Whats up traders, I hope you're all had a good trading week.
Here we have XRP/USD on the 4H chart.
XRP/USD has been trading rangebound after a strong up move that finished on the 30th December. Price has recently been trading on a side-wards support level at 1.9200, and looks like price action will continue to use the side-wards support until the up move begins.
Price has been testing the support zone over the last 24 hours. When price is testing the support, it is having clear higher highs on smaller timeframes, indicating continued bull strength on the support level, further supporting an eventual breakout move to the highs.
I am expecting Ripple to pick up some momentum soon. Before this, price might test the sideway support yet again at current levels, before it truly takes off.
This trade could play out in 2 days, I have outlined these below:
-Price successfully retests the side-wards support level at the 1.9000's level, before eventually picking up strong momentum, and achieving it's longer term target at 3.0800. -Price breaks lower, and tests a potential swing low level at 1.6180 (Which also coincides with Fibonacci retracement support) before eventually having the up move to the upside target at 3.0800.
Bare in mind, that price could move a lot further than these 2 targets outlined above. The targets above are OBSTACLES for price action, and not necessarily where will price will ultimately stop in this short term uptrend
If price tests the swing low first, bare in mind this might mean the up trend is generally weaker, and reaching the upside target of 3.0800 will not be as easy, and some wind can be expected on the way to upside target (In the form of corrective legs)
I will updating this analysis if it receives more than 40 likes.
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Brand new DGB/BTC analysis posted on my TradingView profile.
Here I provide my latest thoughts, and offer potential targets to look for a profitable opportunity soon.
Check it out !
Trade closed: target reached
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Ripple has hit it's price target. Well done!
There is a couple of ways this can now play out.
-Price could now hit our target zone and begin to fall into the lows again -Price could break target zone and carry on to the highs.
Both of the above seem pretty simple. So let's do this in a way where we can: Manage and maintain our profits, and minimize risk at the same time.
I recommend:
- Closing half position NOW, at current levels. -For remaining half position, HOLD. And move stop loss to 2.4200.
The above works well because you are taking profits from the table, and even if price goes back down you are in profit even if it hits stop loss. And, we get the luxury of being able to ride Ripple further to the upside.
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I will be updating this analysis again very soon.
Stay tuned for my idea updates :)
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BRAND NEW analysis posted regarding BTC/USD on my TradingView page !
Check it out now !
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Brand new analysis has been posted on this pair... See my TradingView profile page for the new trade plan!
i opened a trade @ 1.85 and exited half @3.15 and had a stop for the remaining @ 2.70 which just got filled. Do you think it is wise to reenter XRP or move along to another coin?
So many opportunities out there:)
Do you really believe that this was due to the hype of entering coinbase on the 8th of JAN?
schima
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and thank you once again for your spot on insight.
TomProTrader
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@schima, Hi, the answer is a big yes. It was all due to Coinbase rumours.
Not sure if you heard last night, but Coinbase CEO totally shot down rumours that Ripple would be added to Coinbase (Which I already predicted)
So price is taking a bruising right now !
tradermikey
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Could you please give a shout tonight when it's time to take profit? You were so right with this break out, I'm fully trusting you.
@TomProTrader seems I'm too late to enter pls tell me at what lower levels I can buy ripple.
I am a longterm(1/2yrs) investor what your target for it?
Thanks a lot for your guidance.
TomProTrader
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@JimmyRazo, As it says in my above analysis. I already recommend a buy area above.
Jallan9
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Tom, you know that those of us that follow you get an email whenever you post a new idea, right? This means that when you post a new idea and update 5 existing ideas with the fact that you made a new idea we receive 6 different emails about the same idea. It's your trading channel, but to me it would be very nice if you stopped posting new ideas on old ideas - we'll see them anyway :)
TomProTrader
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@Jallan9, Acknowledged. Won't do that again. Sorry ! :)
i opened a trade @ 1.85 and exited half @3.15 and had a stop for the remaining @ 2.70 which just got filled. Do you think it is wise to reenter XRP or move along to another coin?
So many opportunities out there:)
Do you really believe that this was due to the hype of entering coinbase on the 8th of JAN?