XRP short opportunity after the drop below $0.5
The recent selling pressure forced XRP prices below $0.5 on Tuesday. However, the trend remained bullish on the daily timeframe.
The structure was flipped bearish on the H4 due to the dip below $0.5, but it only showed a change in character and not structure.
Therefore using the 50% Fib retracement tool, an H1 session close below $0.517 and retest of the same can be used to enter a short
Target is the 23.6% extension level at $0.4725. A move further south is also possible depending on BTC's strength at $25.2k
Entry: $0.517 (after H1 close below $0.517 and subsequent retest)
Stop-loss: $0.54
Take-Profit: $0.4725
Note the idea is only valid after H1 close below $0.517, and remains risky even then due to the rising OBV
The structure was flipped bearish on the H4 due to the dip below $0.5, but it only showed a change in character and not structure.
Therefore using the 50% Fib retracement tool, an H1 session close below $0.517 and retest of the same can be used to enter a short
Target is the 23.6% extension level at $0.4725. A move further south is also possible depending on BTC's strength at $25.2k
Entry: $0.517 (after H1 close below $0.517 and subsequent retest)
Stop-loss: $0.54
Take-Profit: $0.4725
Note the idea is only valid after H1 close below $0.517, and remains risky even then due to the rising OBV
reached $0.54 then dipped below $0.5 but the $0.47 target was not yet tested