XRP - Trend-Following Setup Soon!

7 feb 2021

XRP is overall bearish from a short-term perspective, trading inside the blue channel. But since it is approaching our green support, it would be a good area to look for trend-following buy setups (to join the overall bullish trend)

The upper blue trendline is already valid but XRP is not ready to go yet, before we buy, we want the buyers to prove that they are taking over again. (you don't want to buy a bearish market right?)

That's why we are waiting for a momentum candle close above the last swing high (in gray) to confirm the reversal.

Meanwhile, until the buy is activated, XRP would be overall bearish and can still break the green zone downward and reach the 0.400 round number before going up. Or even break the 0.400 downward...

For now, as per the current market condition, we are waiting for a momentum candle close above the gray area to confirm the reversal.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich