This is my FINAL trade idea for now. Gonna take a break and just post updates on current charts. Follow along if you'd like. Decided to get out of a trade that wasn't going anywhere (often I regret this later, but whatever) and chase the volume. I've already held a position in XRPBTC since 5k sats, but just added a bit at 7.5k with my small trading stack. Hoping to make a decent profit on this trade. Targets outlined on the chart. This could be the beginning of a huge rise, as shown in the circled fractals.
BOUGHT:
5000
7750
SELL TARGETS (for small trading stack):
10000
14000
18000
This is not a recommendation to buy or sell, this is just cataloguing my own trade. I am not a professional financial advisor.
-Victor Cobra
BOUGHT:
5000
7750
SELL TARGETS (for small trading stack):
10000
14000
18000
This is not a recommendation to buy or sell, this is just cataloguing my own trade. I am not a professional financial advisor.
-Victor Cobra
Комментарий:
By the way, this pink resistance line around 8000 dates back all the way to 2015. If we break past there soon, it would probably be a safer long entry. It's important to note that XRP's base support keeps getting closer to this line.
Комментарий:
As I said, the pink line is a very important pivot point, as it has acted as both a major support and resistance line in the past. Check out how price is reacting to it right now. Ideally, we'd need to continue consolidating above it for the next leg up. Could wick down briefly as well.
Комментарий:
Need to crack 8700 and then 9400
Сделка закрыта вручную:
Closed the small position I opened yesterday at 7750. Looks like we might need a little pullback.
Сделка активна:
Good support at 8200 so far. Re-entered with the small position. Going to let my positions ride for a while, I think. No stress. Market recovery seems to be going well.
Комментарий:
Still riding that pink line. IF it continues to do so, we should move up powerfully at the end of this consolidation. The market is looking a little different these days. So things may play out unexpectedly.
Комментарий:
Touching the pink line again. If it breaks down, then my view on the market may change a bit. We might not be quite ready for an explosive bull run. It might be more of a slow grind up across the board. We shall see if it holds.
Комментарий:
RSI has reset on most timeframes, so that's a good sign. This may be a good buying opportunity with stops in the 7900-7740 range, depending on your risk tolerance.
Комментарий:
If we stay above 7750, we should be okay to still move up. Otherwise, I will be posting another view of the market.
Комментарий:
As you can see, price may consolidate in this level. As long as it doesn't drop much further, there is a chance for a push up back above the pink line.
Комментарий:
Price does look like it can even go down to test 5000 if things get ugly. So trade carefully.
Комментарий:
REALLY testing that 7750 support. Went a little below it, but still above. If it can hold through the next couple of days, it's likely this was a bear trap. But I have a feeling we might just slump sideways for a while yet. Let's see how this plays out. Updating my BTC chart with a new perspective on the market.
Комментарий:
Bouncing a bit now. An important thing to note is that volume has actually decreased on this drop. This may indicate that it was indeed a bear trap.
Сделка закрыта вручную:
Closed my small trading position for now. Still holding most of my XRP.
Комментарий:
One can actually make the argument that this pink historical pivot line is actually just a part of a larger pivot zone between 6800 and 8700. XRP really needs to stay in this range if it is going to continue to be bullish. If it drops out, this XRP run is probably over for the time being, and it will have formed a "mini-cycle," which is just a smaller fractal of the two super cycles we had last year. In this case, the crypto market is doomed for LOTS of sideways over the coming months. If we break above 8700 soon though, we should have another super cycle.
Сделка активна:
Scaled back in at 8150. Not as great a price as I got in before with my small trading stack (7750 originally), but I was just trying to practice reducing risk. Even though the market looks flat, XRP is doing well. I think I might just hold this position for a while. Holding seems to be the better strategy for now, since everything else seems pretty sideways. XRP and XLM are the only strong looking coins right now, so I'll just hold my trading stack in these coins at this point. Pretty content with the rest of my positions anyway. A lot of patience needs to be exercised at this point in the market cycle. By the way, these updates are really for myself. This is essentially my trading/crypto journal.
Заявка отменена:
Eh, put it back in WTC at 4521 (gained a little WTC on the trade anyway) So indecisive. Should just stick to a plan and execute. At least these are only small trading positions. All a learning process. To anyone who actually reads this (aside from me), you can probably relate on some level if you're a relatively new trader.
