XRPUSD
Don’t really like picking tops but this looks text book.
It’s already taken a few stabs at the current supply block and rejected off. I’m hoping for one more attempt before a big sell off simply because we have moved up over 75% since the last low. We are also overbought on the RSI so everything is looking primed for a short soon.
If we reject off the supply block, it’s worth a small scalp to the 200EMA and resistance area for an 8.4% profit. At this area I will then be looking for a cross below the 200EMA as well as break in trend line to stay in my short with multiple take profit areas along the way.
It is unlikely I will take a long if we break above the supply zone simply due to the fact we’ve had a 75% run up.
Don’t really like picking tops but this looks text book.
It’s already taken a few stabs at the current supply block and rejected off. I’m hoping for one more attempt before a big sell off simply because we have moved up over 75% since the last low. We are also overbought on the RSI so everything is looking primed for a short soon.
If we reject off the supply block, it’s worth a small scalp to the 200EMA and resistance area for an 8.4% profit. At this area I will then be looking for a cross below the 200EMA as well as break in trend line to stay in my short with multiple take profit areas along the way.
It is unlikely I will take a long if we break above the supply zone simply due to the fact we’ve had a 75% run up.