12/15/2017 LONG XRP:BTC Symmetrical Triangle Breakout
XRP is in a position to breakout - however, the question of which way remains unanswered. The price has yet to break the symmetrical triangle pattern.
We have not seen the MACD crossover yet. RSI is neutral, neither showing an overbought or oversold position. How would I trade this if I weren't in already? See below:
Once we see MACD crossover (blue line cross orange on the bottom of the chart), I will enter in a long position. Stop-loss under 0.003798 in case of a bounce off support. As always, if you want to be conservative for your trade, wait for the price to break the upper trend line and close above (1hr candles). Then place stop-loss around 0.004035.
So why am I taking a long position? The potential for XRP is crazy high (see ATH). Along with the potential of being added to CoinBase, the coin has high reward and low risk (minimize risk with the use of stop-losses). I will enter these trades being okay with losing 20%, knowing the potential gains.
Hopefully this helps somebody out there. Cheers!
We have not seen the MACD crossover yet. RSI is neutral, neither showing an overbought or oversold position. How would I trade this if I weren't in already? See below:
Once we see MACD crossover (blue line cross orange on the bottom of the chart), I will enter in a long position. Stop-loss under 0.003798 in case of a bounce off support. As always, if you want to be conservative for your trade, wait for the price to break the upper trend line and close above (1hr candles). Then place stop-loss around 0.004035.
So why am I taking a long position? The potential for XRP is crazy high (see ATH). Along with the potential of being added to CoinBase, the coin has high reward and low risk (minimize risk with the use of stop-losses). I will enter these trades being okay with losing 20%, knowing the potential gains.
Hopefully this helps somebody out there. Cheers!
Comment:
Update #1: we have had the price close above upper trend line. Once, MACD crossover takes place, buy will be initiated.