XRP - 30% Cyclical Trade? Here Come the Short Sellers?
Updated
Hey guys,
Looking at XRP we can see it continues trading within a descending channel. Its now testing the EMA50, but judging by the way it has traded at the top channel line we should anticipate a sharp selloff.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Looking at XRP we can see it continues trading within a descending channel. Its now testing the EMA50, but judging by the way it has traded at the top channel line we should anticipate a sharp selloff.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Note
Now kissing the upper trendline! On the smaller timeframes we have a good opportunity to short the market.Note
Still consolidating... here's the levels I'm watching. Shorts are still increasing.Note
Fingers crossed!Note
There we go... once the daily closes this market could be in for quite the reckoning.Note
Note
Alright lets see if we can break some supports here...Note
Support breaking...Note
The market is beginning to rally,.. but XRP is still trading below support.... hmmm to close short or to not close short? (that is the question)Note
Market is starting to swing back up around to the support level, a daily close will confirm a likely rally to 44 cents.Note
We formed an interesting candle on the daily... so we've kind of neutralized the trend... but we don't have a confirmed reversal.Note
heh heh looks like the bears might be winning ;)Note
Ok. We're kissing a key support level... below here we can expect a violent sell-off.Note
Approaching the bottom of the range here! Note
We are approaching target!!! BUT we have a second target now ;)Note
Note
Ok. We had to exit the trade (up 40%!) as the trend reversed sharply out of the descending wedge (a reversal pattern)… On the daily we can see the EMA50 is a nice level to watch for a reversal, then look for a breaking of fibo support to short the market (for another 20%!).Note
We are at the EMA50! This is the make it or break it level. Watch the daily candle...
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