XRP (UPDATED!) → Ripple Higher Highs! Long the Moon Candle!?Ripple has formed another pattern for us to take advantage of! My previous analysis showed a bear channel followed by what looked to be a forming double bottom. Now we have an ascending channel that appears to be putting in a second higher high.
How do we trade this?
We have most of the pieces we need to long with one crucial exception; the bull confirmation candle. The ascending pattern, higher highs, price above 30EMA and 200EMA, and RSI above the Moving Average, are all requirements for the long entry and we have them on this chart.
Things to watch out for . Bitcoin as a leading indicator is at its Weekly Resistance, we need to be aware that if Bitcoin reverses here, it could stall market sentiment to the upside. Be ready to respond to a bear signal and follow through with any such long position.
Trade Idea
Long Entry : $0.62
Stop Loss: $0.60
Take Profit: $0.66
Risk/Reward Ratio: 1:2
Key Takeaways
1. Three Legs Down, Trend Reversed.
2. Two Higher Lows, confirming the second.
3. Price above 30EMA and 200EMA. Wait for a Confirmation Candle.
4. RSI at 55.00 and above Moving Average, Bias to Long.
5. Target 1:2 Risk/Reward.
You are solely responsible for your trades, trade at your own risk!
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