ErikFertsman
Short

Ripple Head and Shoulders on the 4HR?

BITSTAMP:XRPUSD   XRP / U.S. Dollar
We have a possible head and shoulders formation on the 4HR, which can take prices further downward to a MIN TP of $0.155 (likely) and a MAX TP of $0.09 (unlikely). At the time of writing, the right shoulder has yet to prove a reality, and we are trading within the key-fibo zone where the current downtrend can still be reversed.

We have a bearish confirmation at $0.182, but also a bullish confirmation at $0.218. A bullish confirmation can take us back to $0.253.

To reach the MAX TP we would have to see heavy selling and provoke a breach of the major key fibo level at $0.154.

The XRPBTC chart also provides us with some clues. Currently it looks like we may resume a downward trajectory against BTC within a falling wedge .

Cheers,
-Erik
Comment: Hmmmm.. BTC strength is bombing our idea in the USD chart
Comment: RSI says it wants to go up..
But in this chart its still down...
Comment: LOL
Hit our target in this chart... how much lower could it go?
Comment: Wow, bearish wick in the XRPBTC?
Comment: Turned around at a crucial pivot point...more downside?
Couldnt stay above the falling wedge line..
Comment: Still looks bearish in our comparative analysis.
Comment: Its having a hard time closing above the confirmation line...
Comment: Boom...will it break the confirmation?

Comments

Totally agree. There wont be a big alt-boom, till we correct all the way. Instatutions support 15/16 cents.
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LOL You just love to short the Ripple don't you now ;)
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@alpakal, its a little tricky right now :P I'm looking at this chart and I can see so many short opportunities in the alt market:
https://i.imgur.com/IJxJSa2.png
Source - CoinMarketCap.com
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