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Trade Recommendation, June 20th

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Trade Recommendation, June 20th

Introduction

This article was posted on Tuesday, 13:17, UTC.

XRP/BTC: Short-Term Buy

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XRP/BTC, 4-Hour Chart Analysis

XRP’s price moved above the 0.000115 BTC level in active trading this morning, triggering a buy signal with a stop below the prior swing low below 0.0001. The move comes after a more than one-month-long consolidation, which brought the pair down by more than 60%. The primary target for the move is at 0.000145 and at 0.00016, and a re-test of the prior high at 0.00024 is also in the cards in the coming weeks. Ripple trades in a volatile fashion during its moves, so trading sizes should be controlled, as 20-30% daily moves are not uncommon for the currency.

Longer term positions could also be opened here with a stop under the key 0.00009 level, that served as a base in the recent consolidation. The MACD produced a buy signal today after an extended period of neutral readings. Ripple is also breaking out from a long-term consolidation pattern against the Dollar, moving above the 0.30 level, but it faces strong resistance at 0.32, and the BTC pair looks more promising.

XRP/USDT, Daily (long-Term) Chart Analysis

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR amburgemeester

    Posted on 2:37 pm June 20, 2017.

    Nice recommendation, but when this post was published XRP was already at $0,326. So how should we take this trading advice?

    • user

      AUTHOR Mate Cser

      Posted on 3:44 pm June 20, 2017.

      The trade is still on, I think that the small differences between the exchanges (I trade the XPR/Tether USD pair) don’t change the setup. The Poloniex chart was just a few minutes old at publishing. Let me know which exchange you trade and I can help with the exact levels.

      • user

        AUTHOR 31strong

        Posted on 6:40 am June 21, 2017.

        The exchange i mainly trade is bithumb in korea. So could you give me a hand more detail?

  • user

    AUTHOR awgregory

    Posted on 6:14 pm June 20, 2017.

    Can you elaborate how the BTC pair can be more promising unless you are implying BTC will be pulling back vs the dollar? “but it faces strong resistance at 0.32, and the BTC pair looks more promising.” Otherwisee, If the .32 resistance stops the XRP/Dollar Pair it will also stop the XRP/BTC Pair, no?

    • user

      AUTHOR Mate Cser

      Posted on 6:28 pm June 20, 2017.

      Hi awgregory, thanks for the question. Yes, I expect Bitcoin to underperform XRP, and the BTC-pair to rise even if Bitcoin pulls back. That’s why I wrote it’s more promising.

      • user

        AUTHOR awgregory

        Posted on 6:38 pm June 20, 2017.

        What would happen in terms of dollars in that scenario?

  • user

    AUTHOR ezra

    Posted on 6:54 pm June 20, 2017.

    what do you think about XRP long term? is there a good buy against USD? its been hovering around .33 USD. ive been reading around that it looks bullish.

  • user

    AUTHOR flogy4031

    Posted on 7:55 pm June 20, 2017.

    What just happened?! the massive price drop… Is it possible for the XRP price to be “manipulated” ?
    Thanks

  • View Comments (11) ...
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