botje11

XRP bullish wedge part 2, possible inverse H&S

BITFINEX:XRPUSD   XRP / U.S. Dollar
That was quite the volume pump today, open shorts on XRP went up allot lately and got a slap on the wrist from the bulls today. Longs are decreasing now, which means allot of "bulls" are cashing out already. This is not a sign of confidence of course. But a big chance it's because allot of uncertainty that is still in the market now.

So the second target at 0.45 got reached very quickly today. Now it's not the time to be greedy and think we will see a rally like a year ago. If your goal is levels above $1 or more, than just do whatever you want. But if your goal was here, don't go change your mind all of a sudden. Take at least some profits here.

For now, the volume is big, so the rally is probably not over yet. But a big chance we will go "sideways" for a while. Unless Bitcoin makes a big rally, probably see some sideways movement that could become a right shoulder for a big inverse H&S .



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Previous analysis:

Sep 23
Comment: Seems the XRP bulls and bears (short covering) did not have the patience to wait. The target of that inverse H&S has already been reached around 0.75/0.80. At the moment it looks like it is inside a triangle, not hovering above the support. So there is a chance it will break that support line. Of course depending on Bitcoin.
I drew a few support levels, where it could bounce up from again.
On the left it looks more like a big bull flag, indicating it could go towards the $1 the coming weeks. But then it should stay inside that big bull flag. The coming week will be important.

Sep 24
Comment: So bitcoin has made that drop towards the 6600 but so far no bounce so things are not looking that great. XRP had made a drop as well and at the moment it's still inside a bear flag, indicating it can go towards the 0.46. That's where the last green support level is. The only thing that could invalidate the bear flag, is a jump up from Bitcoin, doesn't look like XRP bulls are able to do it themselves. It's safe to say, that it has dropped a bit more than it should have, but there is still a chance.
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Total gamble right now with all the coins
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We will not see 1$ unless we make a strong break out from 0.60$ zone..my possition is long..at least for the coming weeks
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XenofonAkrs XenofonAkrs
@XenofonAkrs, *nice analysis also..
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Fiveonniner XenofonAkrs
@XenofonAkrs, that shouldn't be a problem, ripple/xrp is going live with banks this year. xrp is know for breaking through resistance levels
+1 Reply
XenofonAkrs Fiveonniner
@Fiveonniner, i agree with that opinion but at this point of time we have to pass those levels..unless good news come over and speed up the process.
But for now,xrp is looking bearish for short term..and bullish for long term(on the weekly chart)
+1 Reply
Will we see xrp .25 again??
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botje11 manjotsbajwa
@manjotsbajwa, Dont think so, unless Bitocin breaks the 6000
+1 Reply
@bottje11, think you nailed it
Well done
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Bull flags forming in other top alts as well will they all follow suit like xrps 100% week ?
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what could be the target of a potential inverse h&s?
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