— Cryptoxicate (@cryptoxicate) January 28, 2019
This is a Twitt I put out last night saying I was buying XRP
As you can see most of my orders are on USDT and not BTC, the XRP/USDT chart looks very bullish, I only bought 557.9 XRP at the value of $0.29905 per coin, a total of $166.8399
There are a couple of reasons why I consider the chart is bullish, some are based on social media and others pure technical analysis, I dont trade that much but I’m trying to learn from every step I take.
– Last week there was a massive scandal with the “”FAKE”” XRP market cap that in any case only should matter to investors, I only invest in a few coins and XRP is not one of them due to all the troubles it constantly goes in. After all this “”FUD”” (HATE THAT WORD) the price crash about 11% but it was already on a down trend.
– Any news from XRP? not this week so far only an article about XRP getting involve into gaming.
– 15% CLOSE to its all time low since August 2018 at around $0.24 cents, thats puts my trade at a risk of -15% lost in case it goes down to its all time low.
– If we zoom out on the 4hr chart we can see its around this price when XRP most of the time rally, so we got historical support and historical price action
– RSI EXTREMELY LOW at 14, can it go lower YES but Ill probably cost average if it goes down 10% or 15%
– Can I rist 15% of my trade? Yes I can thats only $25
– Even if price has gone down for the past month it doesnt have that much sell volume as on previous dumps, that means that traders may know its getting to that rally point and probably accumulating
Close to all time low
RSI about to bounce, low at 14
Low Sell Volume
Looking Better on the 1HR Chart
My price target $0.36 cents with a 20% profit, no rush on this one may take a week or a bit more, just testing some of the things I have been learning and practicing on trading, all based on price action, XRP may go down another 5% before going up, starting to look good on the 1hr chart.
Thanks for reading if you I like my post please feel free to leave a comment or upvote on Steemit
Good Luck, Thanks
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