As usual with most cryptos, we get blown up and deflated soon thereafter. As you may know, XRP is one of my favorites and any chance we can pull back to new lower lows, I am always looking to hold more.
Outlook: Neutral -- We are range trading waiting for something to happen that will drive XRP to $.50. I noted support at the .786 fib level. The pull-back is over-extended. I put together a rudimentary channel to see if it holds. If it does it gives levels of temporary support and resistance for swing trades. While it's not much, it's a reference to aid in trade entry or exit. The primary dotted trend has been broken and now should become resistance if we move north again.
There is really little TA that needs to be considered here as we are moving with the broader market. I am mainly interested in dollar-cost-averaging into XRP at the best prices always looking for the short-term 20 percent win. Trade smart, keep it simple and experiment with your style. Cryptos are a strange animal, so we can experiment a bit with the TA to guide us to reference points. The downtrend channel is about a penny wide. So it's more of a reference and directional indicator. Sometimes it works and sometimes we completely miss the mark. So far it has worked.
I hope these reference points can help you make better-informed trading decisions. Don't forget to follow me on twitter for my real-time trading ideas and analysis.
Best,
Biff
Outlook: Neutral -- We are range trading waiting for something to happen that will drive XRP to $.50. I noted support at the .786 fib level. The pull-back is over-extended. I put together a rudimentary channel to see if it holds. If it does it gives levels of temporary support and resistance for swing trades. While it's not much, it's a reference to aid in trade entry or exit. The primary dotted trend has been broken and now should become resistance if we move north again.
There is really little TA that needs to be considered here as we are moving with the broader market. I am mainly interested in dollar-cost-averaging into XRP at the best prices always looking for the short-term 20 percent win. Trade smart, keep it simple and experiment with your style. Cryptos are a strange animal, so we can experiment a bit with the TA to guide us to reference points. The downtrend channel is about a penny wide. So it's more of a reference and directional indicator. Sometimes it works and sometimes we completely miss the mark. So far it has worked.
I hope these reference points can help you make better-informed trading decisions. Don't forget to follow me on twitter for my real-time trading ideas and analysis.
Best,
Biff
