Trade Recommendation: Ripple | Hacked: Hacking Finance

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The longer term outlook for Ripple remains supportive. This is a long term analysis. With the Weekly Pivot at .9186 and the 6 Day Rolling Pivot Range just underneath this level we have a good floor from which to monitor a possible move up.

Although the nearer term Daily Pivot Moving Averages are downward, the 50 day DPMA is flat. These tend to lag price so we can use the price action to lead us forward and identify possible buy in levels and profit targets from there.

From the mid December monster rally, to the first week in January peak, we have seen an approximate 50% retracement to our current levels. This indicates that a sustained move lower is less likely. With that downside risk assessment we can use the recent high moves to identify a new entry level.

The market will want to test the February 10th high resistance at 1.226475

The action to take is to place a buy order to enter the market long if the price closes above this level on the Daily chart. This is important, so that we have confirmation of strength and higher probability of a sustainable move higher. Use discretion to get as close to this price level as possible and be careful not to buy on a spike, rather wait for a retracement.

If triggered the trade duration could take up to 3 weeks given current volatility and momentum.

Place the stop loss at the recent swing low of .88775 which coincides with just under the current Weekly Pivot Range low. See profit targets stated below.

Entry Price: 1.2265
Stop Loss: .9002
Profit Targets: First profit target 1.6900 / second profit target 2.1400 Once the market reaches the first profit target bring the stop loss to breakeven (entry level); then manage the trade further by using a trailing a stop loss .100 – .150 points behind as the market runs higher.

Disclaimer: The writer owns Ripple, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.



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