XRP appears to have a put in a bottom bouncing off the 200EMA (Green Line) and 78.6 Fib Retracement (Overlaid). This are circled in Blue. Please note the unorthodox use of the fib tool. With the large spike tails on the bars I have used the body of the candles for Fib Extension. It’s unusual but gives a great confluence for the bottom and looks to be the way the market movers have done it.
It has then broken the .9146 Horizontal level ( The Orange line) and came back to retest. This has formed another pattern (Advance through the level, Come Back to the level, and Continue in the original direction.
The trade is very similar to ETH and LTC which we posted earlier. If you are looking for 1 I would choose ETH, if you are a XRP trader, stay with XRP of course it may just be a little slower. If so we are looking for an entry above yesterdays green bar around 1.0893 and look to catch the second leg up in the move back to the long term trend. This set up is tempting on a shorter timeframe and can be looked at by experienced traders.
Entry is 1.0893, with Stop Loss set at 0.8800, Targets are 1.2976 and 1.6127 (The Black Lines)
If you want to make dollars, your decisions need to make sense. Take profits early in volatile markets like we have had recently.
I will be trading XRP However, I will not be taking any Buy and HOLD positions on XRP, or any other coins I post on. Buy and hold positions give the analysis a one sided agenda and eventually trade bias. We have seen the effects of to many Buy and Hold people talking there coins up recently.
What I do intend to do is to trade these and make a bucket load of money. If you want to join in just follow me.
I will keep this trade updated and try let you know when we reach this level so just relax and enjoy.
Once its confirmed you can open your positions at $1.0893 or above.
With Stop Loss set at 0.8800.
Targets are 1.2976 and 1.6127 (The Black Lines)
Enjoy the profits, remember trailing stop loss as we move up adjust your stop loss to a higher position.
The slow down is normal and i am holding on as i expect the 50 to be broken at some point and to be followed by acceleration. There is Risk in any every decision and if you need to close and grab some profits, thats always okay But i am staying for now.
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