XRP has rocketed massively over the past 24H and the entire move has yielded over +80%. Most people have probably FOMO'd into the trade at very bad prices and early this morning we rammed right into resistance and bounced off so far. Ripple has moved past the 1.618%FIB extension and even though we could see a move up into the next supply zone, both the RSI and MACD are in the clouds! We can't rule out a continued push higher because markets can remain irrational for a long time and its better not to get in front of a moving train but for those looking for an end of the rally should 1) look for some BTC weakness for a pullback and 2) attempt at a short with a tight SL around resistance levels.
We could be experiencing both scenarios here and shorting the tap of resistance would have paid off so far and the targets would be a return down to the FIB level or if we get some momentum to the downside, we could see a retest of the breakout zone around the S/R flip at $0.43. As mentioned before, it's never a good idea to get into trades betting against the current trend but you must wait for signals that give you a better R:R before pulling the trigger. BTC could test $6900-$7000, which would be ideal areas to short the corn and possibly a safer place to short XRP.
Stay safe!
Thanks
We could be experiencing both scenarios here and shorting the tap of resistance would have paid off so far and the targets would be a return down to the FIB level or if we get some momentum to the downside, we could see a retest of the breakout zone around the S/R flip at $0.43. As mentioned before, it's never a good idea to get into trades betting against the current trend but you must wait for signals that give you a better R:R before pulling the trigger. BTC could test $6900-$7000, which would be ideal areas to short the corn and possibly a safer place to short XRP.
Stay safe!
Thanks
Stay safe guys!