XRP/USD - Descending Triangle Short - 104% Profit Potential

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Strategy:
Short Descending Triangle Breakdown

Technical Analysis
-Closed a daily below the bottom of the descending triangle
-Closed daily below the 21EMA (bearish)
-Closed daily below the 0.382 Fibonacci from the 11th, March low to the 28th, April high
-Old support appears to have flipped to resistance
-Daily stochastics are testing the bearish control zone
-RSI has entered the bearish control zone and is below the exponential
-Volume has been contracting and is extremely low and is ready to expansion
-Historical Volatility Percentile is extremely low and is ready to expand


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Entry: 0.1954
Entry Zone: 0.1940 - 0.1891

T1: 0.1865
T2: 0.1830
T3: 0.1745
T4: 0.1717
T5: 0.1660

Stop: 0.1954

R:R: 5.39
Risk: 2.41%
Reward: 13.00%
Leverage: 8X
Leveraged Risk: 19.28‬%
Leveraged Reward: 104.00%

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Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.

Comment:

Follow this channel to review crypto day trading ideas.

Comment:

Closed below the 0.382 Fibonacci, so may head down to the 0.618 Fibonacci, where one of the final targets is located.

Comment:

RSI entering the bearish control zone and is below the exponential. It has also broken below the falling wedge and appears to be retesting it.

Comment:

Volume and Historical Volatility Percentile have contracted and are ready to expand at any moment.

This does not imply direction, but helps to tip us off that a big move is on the horizon.

Comment:

SMA/EMA TA:

Comment:

This larger triangle may indeed be the one to watch:

Comment:

XRP is really fighting to close 4H candles above the bottom of the descending triangle (the yellow line). Will she pull through? Time will tell! BTC at this time is forming a small descending triangle. if BTC declines, XRP should hit a couple/few of the targets!

Comment:

Making lower highs and lower lows on the small time frames. If we do break up, at least the measured move for a breakout of the descending channel is below the stop. If we breakdown from this point, I suspect we will see a lot of downside! Let's go bears!

Comment:

Corrected "Entry:" text to match chart:

Entry: 0.1908
Entry Zone: 0.1940 - 0.1891

T1: 0.1865
T2: 0.1830
T3: 0.1745
T4: 0.1717
T5: 0.1660

Stop: 0.1954

R:R: 5.39
Risk: 2.41%
Reward: 13.00%
Leverage: 8X
Leveraged Risk: 19.28‬%
Leveraged Reward: 104.00%

Comment:

T1: 0.1865 - HIT!!! (18.03% Gain) Let's get this crypto!
T2: 0.1830
T3: 0.1745
T4: 0.1717
T5: 0.1660

Comment:

Let's go Bears!

Comment:

Second target hit! Bears are pulling ahead!!

T2: 0.1830 - HIT!!! 14th, June, 2020 (32.7% Gain)

Comment:

Second target hit! Bears are making a push!!!

T2: 0.1830 - HIT!!! 14th, June, 2020 (32.7% Gain)

Trading is too much fun! Gotta love some good ol' TA!

Comment:

The first entry was stopped out after a 32.7% gain. The last entry was active after the June 7th, 2020 candle close below the support zone as depicted here:

Comment:

Targets 4/5 hit! Let's get this crypto!

T1: 0.1865 - HIT!!! June 17th, 2020 (18.03% Gain)
T2: 0.1830 - HIT!!! June 18th, 2020 (32.7% Gain)
T3: 0.1745 - HIT!!! June 26th, 2020 (68.34% Gain)
T4: 0.1717 - HIT!!! June 26th, 2020 (103.9% Gain)