Lari_Pen

XRPUSDT: triangle pattern broke to the upside, LONG OPPORTUNITY?

Long
BINANCE:XRPUSDT   XRP / TetherUS
XRP price today is $0.718515 USD, down 3.32% in the last 24 hours, with a 24-hour trading volume of $2,449,258,622 USD.

On daily chart we can see how the descending triangle pattern started forming in May just broke to the upside testing the first resistance level at $0.78, where it got rejected. Now a pullback retesting the previous support at ~$0.66 is expected, and this can be a good entry opportunity for long trading.

Following the triangle pattern , the aimed target should be $ 1.17, but personally I don't believe it would reach it in the short term, therefore I would set many "taking profits" at the previous resistance levels.

RSI on daily chart is decreasing and is now headed to test the previous resistance identified at 46.6 level This is the reason I believe price will suffer a pullback up to $ 0.66 level, before rising again, range which corresponds also the the EMA of Keltner channel (on daily chart ). If this will happen, this can be considered a confirmation for going long as historically, whenever price broken the upper level of the channel immediately a pushback happened to the EMA level before retesting the upper boundary.

MACD still looks bullish on daily time frame and Keltner channel is becoming thinner and thinner, a sign that volatility is decreasing. This usually happens before a big move to the upside.

TRADING POSITION: Long
ENTRY PRICE: < 0.66
TARGETS: 0.77 / 0.84 / 0.87 / 0.95 / 1. 01 / 1.08
STOP LOSS: $ 0.58
TARGETED PROFITS ARE HIGHLIGHTED IN THE GRAPH


While on daily chart the price looks bullish , on 4h chart we can see how MACD is under the trendline, price therefore is under the EMA of the Keltner channel and is now decreasing headed to test the lower boundary of it, this corresponding to the spotted entry price. Therefore, 4h chart allows us to understand with more certainty that price will suffer a decrease before our long targets being reached. Moreover the lower boundary of the channel on 4h time frame corresponds to the EMA on daily time frame, a possible confirmation that price won't go under that level.

Let's see if XRP will perform as expected. For more ideas like these, please follow us on our social medias as well!
Order cancelled: Even thow I believe all my targets will be nicelly reached, my entry price was too low and it did not get filled.

Good entry price for the above targets would have been $ 0.695!

Value your own risk before entering a tarde!

Comments