XRP - Bulls on Parade?
Ok, XRP is behaving properly, it did a bullish engulf above the “triple support”, which is amazing, and now everything is going according to the plans. That bullish engulf was triggered today, but to help with our decisions, I think it is important to keep the hourly chart in mind:
Similarly to LTC, there’s a important price zone (in this case, the blue line) to be surpassed, and if the bulls manage to keep the price above this zone, we can start a long position with more conviction. Also, you could’ve bought half of your original position after the breakout of the bullish engulf in the daily chart and wait for a close above that blue line in the hourly chart to complete your position. Your call, we traders must do what makes us psychologically comfortable with the situation.
Now, let’s look at the weekly chart:
The bulls are strong here too, as they are keeping the price above the 21 ema and the fib retracement. If everything goes right we can see XRP at the 61.8% fib retracement in the future.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Similarly to LTC, there’s a important price zone (in this case, the blue line) to be surpassed, and if the bulls manage to keep the price above this zone, we can start a long position with more conviction. Also, you could’ve bought half of your original position after the breakout of the bullish engulf in the daily chart and wait for a close above that blue line in the hourly chart to complete your position. Your call, we traders must do what makes us psychologically comfortable with the situation.
Now, let’s look at the weekly chart:
The bulls are strong here too, as they are keeping the price above the 21 ema and the fib retracement. If everything goes right we can see XRP at the 61.8% fib retracement in the future.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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