XRP's bull/bear transition Pt. 16
Updated
Seeing a falling wedge pattern emerge on XRP which aligns with strong support. Be sure to use patience and risk/reward ratio in your favor which I discuss in this video- also take a look at smaller timeframes when entering trades.
Thanks for watching, and good luck!
Thanks for watching, and good luck!
Comment
Seeing continuation in the falling wedge, expecting price action to reach the target of .308 by the 20th or 21st.
Risk/reward ratio on this move currently as described in the image is 8.69, quite good for a short term move.
Comment
Note the overbought stoch in the bottom chart, and the attempts and failure to break through the line of resistance- the MA ribbon also is simultaneously bearish. Absolutely going down to the target, which will cause a falling wedge, resulting in a fantastic buying opportunity.Trade closed: stop reached
That particular bearish intrabar trade didn't happen- just as well, as the market is pushing more sideways/bullish. Seeing a breakout of that bearish trend is quite positive IMO
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