* Reasons for short:
- Showing signs of weakness.
- 0.34$/0.35$ is huge resistance and got rejected several times last 2 days.
- Consolidation below a key resistance is never a bullish sign.
- Rising wedge formed, this is a bearish wedge.
- Coincide with a retrace of BTC.
- History says: When it is on high expectation, XRP usually do the opposite.
- A 10-20% drop after a long pump is a healthy retracement afterall.
* 2 options for entry:
- Wait til the price enters the short zone at yellow label. Stoploss is the red one and target the blue ones (partially).
OR
- Wait til the wedge breaks down (0.32x) and short the pull back (0.32x/0.330) with stoploss at 0.34x. TP are the same, the blue ones.
******
This might be a counter-trend trade, low leverage and small position recommended.
Good luck and dont forget to give me a like if this matches your idea.
- Showing signs of weakness.
- 0.34$/0.35$ is huge resistance and got rejected several times last 2 days.
- Consolidation below a key resistance is never a bullish sign.
- Rising wedge formed, this is a bearish wedge.
- Coincide with a retrace of BTC.
- History says: When it is on high expectation, XRP usually do the opposite.
- A 10-20% drop after a long pump is a healthy retracement afterall.
* 2 options for entry:
- Wait til the price enters the short zone at yellow label. Stoploss is the red one and target the blue ones (partially).
OR
- Wait til the wedge breaks down (0.32x) and short the pull back (0.32x/0.330) with stoploss at 0.34x. TP are the same, the blue ones.
******
This might be a counter-trend trade, low leverage and small position recommended.
Good luck and dont forget to give me a like if this matches your idea.
Comment:
Trade closed perfectly with 65% gained for 5x leverage.