XRP possible bullish setup
Hello traders,
I would like to share my idea on XRP/BTC. Although I am not a big fan of trading Ripple, I believe that the current setup may introduce a nice opportunity for a short-term buy. While bitcoin approaching 10.000 and I think it will spike above it before the drop, many alts show bullish setups on altcoin/btc pair. The recent red candle was quite weak and most likely was a bear trap before the reversal on the 4H timeframe.
I consider two scenarios:
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GENERAL RULES TO KEEP YOUR ACCOUNT SAFE:
1. Do not risk more than 2% of your account per trade
2. Look for a Risk-Reward Ratio of at least 2:1
3. Always use stop-loss
4. Do not FOMO
5. Remember: Patience is the key!
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
I would like to share my idea on XRP/BTC. Although I am not a big fan of trading Ripple, I believe that the current setup may introduce a nice opportunity for a short-term buy. While bitcoin approaching 10.000 and I think it will spike above it before the drop, many alts show bullish setups on altcoin/btc pair. The recent red candle was quite weak and most likely was a bear trap before the reversal on the 4H timeframe.
I consider two scenarios:
- In the first scenario I would like to see a strong green candle above 2150. It will confirm the bullish trend for the next month or longer
- In the second scenario, we could see a spike or a false breakout below 2060 followed by an even stronger green candle. This setup is more secure and gives more confidence in the trade.
=============================
GENERAL RULES TO KEEP YOUR ACCOUNT SAFE:
1. Do not risk more than 2% of your account per trade
2. Look for a Risk-Reward Ratio of at least 2:1
3. Always use stop-loss
4. Do not FOMO
5. Remember: Patience is the key!
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
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