Ripple - Channeling its inner bear

١٥ فبراير ٢٠١٩

Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

Not a whole lot to update here except we're still looking to be inside our channel. Short trade is still active but there is one thing I want to point out which will happen in the next day or two. Likely tomorrow.

25/100 moving average bearish cross

If you can see (sorry the PnL chart is in the way) the moving averages crossing, we're about to cross a new level of bearishness. Our support is slightly above the 200 day moving average but I expect us to test that and potentially reject it in the next day or two. you can clearly see where our resistance is at.

First, we got resistance at the 25 day moving average on February 8 2019, then you can see we got rejection at the 100 day moving average on Feb 13. If we break the 200 day moving average and close below it, you can expect that will also be resistance and the 25 day MA will continue to be strong resistance.

I suggest you don't look at getting into XRP anytime soon. My first area of support where you should be taking profit if you're short (note - do not long here) is around 7885. If we happen to get to 6300 you can close the rest there. I'll continue to evaluate as we move down.

Trade safely friends!
<3 -CE-