TomProTrader

XRP/USD - Buy Opportunity

BITSTAMP:XRPUSD   Ripple / Dollar
Hello traders,

Here we have XRP/USD on the 1H chart.

XRP/USD has been trading the downside considerably after a peak ignited a correction of the 16th January. Price has recently been trading within a structure since between a side-wards resistance line, and a horizontal support level that has recently come into play.

Price has broken out of the side-wards support. When price was testing the support previously it was making lower highs. But on the last retest of support on January 2, it is having clear a higher high, which indicated bullish momentum. The side-wards line is very likely to be retested as support.

I am expecting Ripple to begin an up move. Before this it's highly likely that price action will retest the side-wards resistance line as a support at 1.1230 before the up move begins.

This trade could play out in 2 ways, I have outlined these below:

-Price successfully breaks out, and retests the side-wards resistance line at 1.1230. Price then has an up move to the target zone at 1.4790.
-Price breaks impulsively to the upside. It ignores structure retesting and goes to the upside target at 1.4790.


Bare in mind, that a retest of side-wards resistance turned support makes this trade significantly more reliable.

If price retests the side-wards resistance turned support and breaks about the 20 moving average before correcting, this is an impulsive state.

I will updating this analysis if it receives more than 40 likes.
Dagangan ditutup: sasaran tercapai: Here we have the update for XRP/USD.

Price has perfectly fulfilled it's predicted analysis and had a retest on the side-wards resistance turned structure and then hit our target zone.

Well done to any of you guys that followed me ! :-)

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Any update Tom, Is it time to buy? Or Is there any other correction around the corner? Thanks!
Balas
any update? thx..
Balas
so accurate
great!!!
Balas
dang, that was very accurate :)
Balas
Nicely done!
Balas
very great ! Thank you very much ! but im too late lol
Balas
Great call, @TomProTrader ! Is it posible the price to go down to the spotted support level again before the next general increase? My analysis show a drop to 1.10 before the next raise. I'd appreciate your comment. Thank you!
+4 Balas
TomProTrader stanpantel
@stanpantel, Yes, it'll either retest the support zone, or breakout and test the new target zone as a support. We will soon find out :)
Balas
stanpantel TomProTrader
@TomProTrader, Thank you for replying! My expectations are now confirmed with yours :)
It's always a pleasure to read your posts and comments!
Balas
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