Johan Tomasson, senior analyst at dagx.live trading platform, said that Ripple (XRP) has broken out of the symmetrical triangle, which is a positive sign. It can now move up to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls have the advantage.
Tomasson’s bullish view will be invalidated if the bulls fail to sustain the breakout and the XRP/USD pair plummets back below $0.450. Until then, every dip will be viewed as a buying opportunity. Traders can trail the stop loss on the long position to $0.41. Tomasson from dagx.live will suggest to raise the stop loss again as the price moves up.
After trading in a small range near $140.3450 for the past few days, the bulls are attempting to resume the uptrend. Tomasson said that Litecoin (LTC) has broken out of $140.3450 but is struggling to sustain it. This shows profit booking at higher levels. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the path of least resistance is to the upside.
The breakout and close (UTC time frame) above $143.3047 could propel the LTC/USD pair to $158.91 and above it to $184.7949. Conversely, if the pair turns down from current levels and breaks down of the 20-day EMA, momentum will weaken. Therefore, traders can protect the remaining long position with a stop loss below the 20-day EMA. As the price surges higher, traders can tighten the stops further to protect paper profits, advises Tomasson.