Short XRPUSD at 0.89050
What looks like a long on the shorter timeframe, seems like a false breakout and a great shorting opportunity on the longer timeframes.
On the 15 min timeframe, it looks like XRPUSD is breaking out. It seems to be riding up against the upper Bollinger Band, and using that chart alone, one would want to wait for a small pullback before buying the dip.
However, when we zoom out to the 75 min timeframe, we see that XRP has just reached a major resistance zone of 0.9. Additionally, here EMA50 and EMA100 is weighing down on XRPUSD as it attempts to climb any higher and will provide significant further resistance in the days ahead. To make matters worse, it looks like MACD is ripe for a small selloff from these price levels. A long here on the 75 min chart has a risk-reward of 0.11.
When we zoom out a bit further to the 375 min timeframe, we see that the resistance is actually slightly higher, nearer to 1.0. Also, EMAs 11, 22, and 50 will act to push down price from these levels. We also see a consistent, strong downtrend on this chart with RSI consistently dropping. Regardless of how good the shorter timeframes look, it is not possible to go long at these levels.
What looks like a long on the shorter timeframe, seems like a false breakout and a great shorting opportunity on the longer timeframes.
On the 15 min timeframe, it looks like XRPUSD is breaking out. It seems to be riding up against the upper Bollinger Band, and using that chart alone, one would want to wait for a small pullback before buying the dip.
However, when we zoom out to the 75 min timeframe, we see that XRP has just reached a major resistance zone of 0.9. Additionally, here EMA50 and EMA100 is weighing down on XRPUSD as it attempts to climb any higher and will provide significant further resistance in the days ahead. To make matters worse, it looks like MACD is ripe for a small selloff from these price levels. A long here on the 75 min chart has a risk-reward of 0.11.
When we zoom out a bit further to the 375 min timeframe, we see that the resistance is actually slightly higher, nearer to 1.0. Also, EMAs 11, 22, and 50 will act to push down price from these levels. We also see a consistent, strong downtrend on this chart with RSI consistently dropping. Regardless of how good the shorter timeframes look, it is not possible to go long at these levels.
Trade active:
Short at 0.89050
Trade closed manually:
Closed short at 0.8827