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TomKirk
Jul 22, 2018 7:14 AM

XRPUSD Rectangle reversal Long

XRP / DollarBitfinex

Description

-4 week horizontal range developing
-50SMA coinciding with upper boundary
-Bollinger band contraction within the confines of pattern on the daily
-50/200 SMA contraction with a posturing towards a bullish cross on H4 (these two moving averages have served as good support/resistance references in the past)
-Measured move up to 0.615

30 basis points of risk
Will look for a favourable R/R trade on the 4 hour into the trading week
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