XRPBTC - Day Trade Breakout Setup - 15M Chart.

XRPBTC is shaping up for a breakout trade. A counter-trend is nearing a breaking point. If price breaks out to the upside of this trend look for strong volume to confirm an entry. Also confirm with green candles closing outside the counter trend. There are several targets you can set for take profit. The most obvious one is the next Fibonacci extension level from the first impulse wave. Caution: if price action breaks to the down side of the up trend, this long setup is a bust and will need to reevaluate the entry point. With the prior two waves being upward waves, the probability is high that this will break to the upside.

Ordre annulé:

This setup worked out to be a better short setup. The trigger level was never reached and the TL was breached. Kudos to those you caught the breakout to the short side.

Commentaire:

The way price is shaping out. There's still a potential play on the same TL in a few hours.