Ripple Pennant Chart Pattern

BITSTAMP:XRPUSD   Ripple幣 / 美元
Chart is showing that the price is forming Bullish Pennant Pattern. The price already broke resistance line of this pattern but one of the concerning thing is that MACD and RSI have ascended very high and this breakout might be false. This might be indicating that the price is in need for reversal downwards instead breaking upwards. If the price manages to break the current resistance line this is considered as bullish break out signal and buy orders should be set above this level. What if the price does not reach our resistance zone and goes down instead? Then it's important to seek for reversal zones. Ideal reversal zone will be around in between 0.382 and 0.5 fib levels at 0.55 level (Swing low of 0.382 and swing high of 0.878) and buy orders only should be set at this level based on reversal signals.

If the price manages to break resistance line it's super important to use Stop-loss orders. Just kind reminder. :)

Trading information
Buy: above 0.87
Partial Profit Target: 0.95
Main Profit Target: 0.98
Longer Term Targets: Around 1.3 & 1.4
stop-loss 0.70

Things to remember:
  • To trade safely I recommend using stop-loss function in case something goes wrong.
  • It's better to wait than to regret. This is important when you are doing long term investments! Knowledge behind of your trades gives you success, more often!
  • Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
  • Disclaimer: You are solely responsible for your trades and it's important to do your own research before doing any investing plans!

Any questions about this trade or need help with trading? Please, feel free to leave your questions and feedback in to the comments section.

評論: RSI + MACD showing bullish movement + Volume decreasing = break out
交易結束:目標達成: Both longer term targets reached. Congratulations to all who took this trade!
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