All language subtitles for 4. Example 4 - How to Trade Ripple (XRP)

Hello and welcome back to cryptocurrency trading masterclass by wealthy education.

In this video, I'll walk through some potential trades in Ripple so you can see I have the weekly chart

out again.

And we'll start by doing the same thing that we do in all markets, we look for potential support and

resistance.

So will just mark here at one point zero.

And then we will look at various areas.

Somewhere right here at about 50 ish since I went to market 50 for now, we can adjust it if need be.

I would venture to say that somewhere underneath.

Somewhere around 25.

And the reason I say 25 percent is because we launch from just underneath it.

So there you go.

You have the outlook of the market.

We look at the structure in general.

Big, massive bazine seen a little bit of volatility as of late, one would assume, if it follows the

rest of the cryptocurrency, which currently Bitcoin and Ethereum and some of the bigger ones are rallying.

So that's something worth paying attention to.

That should, in theory, drive up prices in most cryptocurrency.

Now, when I look at this and I drill down to the daily chart, we begin to see a little bit clearer

picture as of late.

You can see clearly that the 50 cent ish, this might be more of a zone, think of this is like a thick

line of maybe a cent or two continues to cause issues.

Let's go ahead and see if we can.

Learn anything by looking at volume to begin with.

And you can see that some of these big, huge candles have massive volume spikes in a market that,

quite frankly, is pretty quiet most of the time.

Big mass of red candle, big mass of red spike, a volume.

You see a big spike, a volume here, but very little in the way of price movement.

Very interesting hammer here.

We break above the top of the hammer and we continue to go higher.

We go looking for this previous support, which is now resistance.

We most certainly get it on a strong candlestick.

We break above it and then break right back down it on high volume.

So not a big surprise to see that we kind of whipsaw it a little bit there, so let's go ahead and put.

Bollinger bands on this, and as you would expect, this broke the Bollinger band, this broke the Bolander

band.

And this you know, we had this Bollinger band squeeze, so.

We can.

Look at this breaking outside and closing outside of the Bollinger band as a potential breakout.

I would clearly think that would be the case looking at it.

So here you can see the makdisi starting to shift attitude a little bit and then a right about here

is where we start to see the histogram grow and the moving average is spread out.

So that gives you more confluent.

Notice how.

We run into a little bit of a cross right here as we hit this 27 now remember on these squeeze and breakouts,

we want to.

Buy it and then let the market tell us when it's time to get out so you can either get out here, this

is based solely upon the voluntary ban or down here when we break below it.

Or you could use the Mac, the moving average confluence here as a sign that maybe you want to at the

very least, move your stop losses up your stop loss on the way out there.

Just simply on the other side of the squeeze, so.

When I roll back, you can see there was a marked cross here, right?

Notice how.

Price was rising.

The moving averages on the market were falling.

That's that divergence that we had talked about previously, giving you a little bit of a heads up as

to some trouble.

You could also.

Take a look at that and the divergence as a sign of maybe shorting granted, you know, the safest way

to short.

Would have been to wait for a bounce back, you know, below the moving average, bounce back, the

moving average and a failure, not necessarily the easiest way to try to take, but certainly a valid

trade, you know, as you zip back.

You begin to see patterns of squeeze, break, squeeze, breakout, squeeze, breakout, pretty wild

right now as I record this probably will change again rather soon.

Go to the one hour chart.

And you can see.

In this scenario here, we had a nice squeeze right across and we definitely had a squeeze and a fanning

out here.

Again, you could have used the moving average or you could have used the crossover right here to get

out.

Nice volume here as well, so that tells you there's something going on that's worth paying attention

to.

When I zoom back.

Here is an example of.

A Fibonacci retracement trade.

So.

You pull back to the 50 percent Fibonacci and you go back to the highs, but you fail there and you

know you don't continue like you hope.

And you get a marked crossover shortly there afterwards.

So what this can tell you.

Is that we're not going to have continuation and it really comes down to how you play.

Some people will simply try to take profit there.

Other people want to see it continue going higher to truthfully, there's more money in it made going

higher and taking the chance.

But obviously, you don't want to go against you completely.

Once you got this cross, it's time to get out and you're out.

Pretty straightforward, you know.

A cryptocurrency like REPL.

Is going to be a little bit different in the sense that it has micro movements, it has a lot of micro

movements.

So let's do a couple of moving averages, exponential.

Let's make this black for the 20.

And then you can go into that cross system we crossed here, you write it all the way up to here, sideways,

nice, downward across, nice fanning out.

That's a cell close the trade type of situation.

You know, that could work in those scenarios.

Your risk is relatively limited, mainly due to the fact that it only means a few cents at a time.

So that is one way to play the markets.

You can also look at the RSI.

You can look for overbought and oversold conditions, it was oversold here, the crossover shortly thereafter

told you to buy.

You most certainly had to wait to get paid, but you did eventually right up here.

You got overbought a couple of times.

Eventually you have to get out.

You know, when you see this overbought scenario.

And but at the same time, you see the moving average is still fading, are fanning out, I should say,

at this point, then you start to look.

Maybe at the candlesticks themselves.

And see if the market's trying to tell you anything.

So, for example, the dodgy there, that's a shooting star, a shooting star, both of which suggests

exhaustion.

There's multiple reasons that maybe you should be taking profit there.

Either way, Ripple is a little bit different in the sense that it moves in such small increments at

a time.

So the best thing about this crypto is you can get involved rather cheap.

You can add to a position, you can take a position out of the market pretty quickly.

It's not quite like the core holding that a lot of people have, like in a Bitcoin type of situation,

and one could make the argument that for a long time there has been a lot of accumulation here, although,

you know, whether or not it's actually accumulation, that might be a bit of a stretch because the

volume was so quiet.

But now it looks like we're starting to wake up a little bit as I record this so clearly with a big

massive shooting star like this, that's a bad sign.

But if you were to break above that, that shows real conviction.

If you remember me talking about that candlestick pattern and then at that point could really open the

floodgates for REPL to go much higher.

In the next video, we'll talk about Tasos and talk about multiple setups in that market.