🔥XRP: is a bull trap possible? Where to open a trade?

8 ביוני 2022

Hi friends! Is a bull trap possible and where to open a trade? Which scenario should you follow? In this idea about Ripple i`ll try to answer the questions.

📈On the chart, I've marked the trend line to which the price is squeezing. After the false breakout there was no deep pullback, which is positive for the bulls. But what else should we pay attention to? The bulls accumulate long positions every time the price falls, as you can see in the volume indicator.

📊And here the main question! Do they become fuel for the price fall and sell off their XRP at a loss? As long as the market isn't in a trend, that's to be expected. Watch for a false breakout of the trend line and the volume indicator. Volumes growth will show that the bulls have accumulated a position on a trendline breakout, and on a false breakout they will sell out, which is a good opportunity for us to open a short.
✅Targets. I think that the price can reach at least $0.34-0.37 liquidity gap.

📊Also, a scenario with a squeeze under the trend line and a breakout is possible, but before that there should definitely be a bear trap with the same volume growth.
✅Targets:
0.42-0.43 - value zone, local highs
0.46-0.47 - liquidity gap, important price levels

💻Friends, press the "like"👍 button, write comments and share with your friends - it will be the best THANK YOU.

P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.