.
would then expect to see a h&s pattern form before going down below $2
also the whole xrp pump has been quite overextended in my opinion, and the 'euphoria stage', after which the correction starts, has already been hit.
not going to set a stop loss for this one, and going to put more profit targets since the last xrp short didnt quite hit the profit target and bounced right back.
one of the riskier but more profitable trades, will have to watch it closely and react accordingly
thoughts are that if it corrects all the way to the bottom of the latest run then that ends the growth waves and indicates a possible top.
would then expect to see a h&s pattern form before going down below $2
also the whole xrp pump has been quite overextended in my opinion, and the 'euphoria stage', after which the correction starts, has already been hit.
not going to set a stop loss for this one, and going to put more profit targets since the last xrp short didnt quite hit the profit target and bounced right back.
one of the riskier but more profitable trades, will have to watch it closely and react accordingly
Note
forgot to mention this is a longer term trade, no defined entry points, for now $2.6 seems like a decent entry, hopefully it might overextend into $2.7 levels which would also be a good entry.*if indicators flip and RSI goes bullish then I wouldn't recommend entering a short.
Trade active
price hit $2.7 and indicators looking bearish, good time to open shortTrade closed: target reached
both targets reached:)Trade closed manually
good place to take profits if you took the long term shorting idea :)
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