DontWatchDoc
Long

Ripping through Resistance! Part 2 (XRP)

POLONIEX:XRPBTC   Ripple / Bitcoin
Happy Hump day lovers!

I wanted to analyze XRP again, this time with day time charts(I have been historically using "night" mode). If you remember in my previous analysis, I set up the 0.382 Fib and 0.5 Fib, which XRP blew past but is now currently nestled in-between the two again! Since the recent rally, I noticed XRP set up a neat triangle pattern as well. It's technically a descending triangle (Lows stay the same.. Highs decrease). However, I hesitate naming patterns all the time as people tend to focus on the name of the pattern and not the overall point of the TA. So let's get down to the good stuff.

Overall, I believe this is a Long sign, and XRP will continue it's upward path. First however, it has to break OUT of the triangle as drawn above. Target 1 is the triangle target for if price action closes ABOVE the triangle. Target 2 is for if price action closes BELOW the bottom part of the triangle. The targets are acquired by taking the Height of the triangle(as shown by black solid line), and applying it to where the breakout begins, whether it is a bull breakout or a bear breakout.

As to why I believe it will go long, here's why:
-50 EMA (pink) just crossed over 200 EMA (blue) which is usually an amazing bullish sign
-MACD and RSI aren't overly concerning, although they should be watched closely.
-I think Ripple has a cool name, and it should be able to do cool things like rip through resistances ^_^

For stop-losses when this thing eventually does breakout one way or the other here's what I recommend:
-For buy/sell breakout place around the 0.5 EMA . Below or above is based on a buy/sell breakout.

Can't wait to see XRP rip up some more resistances or my TA to get ripped apart... (0_0)

*Obligatory disclaimer: Any recommendations given(financial or medical...) are educational only and are not considered professional advisement*

I'll keep this Idea updated based on the position. Until then, stay healthy traders!
<3
-Doc

Kommentar: Looks as if price action still hasn't taken a definitive direction. Stay tuned!
Trade wurde manuell geschlossen: Closing the idea out. It eventually broke below the formation, but no strong direction now... honestly looks like it may reverse soon. Check out the 2 hr chart below showing some positive divergence.

snapshot


Good luck trading babes!
-Doc
Looks as if price action still hasn't taken a definitive direction. Stay tuned!
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