BYBIT:XRPUSD
As you may know, the Ripple XRP Swell Event started today, it is over, or almost over for today, and it finishes tomorrow at 4:00 p.m., here is the itinerary: swell.ripple.com/
What has happened in the last two Swell events in 2018 and 2017 is that XRP goes higher ahead of the event, an then collapses afterward as no relevant news comes out. That is also happening this year, yet we are still missing the big collapse that should come after the event finishes tomorrow, and into the next couple of days. That is what I am expecting.
Also, in terms of Elliott Wave, we can see that it made a 5 wave impulse lower from $0.5126 USD to the level of $23.91 USD, after that, it made a 3 wave upward move from the level of $0.2391 USD to the level of $0.3273, and now it is looking like it is making another 5 wave impulse lower, from which it has already made wave 1, possibly wave 2, and it is still missing wave 3, 4 and 5 that should take XRP to around $0.10 USD or so in the next couple of weeks. Overall, it seems like a classic ABC Zig-Zag Pattern to the downside. www.elliottwave.net/...ictenets/basics3.htm
So I’m going short here using my Bybit account: www.bybit.com/app/register?ref=A1xm7 , with a price target of $0.10 USD and a stop level of $0.33 USD (a little higher than critical resistance of $0.3273), with a 2x leverage, which is about a 25% loss if I’m wrong. I wouldn’t recommend anyone to go more than 3x leverage on this trade. If it reaches the price target it should be about a 131.74% gain, which is more than 5 times what I’m risking with good odds.
I hope you find this useful and good luck in your decisions.
As you may know, the Ripple XRP Swell Event started today, it is over, or almost over for today, and it finishes tomorrow at 4:00 p.m., here is the itinerary: swell.ripple.com/
What has happened in the last two Swell events in 2018 and 2017 is that XRP goes higher ahead of the event, an then collapses afterward as no relevant news comes out. That is also happening this year, yet we are still missing the big collapse that should come after the event finishes tomorrow, and into the next couple of days. That is what I am expecting.
Also, in terms of Elliott Wave, we can see that it made a 5 wave impulse lower from $0.5126 USD to the level of $23.91 USD, after that, it made a 3 wave upward move from the level of $0.2391 USD to the level of $0.3273, and now it is looking like it is making another 5 wave impulse lower, from which it has already made wave 1, possibly wave 2, and it is still missing wave 3, 4 and 5 that should take XRP to around $0.10 USD or so in the next couple of weeks. Overall, it seems like a classic ABC Zig-Zag Pattern to the downside. www.elliottwave.net/...ictenets/basics3.htm
So I’m going short here using my Bybit account: www.bybit.com/app/register?ref=A1xm7 , with a price target of $0.10 USD and a stop level of $0.33 USD (a little higher than critical resistance of $0.3273), with a 2x leverage, which is about a 25% loss if I’m wrong. I wouldn’t recommend anyone to go more than 3x leverage on this trade. If it reaches the price target it should be about a 131.74% gain, which is more than 5 times what I’m risking with good odds.
I hope you find this useful and good luck in your decisions.
Trade active
Trade closed manually:
I'm closing the trade with a big win, at $0.2320, I still think it can go a lot lower, but it seems like it could bounce to $0.26 or higher the next few days. I will open short positions later on, probably next week.
Good Luck to You
Good Luck to You
Trade active:
Back to being short again after a small bounce.