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Tranquiltrading

March XRP/USD AnalysisHey Everyone! Hope you all are having an awesome weekend wherever you are. This is my first official published idea on TradingView, and I look forward to getting to know more of you! I've drawn up a very simple three-segment downtrend on XRPUSD on a Weekly (W) interval, outlined by rectangles in the same color as the bull/bear candles. We have clearly been making continuously lower lows and lower highs, minus the break in price during the week of 2/10/20 noted by the arrow and notes. I've noted a few areas of demand & supply interest, including one short-term buying opportunity that's in play at the moment. I'm taking this short term entry to go long because we had broken the prior swing high on the weekly trend (2/10/20), have a reasonable reward-to-risk, and are in a location to be a buyer with the hope of a short-term bullish correction. Green line signifies where I entered, red line represents my stop market to close for a managed loss, and a light blue above representing my target which is sitting below an area of unfilled supply. This trade has a risk profile of 4:1 If the bears win and we take out all of this, it is very likely that we will see the $0.06 - $0.02 region being that's where the next demand imbalance is sitting. From there I think it's logical to say we should start to see a surge in buying interest, especially from big players like institutions and hedge funds. Feel free to drop a comment and say hello, but I hope you have a blessed month of March and I will see you on the next post! Best, TranquilTrading
BITSTAMP:XRPUSDLong
by TranquilTrading
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