XRP - TRIO RETEST 3️⃣ OKXIDEAS
Dear TradingView community and fellow traders,
I find the daily chart for XRP to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
XRPUSDT - Daily Timeframe - OKXIDEAS
Here is why the purple circle is a strong zone to keep an eye on:
1 => Oversold Zone
XRP is bearish short-term trading inside the falling channel in red and now approaching the lower red trendline which I consider an oversold zone.
2 => Overall Trend
XRP is bullish medium-term trading inside the rising broadening wedge in blue and now approaching the lower blue bound / trendline acting as a non-horizontal support.
3 => Support Zone
The green zone is a previous resistance turned into support.
As per my trading style:
As XRP approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break, and so on...)
📚 Hope you find this post useful. It's important to always adhere to your trading plan, including entry points, risk management strategies, and trade management techniques.
All Strategies Are Good; If Managed Properly!
~Richard
Disclaimer: The information provided is for educational and informational purposes only and should not be considered as financial advice. It is important to do your own research and make informed decisions before entering any trades. Past performance is not indicative of future results. Always be aware of the potential for losses, and never risk more than you can afford to lose.
I find the daily chart for XRP to be interesting as it appears to be forming one of my favorite patterns. What I call TRIO RETEST
XRPUSDT - Daily Timeframe - OKXIDEASHere is why the purple circle is a strong zone to keep an eye on:
1 => Oversold Zone
XRP is bearish short-term trading inside the falling channel in red and now approaching the lower red trendline which I consider an oversold zone.
2 => Overall Trend
XRP is bullish medium-term trading inside the rising broadening wedge in blue and now approaching the lower blue bound / trendline acting as a non-horizontal support.
3 => Support Zone
The green zone is a previous resistance turned into support.
As per my trading style:
As XRP approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break, and so on...)
📚 Hope you find this post useful. It's important to always adhere to your trading plan, including entry points, risk management strategies, and trade management techniques.
All Strategies Are Good; If Managed Properly!
~Richard
Disclaimer: The information provided is for educational and informational purposes only and should not be considered as financial advice. It is important to do your own research and make informed decisions before entering any trades. Past performance is not indicative of future results. Always be aware of the potential for losses, and never risk more than you can afford to lose.
Trading Made Simple; and Rule-Based
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.