Ripple is reaching apex of The Symmetrical Triangle Pattern. This pattern is known from it's explosiveness and once it breaks, it will do it rapidly. One of the few patterns that can break either way. At this point it can break either way too and it is important to wait for a break out signal than to buy too early. Be Buy orders should be set above MA100 at 1.7 level and with super tight stop-loss at 1.1 level.
Why buy orders should be set this high? Even though The Symmetrical Target meets it's up target 66% of the time statistically there is always a chance for bull trap. At the moment MA50 level is acting as a resistance but once it breaks above it, it is giving us signal of further upward movement. If the price rejects MA50 and starts seeking lower levels I have drawn a box that is ideal reversal zone or zone for bear traps. At this zone it is giving us another trading opportunity and should be traded with confirmed reversal signs. Breaking above MA100 is supporting further upward movement. If bought in the between of MA100 and MA50 the price can break downwards. It is important that the price meets these conditions for move further upwards. Otherwise you might end up buying too early and stop-losses will trigger or you end up holding long time.
Be careful while trading!
Partial Profit Target: 2 level Main Profit Targets: 2.4 level
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM -1.26% 1.12% 1.12% in here or in my twitter. I try to respond ASAP! :) Happy trading!
Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
don't be surprised to see XRP briefly drop out of the triangle -- and then reverse. It's done it before on the upside. The reason is that XRP is tracking BTC up/down precisely, and will follow regardless of its own TA. So if BTC still has room below to fill out its triangle (while ranging sideways), but XRP is out of room, then you're going to see a false breakout...
@ronfkingswanson, Lots of buy orders around 1.21 as well which puts us south of the triangle.
SatoshiNakamoto1
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I am gonna guy XRP at 200 days moving average...I am not gonna touch it before that
josephtse
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@ ronfkingswanson - why does Ripple follow BTC exactly? Do the banks control it?(Durrrr....)? Does it not have funderrrrmentals of it's own?? It just partnered with another 2 payment processing companies and Ripple went nowhere. Meanwhile, Stellar makes one deal with Stripe and rips higher???
josephtse
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Looks like down. $1.22 at least.
abelgalaz
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@josephtse, i believe we will god down further then this
cyberholz
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Are we breaking down?
sophysto
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in the one hour time frame it looks to me like a reversed cup and handle and this stands for a bearish trend