After the insane gains XRP exhibited last week, getting into a short position has been very profitable.....AT THE RIGHT PRICE! Shorts got BURNED hard trying to go against the trend ever since its breakout at $0.27-$0.28 to the highs around $0.80. As the MACD and RSI topped out, shorts could have been entered SAFELY on the second rejection of the supply zone around $0.625. Having stops around the SFP high would still have you in this trade and with Bitcoin failing to break higher, the odds of Ripple continuing lower are looking better and better. Target is set at $0.43 but lower could be possible if BTC completely breaks down from here. As seen on the chart, a heavy POC near $0.58 will be hard to breach as everything pulls back from last weeks run.
Keep an eye on BTC when entering as well as exiting a trade to not leave too much on the table.
Thanks guys!
Keep an eye on BTC when entering as well as exiting a trade to not leave too much on the table.
Thanks guys!