The Daily zone is congruent with the monthly & weekly resistance zones. I am expecting price to push up into the zone and reverse, since we are in a downward trending channel. However, the possibility of a bullish breakout or overshoot is still there to consider. If this were to happen, I would look for a break of the resistance, retest, and then bullish...
Waiting to finishing the retest in the dark blue box. Then head to light blue box for TP1 indicated by the Green Line. Other take profits are indicated by the green lines. Red line represents Stop Loss.
Just my bias. Still a baby trader learning.
Trade Idea
Dropping down to the M5 chart once price hits the H4 Entry zone area.
Only looking for Bearish Reversal Patterns, with a Break of Structure to enter the sell. Take Profits are the green lines, and SL is red.
We have a strong bearish engulfing closed out of the triangle on the H4. After Retest of triangle, looking for another bearish engulfing signal with break of structure on the M5 chart to execute trade.
Green Lines represent Take Profit
Red Line represents Stop Loss
If my analysis holds true, might be a good time to reload the bag for XRP hodlers. 4XRP for a $1???
