Trade Recommendation: Ripple

The market reached the bottom. The current levels are good for buying and building long term positions. The daily chart shows us that 0.150000 support level and the uptrend line could stop downward movements 2 times. It’s a strong support zone now. RSI confirms price reversal from this zone. A new swing low is higher than the previous low and it’s a signal for possible upward movement. We have buy opportunity and it’s time to think about entry levels.

We can see that the price broke the downtrend line which was a barrier for further upward movement. The high of this bullish candle can be used for placing pending orders for buy. If you want to entry more safely, wait for a price breakout above 0.200000 resistance level. Stop orders must be placed below the local swing low, the support level and the uptrend line. It’s 0.145000 level. Profit target should be at 0.30000 resistance level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Buy: 0.187000
Stop: 0.145000
Profit Targets: 0.295000

The trading signal is based on Poloniex chart.

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.