XRP - 30% Cyclical Trade? Here Come the Short Sellers?

Hey guys,

Looking at XRP we can see it continues trading within a descending channel. Its now testing the EMA50, but judging by the way it has traded at the top channel line we should anticipate a sharp selloff.

***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK

코멘트:

Now kissing the upper trendline! On the smaller timeframes we have a good opportunity to short the market.

코멘트:

Still consolidating... here's the levels I'm watching. Shorts are still increasing.

코멘트:

Fingers crossed!

코멘트:

There we go... once the daily closes this market could be in for quite the reckoning.

코멘트:

코멘트:

Alright lets see if we can break some supports here...

코멘트:

Support breaking...

코멘트:

The market is beginning to rally,.. but XRP is still trading below support.... hmmm to close short or to not close short? (that is the question)

코멘트:

Market is starting to swing back up around to the support level, a daily close will confirm a likely rally to 44 cents.

코멘트:

We formed an interesting candle on the daily... so we've kind of neutralized the trend... but we don't have a confirmed reversal.

코멘트:

heh heh looks like the bears might be winning ;)

코멘트:

Ok. We're kissing a key support level... below here we can expect a violent sell-off.

코멘트:

Approaching the bottom of the range here!

코멘트:

We are approaching target!!! BUT we have a second target now ;)

코멘트:

코멘트:

Ok. We had to exit the trade (up 40%!) as the trend reversed sharply out of the descending wedge (a reversal pattern)… On the daily we can see the EMA50 is a nice level to watch for a reversal, then look for a breaking of fibo support to short the market (for another 20%!).

코멘트:

We are at the EMA50! This is the make it or break it level. Watch the daily candle...