Here is my analysis on the XRP vs USD price chart. You will see a lot of people talking about the ever expanding "wedge" breakouts that are showing bullish signals but in my opinion there is more downside to come before any new highs will be made.
As it stands, my final target for XRP short positions is $0.21 per coin. This is the weekly Fib -0.27 extension level from the previous weekly fib cycle with the first high made at $0.57 and lower high at the fib 0,618 level at $0.4666.
I am looking for price to pull back to the current 4hr bearish trendline that I have marked on the chart with a new lower high to be made at the $0.3250 zone. This coincides with the 4hr Fib 0.618 retracement level and TL crossover.
Stop losses placed comfortably above the 0.786 level gives a R:R of over 5:1 with greater returns achievable as price makes its way to the weekly level and final target of $0.21
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Awaiting XRP price to reach my sell zone before entering.
You may break your neck here with this short but hey, it's your money and idea. A small retracement in my view is possible or even a "Capitulation" to $0.25 zone but it will bounce very fast from there and reach new heights. The time of shorting XRPUSD has passed and as this market has been quite lenghty people are still seeing a short trade as a good option. With a contrarian view, I belive we will see a move up soon as it is overdue for XRP. Good luck though, you'll need it.
UnknownUnicorn772665
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@cbistriceanu, Looking good for my entry so far. Will see if I can move my SL to breakeven at the end of today
cbistriceanu
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@Charlieab94, And I'll say it again, careful with it as you may burn your fingers here. Good luck with it ;-)
UnknownUnicorn772665
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@cbistriceanu, If you mean I may take a loss on this trade then yes... that is a possibility because this is trading. With risk management and stop losses and general common sense I don't think I am going to "break my neck" or "burn my fingers".