After roughly a 1000% run from its ascending triangle back in Dec 17 - Jan 18,
XRPUSD
now seems to be dying a painful death to those who haven't looked at it well enough. Bitbloxx however does not believe in letting such opportunities slip. After thoroughly analyzing the historic chart, we came up with the following technical observations:
1. $0.32 - $0.28 is a region which took the coin over 200 sessions to break out of. Point being, the support at this level is rock solid according to our analysis.
2. RSI and stochastic are in approaching extremely oversold regions, with a little downside room still in store - We have seen sustainable reversals from such lows in the recent past.
3. We expect heavy accumulation between $0.28 - $0.32 which shall be supported by high volumes
Trade Plan:
Accumulation Zone: Partial buying between $0.32 and $0.28, with higher weightage at $0.30.
Stop loss: We recommend keeping the stop-loss flexible on this trade. However, the point of concern will be below $0.26.
Selling Zone: Our first selling level would be 50% above the buying zone, that is $0.427, followed by $0.47 and $0.55.
XRPUSD
now seems to be dying a painful death to those who haven't looked at it well enough. Bitbloxx however does not believe in letting such opportunities slip. After thoroughly analyzing the historic chart, we came up with the following technical observations: 1. $0.32 - $0.28 is a region which took the coin over 200 sessions to break out of. Point being, the support at this level is rock solid according to our analysis.
2. RSI and stochastic are in approaching extremely oversold regions, with a little downside room still in store - We have seen sustainable reversals from such lows in the recent past.
3. We expect heavy accumulation between $0.28 - $0.32 which shall be supported by high volumes
Trade Plan:
Accumulation Zone: Partial buying between $0.32 and $0.28, with higher weightage at $0.30.
Stop loss: We recommend keeping the stop-loss flexible on this trade. However, the point of concern will be below $0.26.
Selling Zone: Our first selling level would be 50% above the buying zone, that is $0.427, followed by $0.47 and $0.55.
Trade active:
The trade is active and in line with our expectations.
Trade active:
Anticipating it to reach the first target soon.
Trade active:
Hope our followers are enjoying the trade!