Hi fellow traders!
On the 1D chart for XRP, a new descending bearish triangle has been forming since we last saw the rally of all cryptocurrencies from a few weeks ago.
The market 'hype' for cryptocurrencies to suddenly just rise has begun to die down. Now, we are seeing all cryptos falling in price from its highs a week or two ago.
I do this XRPUSD has the potential to fall and go to the downside, as we have seen lots of bullish price action over the past week, and the technical formation of the descending bearish triangle further supports this.
Before we see a strong downside push, I think there is the potential for a retest of the diagonal resistance level, before price begins to plummet.
If price drops, I think we could first fall to the blue support level from the descending triangle, around 0.31600. Then we could either bounce back up from this region or fall again to the downside, testing support levels marked out in green colour highlighted regions from the 4H charts.
RSI is also fluctuating around 45.00, so we do have room to either go up or down, so tight stop losses could be a good idea!
The targets for this trade are as follows:
TP1: 0.31596 - 0.31600
TP2: 0.31000 - 0.31400 (Unlikely, but cannot rule out due to the volatility and vicious spikes in cryptocurrency trading)
TP3: 0.30177 - 0.29823 (Unlikely, but cannot rule out due to the volatility and vicious spikes in cryptocurrency trading)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
On the 1D chart for XRP, a new descending bearish triangle has been forming since we last saw the rally of all cryptocurrencies from a few weeks ago.
The market 'hype' for cryptocurrencies to suddenly just rise has begun to die down. Now, we are seeing all cryptos falling in price from its highs a week or two ago.
I do this XRPUSD has the potential to fall and go to the downside, as we have seen lots of bullish price action over the past week, and the technical formation of the descending bearish triangle further supports this.
Before we see a strong downside push, I think there is the potential for a retest of the diagonal resistance level, before price begins to plummet.
If price drops, I think we could first fall to the blue support level from the descending triangle, around 0.31600. Then we could either bounce back up from this region or fall again to the downside, testing support levels marked out in green colour highlighted regions from the 4H charts.
RSI is also fluctuating around 45.00, so we do have room to either go up or down, so tight stop losses could be a good idea!
The targets for this trade are as follows:
TP1: 0.31596 - 0.31600
TP2: 0.31000 - 0.31400 (Unlikely, but cannot rule out due to the volatility and vicious spikes in cryptocurrency trading)
TP3: 0.30177 - 0.29823 (Unlikely, but cannot rule out due to the volatility and vicious spikes in cryptocurrency trading)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Trade closed: target reached:
All targets hit this week after a bullish last week. Hit to all the stated regions! You can thank me later ;)