Hello all,
So XRP/BTC broke through the descending trendline with good volume but not much follow up. This is important as it teaches us not to buy the breakout but to buy the retest of the support once the breakout happens. There was also an ascending channel that was broken down and currently formed another acsending channel and we are sitting at support.
Couple of observations:
1. Low volume atm
2. BTC trying to move past that darn 6 660 resistance and stay above it
3. RSI at support as well
4. Overall market sentiment today seems weak
Next moves:
1. We bounce up from support and hit top line of channel
2. We break down of channel to lower support levels and bounce up to now resistance line channel
3. We light a match, take a kerosine piss and fire up our gains and go down to lower support which was my initial goal before the break of the trendline at around 6900 sats.
Just follow the price action. Me personally, I can go a bit long here with stop loss below the support line and watch for price action at the top of the current channel.
Thanks for reading!
So XRP/BTC broke through the descending trendline with good volume but not much follow up. This is important as it teaches us not to buy the breakout but to buy the retest of the support once the breakout happens. There was also an ascending channel that was broken down and currently formed another acsending channel and we are sitting at support.
Couple of observations:
1. Low volume atm
2. BTC trying to move past that darn 6 660 resistance and stay above it
3. RSI at support as well
4. Overall market sentiment today seems weak
Next moves:
1. We bounce up from support and hit top line of channel
2. We break down of channel to lower support levels and bounce up to now resistance line channel
3. We light a match, take a kerosine piss and fire up our gains and go down to lower support which was my initial goal before the break of the trendline at around 6900 sats.
Just follow the price action. Me personally, I can go a bit long here with stop loss below the support line and watch for price action at the top of the current channel.
Thanks for reading!
Comment:
Soo scenario 1 is not valid anymore. Look for buy near the black support trend line which starts from the previous low. It should be a good buy zone level areound 7211 sats.
Trade active:
Just went into the buy order at 7211, seems like catching a falling knife at the moment but the black trendline seems firm to me. Let's see.
Comment:
Ok, so that it didn't hold and onto target 3. No regrets if we didn't short in the beginning, looked solid considering recent BTC push but oh well, looking for better opportunities soon.
