Ripple has been moving down since it broke it's all time high. In a typical wave movement this would be expected. Given the factor that ripple has not seen such a strong movement in it's lifetime there is not much we can do for backtesting. With news of Ripple being one of several cryptocurrencies being released on a japanese exchange on the 11th and two potential support levels I think we could expect a bounce. If the bounces don't take place I would be prepared to short ripple.
• First bounce/ breakout I would be looking at would be the white triangle which is more on a short term and sort of connects to the neckline of a head and shoulders .
If this bounce were to happen I would be looking for an entry around the 14k-14.2k Satoshi with a tight stop loss on anything below the triangle.
• The second potential bounce would be the support which we have built using the 1D candles. This is more of a longer term support with the given uptrend of Ripple, with how tight and high the Uptrend this also may not hold as much as I would want it to and could move ripple into a sidewards movement. In other case if it does hold and the buying power that is brought pushes up ripple more on this support I would be looking to open a trade around 10k-14k Satoshi based on how the bounce happens, if it is a speedy bounce then that buy in would be tighter around 10-12.2k Satoshi. If the blue support is broken I would close trades immediately at anything below 5% loss.
For this trade I will have 3 take profit opportunities and pull out specific percentages of the trade portion based on how strong the uptrend movement is looking.
Take profit 1 - 17080 Satoshi
Take profit 2 - 18935 Satoshi
Take profit 3 - 19850 Satoshi
• First bounce/ breakout I would be looking at would be the white triangle which is more on a short term and sort of connects to the neckline of a head and shoulders .
If this bounce were to happen I would be looking for an entry around the 14k-14.2k Satoshi with a tight stop loss on anything below the triangle.
• The second potential bounce would be the support which we have built using the 1D candles. This is more of a longer term support with the given uptrend of Ripple, with how tight and high the Uptrend this also may not hold as much as I would want it to and could move ripple into a sidewards movement. In other case if it does hold and the buying power that is brought pushes up ripple more on this support I would be looking to open a trade around 10k-14k Satoshi based on how the bounce happens, if it is a speedy bounce then that buy in would be tighter around 10-12.2k Satoshi. If the blue support is broken I would close trades immediately at anything below 5% loss.
For this trade I will have 3 take profit opportunities and pull out specific percentages of the trade portion based on how strong the uptrend movement is looking.
Take profit 1 - 17080 Satoshi
Take profit 2 - 18935 Satoshi
Take profit 3 - 19850 Satoshi
Trade active:
Just an update as noticed no bounce but Ripple did break the downtrend resistance allowing a trade to be opened and profits taken. With momentum & volume slowdown all profits were taken and trade was closed.
Trade closed manually:
Momentum, Volume slowdown all profits taken.