XRP - 30% Cyclical Trade? Here Come the Short Sellers?
Hey guys,
Looking at XRP we can see it continues trading within a descending channel. Its now testing the EMA50, but judging by the way it has traded at the top channel line we should anticipate a sharp selloff.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Looking at XRP we can see it continues trading within a descending channel. Its now testing the EMA50, but judging by the way it has traded at the top channel line we should anticipate a sharp selloff.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
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Now kissing the upper trendline! On the smaller timeframes we have a good opportunity to short the market.
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Still consolidating... here's the levels I'm watching. Shorts are still increasing.
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Fingers crossed!
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There we go... once the daily closes this market could be in for quite the reckoning.
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Alright lets see if we can break some supports here...
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Support breaking...
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The market is beginning to rally,.. but XRP is still trading below support.... hmmm to close short or to not close short? (that is the question)
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Market is starting to swing back up around to the support level, a daily close will confirm a likely rally to 44 cents.
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We formed an interesting candle on the daily... so we've kind of neutralized the trend... but we don't have a confirmed reversal.
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heh heh looks like the bears might be winning ;)
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Ok. We're kissing a key support level... below here we can expect a violent sell-off.
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Approaching the bottom of the range here!
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We are approaching target!!! BUT we have a second target now ;)
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Ok. We had to exit the trade (up 40%!) as the trend reversed sharply out of the descending wedge (a reversal pattern)… On the daily we can see the EMA50 is a nice level to watch for a reversal, then look for a breaking of fibo support to short the market (for another 20%!).
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We are at the EMA50! This is the make it or break it level. Watch the daily candle...
