Thought i'd share a short on STRBTC i'm making- for the sake my own journalling of trades, and because I see good potential profit so why not share :)
Quite a complicated looking chart.
The H&S concept seems unusual, but the psychology behind a H&S still applies- the upward trend line STRBTC has been adhering to is the neckline.
The buy/sell volume has been pretty evenly split.
Fib levels are being used for targets/key areas.
XRP & STR are correlated and almost always have been.
Although i'm long-term bullish on XRP, it has been inversely-correlated to BTC, and I see BTC having a third run with fundamental news such as CME derivative markets for BTC etc.
Therefore, I think BTC's run will trigger STR to fall.
CONFIRMATIONS // ENTRY SIGNALS:
1H Candle close below 50H EMA
Bearish MACD
RSI lower highs
Quite a complicated looking chart.
The H&S concept seems unusual, but the psychology behind a H&S still applies- the upward trend line STRBTC has been adhering to is the neckline.
The buy/sell volume has been pretty evenly split.
Fib levels are being used for targets/key areas.
XRP & STR are correlated and almost always have been.
Although i'm long-term bullish on XRP, it has been inversely-correlated to BTC, and I see BTC having a third run with fundamental news such as CME derivative markets for BTC etc.
Therefore, I think BTC's run will trigger STR to fall.
CONFIRMATIONS // ENTRY SIGNALS:
1H Candle close below 50H EMA
Bearish MACD
RSI lower highs
Comment:
XRP just pumped massively due to AMEX news.. STR could follow in price action..