XRP/USDT
Updated
Follow updates of this idea as I may post comments.
Shorting cryptocurrency is an easy way to say, honey, it's gone.
Here we are building a Short position in the blue arrow (price range). I have noticed a potential pattern forming that may resemble April 2021 - May 20, 2021. We may see a break in resistance before coming down. Note that the MACD suggests that buy volume is weak, and we have a bearish cross on the D1 (1-day time frame) RSI is below bullish territory. BB%B suggests bands are tightening. The BB started pinching, and we can expect a big move to the up/downside. Due to weak volume at this time, we may not Hold support for much longer, and if this was to happen, a scenario where we fall near the lower band is likely. We will be mindful of the idea as we can continue ranging before a break to the upside.
Set an S/L above resistance. Lower stop and take profit. Careful of solid support and high relative volume, you may want to cut your position if so.
Leave a like and follow if you enjoy this content. Also, shoot a message if you want me to chart a crypto of your choice.
Best wishes,
HONEYITSGONE!
Shorting cryptocurrency is an easy way to say, honey, it's gone.
Here we are building a Short position in the blue arrow (price range). I have noticed a potential pattern forming that may resemble April 2021 - May 20, 2021. We may see a break in resistance before coming down. Note that the MACD suggests that buy volume is weak, and we have a bearish cross on the D1 (1-day time frame) RSI is below bullish territory. BB%B suggests bands are tightening. The BB started pinching, and we can expect a big move to the up/downside. Due to weak volume at this time, we may not Hold support for much longer, and if this was to happen, a scenario where we fall near the lower band is likely. We will be mindful of the idea as we can continue ranging before a break to the upside.
Set an S/L above resistance. Lower stop and take profit. Careful of solid support and high relative volume, you may want to cut your position if so.
Leave a like and follow if you enjoy this content. Also, shoot a message if you want me to chart a crypto of your choice.
Best wishes,
HONEYITSGONE!
Note
Try to DCA into this near the top of range, and don't buy at one price.Note
Beware of relief pump may happen on the H1Note
Consider taking profits and lowering your stop for-profits incase things go wrong.Note
Adjust trendline of flag. We had a opportunity to DCA near the top of this range due to the fake-out. Consider taking profits and lowering S/L for profit.
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