Ripple has been bouncing up and down over last 2 weeks but within the same channel. We could see a completion of head and shoulders pattern soon. It looks like it's finished consolidating just about to brake out on the hourly. If it falls bellow 11500 we might be in further decline, however long wick on the 9 am candle + sudden rise in volume looks promising for the day. Also, DeMarker showing it is still well underbought.
This is my first published trade idea, please do not bet on this more than you can afford to loose!
Sincerely yours, JP
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Looking at BTC in sharp decline, however perfect were conditions for Ripple to go up, at this point I can only recommend SHORT position
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Updated chart reflecting current trend. If there's no spike above the light green trend line looks like at least another day in red.
Watch closely BTCUSD - Ripple will follow
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@11250 I don't see how this is going to bounce back. SHORT
Targets: 10700 9600
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updated chart with adjusted up-pitchfork clearly showing it's missing the uptrend opportunity. If this candle closes similar to the state on the screenshot, downtrend continues.
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after mostly sideway action, last candle finished right on the light green line. Either we will get breakout above the green line (confirmed above top white line) or I keep my position open for a few more hours. BTC is looking really weak right now, probably soon to dip again under 10k, so even thought XRP looks really underbought, it may not be enough to reverse the downward trend.
Trade closed manually
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Time to switch for long. Looks like we might have a little break out in the end.
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last candle finished well above the white line and just under resistance @12560. Once this level is broken, as long as we stay in the channel, we're on the way up again.
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at this point we are within the channel up- if only the resistance was broken @12500 that would be a good indicator of retesting soon: a. 14700 b. 16500 As long as BTC doesn't go off the rails this trade will go sideways over next hours in the worst case scenario.
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The night stayed around 12k and went pretty much sideways. Time to close my open position with a tiny profit (which balances the short-short in the beginning) and prepare for some good prices on BTC, most likely today or tomorrow.
I reopened about an hour ago, as the chart was trailing the edge of the channel. Currently passing 12500. If BTC doesn't drop suddenly XRP is back on the way UP!