Last week I had written that Ripple was in a position to retest the upper trend-line of this symmetrical triangle and it has not. Instead, the price has broken downwards out of the triangle but current price action indicates to me a bounce sooner rather than later. For me, I will be longing at $.29500 with a stop loss at $.28999 and a taking profit at $.31800. The risk here is 1.70% but the reward is 7.80% so I think it’s a decent trade. There is historical support at $.20 and macro support at $.25 so those are certain long points, but for now I am still going for scalps just to be safe.
Comment:
The psychological barrier of $.30 is very real, I would not be surprised if it bounces there which is a 1.6% difference. Although there isn't a market on my graph, $.30 might be a better position to long from...will add this to tomorrow's analysis.