sakuzi

How to trade Ripple

BITFINEX:XRPBTC   XRP / Bitcoin
How to trade Ripple for those of you who want to be cRippled:

Follow the trend lines .
We can see the clear downtrend since ripple was first added to Bitfinex on this chart on a longer term.
We can also see we have just recently made a visible bounce off a support line.

Using trend lines or in this case a fibonacci channel we are able to have general support & resistance areas to have a general idea on trading. Ripple also moves a lot of times based off of Fundamentals so we need to stay alert on the Fundamentals as much as possible.

We can look at volume profiling to have a general idea where we may and have met support / resistance in the past due to volume decline or increase.

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As always leave all feedback below, would love to hear your thoughts!
Comment: Uptrend Fib Channel Clearly Broken which would have activated a short.
You need to draw few more lines to reflect the previous lows: 3300 2800. Will be there soon.
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