deniskov
Short

another xrp short

BITFINEX:XRPUSD   XRP / U.S. Dollar
XRP's latest run seems to be correcting, and so far it's gone down quite far.
thoughts are that if it corrects all the way to the bottom of the latest run then that ends the growth waves and indicates a possible top.
would then expect to see a h&s pattern form before going down below $2

also the whole xrp pump has been quite overextended in my opinion, and the 'euphoria stage', after which the correction starts, has already been hit.
not going to set a stop loss for this one, and going to put more profit targets since the last xrp short didnt quite hit the profit target and bounced right back.

one of the riskier but more profitable trades, will have to watch it closely and react accordingly
Jan 05
Comment: forgot to mention this is a longer term trade, no defined entry points, for now $2.6 seems like a decent entry, hopefully it might overextend into $2.7 levels which would also be a good entry.

*if indicators flip and RSI goes bullish then I wouldn't recommend entering a short.
Jan 06
Trade active: price hit $2.7 and indicators looking bearish, good time to open short
Jan 08
Trade closed: target reached: both targets reached:)
Jan 16
Trade closed manually: good place to take profits if you took the long term shorting idea :)

Comments

Good call! Do you think its gonna have a long run again? I dont own any and i dont like XRP at all, but i think i will have to take advantage of its popularity for some quick profit!
+1 Reply
@Acel, honestly the hype around it is dying and its run was very similar to that of bcash and iota's... looks like it should just die out for a while from here...
Reply
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