XRP / TetherUSLong
XRP ICI strategy
Updated
Technical: On the daily we have an ICI pattern (impulse correction impulse). Lower timeframes will be analyzed to determine entry and take profit. On the weekly chart we have an ICI as well and an inverse head and shoulders has formed. This higher timeframe bullish pattern will give good probabilities for the daily ICI to complete.
Fundamental: XRP tends to follow BTC in price action. Major institutions have gone net long on BTC after going net bearish for 4 months (Commitment of traders data). We can start to see some bullish price action follow. Also exchange reserves have continued to decrease and are at all time lows, which means there is a supply shock coming on exchanges as more and more people are sending their BTC to cold storage wallets. BTC being sent to cold storage is a bullish sign.
Fundamental: XRP tends to follow BTC in price action. Major institutions have gone net long on BTC after going net bearish for 4 months (Commitment of traders data). We can start to see some bullish price action follow. Also exchange reserves have continued to decrease and are at all time lows, which means there is a supply shock coming on exchanges as more and more people are sending their BTC to cold storage wallets. BTC being sent to cold storage is a bullish sign.
Trade active
Entry has been triggered and we are now running risk free.Trade closed: target reached
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