Current price action qualifies as a blow-off top rally. Anywhere above 7400 is a good level to consider selling longs and getting short. Midpoint is highlighted - 50% fib level goes here. It's also a doji bar on the weekly although there's some slight variation between different exchanges.
This setup is lining up nicely with my XRPBTC bottoming chart posted yesterday (linked).
Steady price action above 7700 would disqualify this setup.
yep but I aslo think we wont push though 7500 today so if I get an op. to short at 7450 id say we will have 2 days selling with optoins to by back at 6500. 6300 or 6k
CryptoBanker
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@aaronrthomas, 7450 is right around where most of my shorts were filled as well. I think it's too early to say what kind of sell-off we can expect - it could be a long and drawn-out affair, enough for many bulls to lose hope again and some traders will be calling for new lows below 3200. We're just coming out of a bear market that lasted all of 2018 so it might take a while for sentiment to permanently turn bullish again.
Personally I'd like to see us bounce off the 0.5 or 0.618 fib levels in my chart above and then the real bull market can get going again.