SHORT TERM analysis scalp/swing idea Oh boy.... I don't typically trade short I feel like I'm betting against my investments but I think this needs to be said ....
CRYPTOCAP:XRP had a beautiful price spike yesterday if you got in and snagged it, yay you, enjoy your bag 💰
Upon analyze charts this morning I'm seeing some disturbing bearishness upon us. But with all the crazy price action yesterday I think it needs to cool so we can move forward and sustain new highs.
Support Levels :
The immediate support level lies around 2.3873. A break below this level could trigger further downside.
The next significant support level is around 2.3154.
Moving Averages :
The 20-period and 50-period moving averages are sloping downwards. If the price continues to decline and breaks below these moving averages, it could signal further bearish momentum.
Bollinger Bands:
The price is currently trading below the lower Bollinger Band. If the price remains below this band for an extended period, it could indicate a continuation of the bearish trend.
Overall Market Sentiment: A bearish sentiment in the broader cryptocurrency market could exacerbate the decline in XRP.
Personally I have a short order triggering at $2.4850 with a STOP loss set at 5.52 and a take profit at $2.30, $2.25, and $2.
I would be cautious entering any new long positions above $2.50, let Monday morning come before making any hasty decisions. Rather have fomo than loss imo.
None of what I say should be considered financial advice. Just the outlook of a second set of eyes. Do your own research. Take what reasonates, leave the rest.
All my love ❤️
