InvestingScope
Short

Channel Down emerging. Short.

BITFINEX:XRPUSD   XRP / U.S. Dollar
Ripple has broken the previous top Triangle and resumed the commanding 1W downtrend ( ADX = 34.310), developing a Channel Down on 1D (Highs/Lows = -0.0209, B/BP = -0.0262), which is now facing the first important support test (0.500 Fibonacci retrace) at 0.4500 - 0.4600. Breaking this level will see a quick test of the 0.618 Fibonacci level (0.41000) before the ultimate 1D Gap Fill at 0.27100. We don't expect this process to be a matter of just 1-2 weeks though, but remain bearish on XRPUSD nonetheless with TP = 0.27100.
High quality portfolio management, asset allocation with excellent risk management. Grow your account, achieve steady profit levels and increase your trading edge with InvestingScope (http://www.investingscope.com).
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 falls within the first important support test you have identified. 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. It is a horizontal pullback support, with a 76.4% Fibonacci retracement. Excited to see how things develop.

Please take a look at our idea and share with us what you think.


Reply
it will go to 0.27 ??
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out