XRP overbought

XRP not looking like a buy despite amount of bullishness out there. Time to be cautious.

Trade active:

75 Sats should be a nice safe area to buy back in.

Trade active:

February could be very ugly indeed for holders of XRP. RSI threatening to go below 40. Notice it has done on average every 220 days. We're coming up for another dip below this level in February.

Trade active:

No too much further to go, about another 20% fall before entering buy zone.

Trade closed: target reached:

And we're done. Can almost double your bag closing this short. RSI very low on the daily, a very good moment to convert Satoshi value into XRP but not Fiat!

Comment:

Thought it might be interesting to share this observation. Many are expecting an alt season and I've considered many alt charts that indicate much more promising months ahead but can't say XRP is one of them. On this weekly chart there's a RSI trend that's been acting as strong resistance since April 2017. In my opinion this trend line must be overcome and act as support before a significant uptrend can be expected. Consider the period prior to April 2017, we had a strong RSI supporting trend line.

Trade closed: target reached:

Almost a 70% fall - well done to all who managed to stay short! Now is time to buy back in. We're at

Comment:

.... we're at a point of approaching a major trend line that'll very likely act as strong support.