Ripple XRPBTC - Watch for Inverse Head & Shoulders Breakout
Revised from my rough hunch idea to reflect yesterday's price movements.
It could be forming a right shoulder right now - watch for a breakout past the neckline.
Speculation: completing this Inverse Head & Shoulders might lead to a Rounding Bottom, which may lead to forming a bowl if it reaches the previous high around 0.00007, which would in turn be the latest handle formed in the series of larger and larger Cup & Handles we've been seeing over the past few days.
The next Cup & Handle target would take us well above the ATH into the 0.00013 range (another zero dropped!) but don't get too excited yet - even though I'm very bullish about Ripple's value potential, as always it will probably have a lot to do with where bitcoin decides to go. And I'm not sure if Ripple is ready to go that high yet. In my opinion it probably flew a little too high too fast the other day. Also the Poloniex fiasco during the last run-up has probably left people feeling a little shaky (the site froze up right at Ripple's peak, and came back online after it had dropped almost by half, automatically liquidating a ton of angry people).
But in any case this is definitely one to watch!
It could be forming a right shoulder right now - watch for a breakout past the neckline.
Speculation: completing this Inverse Head & Shoulders might lead to a Rounding Bottom, which may lead to forming a bowl if it reaches the previous high around 0.00007, which would in turn be the latest handle formed in the series of larger and larger Cup & Handles we've been seeing over the past few days.
The next Cup & Handle target would take us well above the ATH into the 0.00013 range (another zero dropped!) but don't get too excited yet - even though I'm very bullish about Ripple's value potential, as always it will probably have a lot to do with where bitcoin decides to go. And I'm not sure if Ripple is ready to go that high yet. In my opinion it probably flew a little too high too fast the other day. Also the Poloniex fiasco during the last run-up has probably left people feeling a little shaky (the site froze up right at Ripple's peak, and came back online after it had dropped almost by half, automatically liquidating a ton of angry people).
But in any case this is definitely one to watch!
Note
Just broke above neckline - looking good!Note
There is a bearish divergence on the stochastic RSI so it will probably retrace a bit before making a confident breakout - but it's at least completed the right shoulder. Let's give it a little time to recharge and I bet it'll try harder in a bit, barring a big bitcoin move
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.