On the daily chart, the price action of XRP is completing final leg of bullish BAT and soon it will be reached in potential reversal zone. On breaking down 50 simple moving average the pattern will be more confirmed. There is also a strong support of 200 SMA below the potential reversal zone.
Buying And Sell Targets:
The buying and sell targets as per Fibonacci sequence of BAT pattern should be as below:
Potential reversal or buying zone: $0.3480 to $0. 0.2918
Fibonacci projection or sell zone: $0.4821 to $0.6834
Stop Loss:
The potential reversal zone area that is up to $0.2906 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 134% and as per the above-mentioned stop loss, the loss possibility is 16.1%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
Buying And Sell Targets:
The buying and sell targets as per Fibonacci sequence of BAT pattern should be as below:
Potential reversal or buying zone: $0.3480 to $0. 0.2918
Fibonacci projection or sell zone: $0.4821 to $0.6834
Stop Loss:
The potential reversal zone area that is up to $0.2906 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 134% and as per the above-mentioned stop loss, the loss possibility is 16.1%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
