XRP/USD Short Trade *GO AGAINST THE SHEEP, FIBONACCI NOT DONE*
Here is my analysis on the XRP vs USD price chart. You will see a lot of people talking about the ever expanding "wedge" breakouts that are showing bullish signals but in my opinion there is more downside to come before any new highs will be made.
As it stands, my final target for XRP short positions is $0.21 per coin. This is the weekly Fib -0.27 extension level from the previous weekly fib cycle with the first high made at $0.57 and lower high at the fib 0,618 level at $0.4666.
I am looking for price to pull back to the current 4hr bearish trendline that I have marked on the chart with a new lower high to be made at the $0.3250 zone. This coincides with the 4hr Fib 0.618 retracement level and TL crossover.
Stop losses placed comfortably above the 0.786 level gives a R:R of over 5:1 with greater returns achievable as price makes its way to the weekly level and final target of $0.21
As it stands, my final target for XRP short positions is $0.21 per coin. This is the weekly Fib -0.27 extension level from the previous weekly fib cycle with the first high made at $0.57 and lower high at the fib 0,618 level at $0.4666.
I am looking for price to pull back to the current 4hr bearish trendline that I have marked on the chart with a new lower high to be made at the $0.3250 zone. This coincides with the 4hr Fib 0.618 retracement level and TL crossover.
Stop losses placed comfortably above the 0.786 level gives a R:R of over 5:1 with greater returns achievable as price makes its way to the weekly level and final target of $0.21
Comment:
Awaiting XRP price to reach my sell zone before entering.
Trade active
