More on the danger lurkng in XRP SHORT
Updated
Linked to this idea is the previous ideas. On this little story of XRP i published a chart 19october to say i thought XRP was best bet long in crypto at that time. But yesterday i posted a idea that was stil a long but i was becoming wary of something. Well today i think i have now conviced myself this is high chance to happen so it has made me sell most of my xrp, and i will sell the rest if we get a nice pump up towards 0.59
https://www.tradingview.com/x/l9AG2n2s/
On the chart we are about to come across strong long term resistance down, this resitance is showing across several long period intervals by using different measures to estimate where resistance will be. Then we have the fact it looks right to complete or semi complete a semitrical pattern which would make sense if we are seeing trhe bottom of the market before we start to embark north.
Because it looks to be heck of a quick drop if it does indeed drop i will wait until we have a burst up and ladder sell the rest of my xrp, but after that a short position should see a quite return if i am indeed correct.
If i am no thten i will sit here watching XRP go up up and up without owning anyway haha....story of my life :)
https://www.tradingview.com/x/l9AG2n2s/
On the chart we are about to come across strong long term resistance down, this resitance is showing across several long period intervals by using different measures to estimate where resistance will be. Then we have the fact it looks right to complete or semi complete a semitrical pattern which would make sense if we are seeing trhe bottom of the market before we start to embark north.
Because it looks to be heck of a quick drop if it does indeed drop i will wait until we have a burst up and ladder sell the rest of my xrp, but after that a short position should see a quite return if i am indeed correct.
If i am no thten i will sit here watching XRP go up up and up without owning anyway haha....story of my life :)
Note
I thought i should update this due to things changing fast. At first glance it would appear the idea above top be playing out. However this is not the drop i am expecting i do not think. I do still think it will reach anywhere between 0.58 - 0.66. I thionk if you arent very careful here you might get burnt so advice youd be to not trade this especially if your trading on my advice since things move fast and i dont update this feed always when i see something new. Anyway. i sold my shorts with price at 0.50420. while we consolidate i wil be expecting a few wicks down, here4 i wil place buy order laddered to try catch the profitable wicks. I am not suggesting ppl trade the way i trade i am just tellign you my thoughts and how i will be looking to enter the trade, it should consolidate for a good amount of time. If it does continue down tho it could be the drop i was predicting but i am probably about 70% -30% in favor of it to rise to above 0.56 before we drop. Price as i write is now at 0.50331Trade active
Ok. very quick update. the idea of the wicks is stil very much in play, but if it drops lower than 0.41 then its invalid. But if it doesnt drop lower then be careful with regards to my warning in the previous update.Note
here is a pic of what i describe, sorry forgot to post it in last update Note
So far things have gone almost exactly as i predicted, which is unusual. SO if things are to carry on exactly as predicted then we will soon see a quick rise in to the 0.60's maybe about 0.63, then a pull back to between 0.41 to 0.33, most likely price for me would be 0.36Trade closed: target reached
Target of 0.33 reached. This idea i will now close
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