"Watching XRP Like A Hawk" - Breakout Opportunity
Let's be real, this market is too interesting for me to get anything else done :P
I know I've posted a number of charts on XRP recently saying that a good setup would be to buy on the break of the wedge. We are currently sliding down on low volume, but very close to the upper trendline. We've held 7700 a number of times over the last couple of days, and all the indicators are starting to curve upwards. Yes, we could go down to 7400 (or the lower part of the wedge), but things are looking pretty bullish right now, in my opinion.
I added at 7880 the other day with some LTC profits (could've waited a bit longer, but I'm not that concerned). I always like to get in BEFORE the pump. I've had success doing that with TRX, ONT, LTC, BAT, and VET recently (you can see that in my post history). I also think that if XRP breaks out, Bitcoin could either dump or follow suit. Since the market has been looking generally healthy, I think it's more likely that Bitcoin would follow.
BUY setup:
8000-8100 (volume spike to confirm the breakout)
Or between 7400 and 7800 (probably a stop loss wouldn't be a bad idea, below the wedge)
Immediate target: 8700
Mid-Long term targets: 10000+
Obviously if we break down out of the wedge (below 7400-7200), this idea will be invalidated.
Not financial advice. This is just something I've been watching for a while. Let's see if it plays out. The timing may be very good on this one.
-Victor Cobra
I know I've posted a number of charts on XRP recently saying that a good setup would be to buy on the break of the wedge. We are currently sliding down on low volume, but very close to the upper trendline. We've held 7700 a number of times over the last couple of days, and all the indicators are starting to curve upwards. Yes, we could go down to 7400 (or the lower part of the wedge), but things are looking pretty bullish right now, in my opinion.
I added at 7880 the other day with some LTC profits (could've waited a bit longer, but I'm not that concerned). I always like to get in BEFORE the pump. I've had success doing that with TRX, ONT, LTC, BAT, and VET recently (you can see that in my post history). I also think that if XRP breaks out, Bitcoin could either dump or follow suit. Since the market has been looking generally healthy, I think it's more likely that Bitcoin would follow.
BUY setup:
8000-8100 (volume spike to confirm the breakout)
Or between 7400 and 7800 (probably a stop loss wouldn't be a bad idea, below the wedge)
Immediate target: 8700
Mid-Long term targets: 10000+
Obviously if we break down out of the wedge (below 7400-7200), this idea will be invalidated.
Not financial advice. This is just something I've been watching for a while. Let's see if it plays out. The timing may be very good on this one.
-Victor Cobra
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