XRP -The Big Short
Updated
Hello dear crypto friends, hope you're doing well!
The big short is in play with XRP now with breaking 30 psychological. We have another important support coming in at 28,5. From there, we have the summer lows of 25 cents -which is already around 15% profit.
Should Ripple not be able to hold 25 cents, we have the 2017 S&R box coming in at 20 cents & 15 cents respectively, which are the TP zones with 30% and 40% profit.
XRP/BTC couldn't defend the .6 in the direct correlation -the road is free until .4
As always check correlation to BTC: Should BTC reject at the important 5.7-6k. previous S&R wall and go 10% lower to 5k again: high chance that the Big Short scenario will play out. If BTC on the other hand stays strong, Ripple could consolidate around 28,5-30 further.
I wish you a good trading! ;)
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Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
The big short is in play with XRP now with breaking 30 psychological. We have another important support coming in at 28,5. From there, we have the summer lows of 25 cents -which is already around 15% profit.
Should Ripple not be able to hold 25 cents, we have the 2017 S&R box coming in at 20 cents & 15 cents respectively, which are the TP zones with 30% and 40% profit.
XRP/BTC couldn't defend the .6 in the direct correlation -the road is free until .4
As always check correlation to BTC: Should BTC reject at the important 5.7-6k. previous S&R wall and go 10% lower to 5k again: high chance that the Big Short scenario will play out. If BTC on the other hand stays strong, Ripple could consolidate around 28,5-30 further.
I wish you a good trading! ;)
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses!
Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Note
28,5 important lows reached: Reaction is expected here from the bulls & we're almost oversold on the Daily. But be cautious: Very bad news about Bitfinex/Tether just came out (I'm talking about those problems and the Tether ecosystem in my course extensively) -this could lead to extreme levels also in the RSI. Grandpa BTC got crushed already. I personally moved funds partially (yet again) from Bitfinex. Unfortunately this saga never ends. So: Should BTC keep collapsing due to this news, we could see XRP also collapse underneath 28,5/28 in one push.
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