Hi traders,
Been waiting for XRP to have a secondary short squeeze and now we have had that occur. slightly weaker than the 0.54 area that i thought likely but its on par with the weak moves of the bear market.
When we look at the daily we see the blue is close to losing 80 and hence will be a significant drop/return to bearish action. I expect a solid red candle today to close in such a way, hence killing the bullish momentum.
Initially i thought 0.54 could be tapped again but it does look good technically not that MM are not so keen on pumping price as they did when volume was in bull-run moments.
We are looking for a sharp drop similar to what XRP has had in the past, clearing all long SL's.
Realistically 0.36-0.38 would be where price ends up closing but i think we can wick all the way to 0.33 or so.
Short entry 0.485-0.49
TP 0.38-0.36
SL 0.496
In the event BTC looks to double bottom on the 17/16k area we may get a dramatic wick downward so keep that in mind. i will get the position open partially incase this is a major selling event.
Goodluck,
Asset Mastery
Been waiting for XRP to have a secondary short squeeze and now we have had that occur. slightly weaker than the 0.54 area that i thought likely but its on par with the weak moves of the bear market.
When we look at the daily we see the blue is close to losing 80 and hence will be a significant drop/return to bearish action. I expect a solid red candle today to close in such a way, hence killing the bullish momentum.
Initially i thought 0.54 could be tapped again but it does look good technically not that MM are not so keen on pumping price as they did when volume was in bull-run moments.
We are looking for a sharp drop similar to what XRP has had in the past, clearing all long SL's.
Realistically 0.36-0.38 would be where price ends up closing but i think we can wick all the way to 0.33 or so.
Short entry 0.485-0.49
TP 0.38-0.36
SL 0.496
In the event BTC looks to double bottom on the 17/16k area we may get a dramatic wick downward so keep that in mind. i will get the position open partially incase this is a major selling event.
Goodluck,
Asset Mastery