Look at this chart $XRP . The bounce is completely fake. Buyers are running out of steam. šŖ¦
Iām opening a large short position on $XRP from here.
Entry: 1.29
Target: 1.26
Stop loss: 1.315 š
Look at the one-hour chart. We dropped from 1.34 all the way to 1.28. The bounce pushed the price up to 1.31, but look at the price action nowāitās being sharply rejected and forming a clear lower high.
Trading volume on these green candles is completely dead. Retail traders think the pullback is over, but thereās no real demand. Late buyers are trapped, and their stop-loss orders are the target. If we break below support at 1.28, the drop will be fast.
Notice that my stop loss is safely placed above the recent lower high at 1.315. Iām giving the trade room to breathe.
Iām playing the downside on this weakness. Letās see the drop.
Whoās with me on this short? š
ā ļø Not financial advice. Do your own research.
Iām opening a large short position on $XRP from here.
Entry: 1.29
Target: 1.26
Stop loss: 1.315 š
Look at the one-hour chart. We dropped from 1.34 all the way to 1.28. The bounce pushed the price up to 1.31, but look at the price action nowāitās being sharply rejected and forming a clear lower high.
Trading volume on these green candles is completely dead. Retail traders think the pullback is over, but thereās no real demand. Late buyers are trapped, and their stop-loss orders are the target. If we break below support at 1.28, the drop will be fast.
Notice that my stop loss is safely placed above the recent lower high at 1.315. Iām giving the trade room to breathe.
Iām playing the downside on this weakness. Letās see the drop.
Whoās with me on this short? š
ā ļø Not financial advice. Do your own research.
