Clean break & close below support. This wick makes it interesting but I'm not longing this unless we reclaim 3320. Otherwise if we continue to close below then I will short. I'll update if I jump into a position.
I went short after we wicked above but closed below resistance. Also have to keep in mind that 3890 could flip to support so that is my first take profit level. I moved my stop closer to my entry now that we have ran stops. Now I expect us to head for the equal lows & retest the bottom demand zone.
Here's my ideal short setup on xrp. There's a lot of liquidity under these wicks & due to all the touches of support I'd imagine we break to the downside. Looking for price to move to the next 1D level at 7830.
Been trying to keep my TA as simple as possible. Tapped into an area of demand but with a few levels of resistance above, the R/R wasn't there for me to long. I'm looking for short setups around these levels of resistance. Any HTF close below 3630 leads us to 3k
If institutional traders wanted to go long they need to engineer liquidity. They have to create sellers so they can buy. How do they create sellers? They trigger stops. Sell orders will flood the market if we break 5800, some from sell stops of the buyers, and the others from the breakout traders. Think of all the people who have longed low 6k this entire year, ...