DanLaffas
Short

Potential movements and levels for $XRPUSD - 10.10.2018

BITFINEX:XRPUSD   XRP / U.S. Dollar
Overall I'm looking for a move back to 0.32 and/or 0.28 for $XRPUSD. I am expecting the old weekly high at 0.52467 to now provide resistance and assist in limiting the upward momentum at this time. A spike through could be expected but a close above that level on the daily time frame would negate my bearish bias and I'd look for the level to become support.

For now I am watching for the H4 order block to hold and send us up to the weekly level. If this block doesn't hold, then expect it to become resistance and watch for a move down to 0.38 in the interim.
Comment: So, the reaction off the M15 breaker was really nice and the low has been taken but price hasn't hit the H4 order block yet. I am still expecting it to reach down there but it doesn't really have to.

Now we wait; looking for a shift in market structure showing interest in moving up or a continuation down. Either way, I am out of the short and sitting on my hands until it becomes clearer.

Comment: Well, continuation it is. I doubt there will be much upside on this retrace. Levels to watch are 0.424 and 0.444 for possible short entries with targets of 0.34 and 0.28
Comment: Not quite how I had it mapped out, but the level was hit beautifully

Related Ideas

Nice idea on XRPUSD and there may be potential gains as you have identified by going short. Currently price is approaching our 1st support level at 0.4548, which coincides with the level that you are expecting a bounce. It is a horizontal swing low support with 61.8% Fibonacci retracement. RSI is seeing a bearish exit and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 0.3757 major support level. This level coincides with the 2nd support level that you have identified as well. It is a horizontal pullback support, with a 76.4% Fibonacci retracement. Excited to see how things develop.

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