I see an opportunity to short here if you're looking for a quickie. Overall I'm bullish and will be particularly so at .36, but for now there's a really good risk to reward ratio on this move, likely downwards over the next few days or so.
Hi there. I like listening to your analysis each time and I kind of agree with your trade idea. Maybe I am viewing XRP through rose coloured glasses as I hold a few but my thoughts are we are nearly three quarters through a descending wedge formation. In addition to this is the double bottom formed on the 4 hourly and i think the retest around the 39.41cents area (tomorrow 14th june )will be the support before a run up through to 42.75 cents area.
Buy at 39.40 ... stop around 38.80.. first target 42.75
Just my thoughts on the charts right now
All the best
J
tradeformula
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@joyoboyo, Do you have a photo of your chart? That would help get an idea of your idea. Thanks for the comment.
I think ultimately I'm very bullish long-term and use TA to inform choices/trades along the way. I think depending on the time frame being looked at we've broken out of the bearish trend that has lasted the past year and a half, will find footing around .36 or so perhaps, and this will make a higher low, something for bulls to mount another attack on when there's confidence. If we make a higher high after that (which is quite plausible), XRP will experience some growth.
tradeformula
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@joyoboyo, Here's a pretty basic drawing of what I'm describing- we're still making higher highs and higher lows, and could likely test this in the near future. If we drop below .36 then I think we could go sideways for an indefinite amount of time. Bounce at .36 and we'll likely see a higher high.
roastednuts
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@tradeformula,here we go. The double bottom is formed and confirmed within the falling wedge. I use fibonacci retracement from the bottom of the second bottom to the top of the break of the double bottom seen on the right. Price usually retraces to the 61% area, it's shown on the chart as the 38% retracement level around 39.45 cents. I usually try for entry a little lower as price spikes down. First target is the 1.61 extension around 42.75 cents. This trade has a 55% chance of success.
Buy at 39.40 ... stop around 38.80.. first target 42.75
Just my thoughts on the charts right now
All the best
J