A 10% drop for XRP is in the cards
Updated
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A very obvious trade setup has formed here. After its initial correction, XRP has consolidated above its previous support, made a rally attempt but failed to move higher and got rejected by the 20MA thus making a lower high. We can see that the price has returned to the previous support, held it for a couple of days but then went below it. So far we are being rejected by the same support making this a potential S/R flip. Bollinger band width implies a bigger move is coming and since we are below all mayor moving averages directional bias is to the downside.
Entry: now, at market
Stop loss: 3158
Targets:
- my first downside target for XRP/BTC is that pair of equal lows (connected with the yellow dotted line)
- my second and primary downside target is the strong support area (blue line) with a possible sweep of the previous lows (white curve)
Feel free to follow me on Twittter:
twitter.com/mansasuma
Take care.
A very obvious trade setup has formed here. After its initial correction, XRP has consolidated above its previous support, made a rally attempt but failed to move higher and got rejected by the 20MA thus making a lower high. We can see that the price has returned to the previous support, held it for a couple of days but then went below it. So far we are being rejected by the same support making this a potential S/R flip. Bollinger band width implies a bigger move is coming and since we are below all mayor moving averages directional bias is to the downside.
Entry: now, at market
Stop loss: 3158
Targets:
- my first downside target for XRP/BTC is that pair of equal lows (connected with the yellow dotted line)
- my second and primary downside target is the strong support area (blue line) with a possible sweep of the previous lows (white curve)
Feel free to follow me on Twittter:
twitter.com/mansasuma
Take care.
Trade closed manually
Got out of the trade at a minor profit, don´t really look the hesitation accompanied with plenty of wicks to the downside, will look to reenter only if we close the daily below 3k sats
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