XRPUSD short. Reward to Risk ratio >14:1. Elliot waves theory. Wave 5 continuation starting (Wave 4 completed with the break of trend). Shorting into 7-8c region unless there is a bullish breakout of the 4H 50EMA, in which I will exit. A portion of profits to be taken off the table at 13c.
Looking to add long term positions around the 4-6c level should it dip down to 2017 structure before the anticipated 2021-2022 bull run.
Looking to add long term positions around the 4-6c level should it dip down to 2017 structure before the anticipated 2021-2022 bull run.
Comment:
Trigger to enter short: the 4H candle (28 Mar) that formed a high test with a bearish engulfing confirmed downside momentum for me. In addition BTC was failing to break above 6730 and had multiple high tests confirming Wave 5 for most crypto's was about to begin.