XRP Ripple Still at a Turning Point, Part 3

In the previous analysis it has done exactly as i asked for to keep the hope for this big inverse H&S alive, that was a good strong move upwards. This is what i mentioned in my previous analysis:

There is one very important factor though to make this inverse H&S succeed for XRP', that is a big/fast move up towards the neckline, similar like we saw a week ago when we went long. If we start to see that, the chances for this IH&S will improve from 25% to 60/70%. If we do reach the neckline, we need to see an explosion on volume at the 0.55/0.62 zone, like we saw 2 months ago.

It drop a bit more than i anticipated when it was in the bull flag yesterday but nothing big and it went up since. Now before getting to exited, it is normal to see low volume in the right shoulder, but it's a bit too low for my taste. Yesterday's up move also created a potential small bearish wedge, but it could also just be a triangle and we simply break up. We need to see the XRP' bulls keep the momentum here, so a downside break could be bad.
I would not increase sizes until Bitcoin' really shows it's hand and if we see volume on XRP' increase much more on the way up. These type of inverse H&S are very risky, they fail more often than they succeed, so play it safe.

Read my 2 previous analysis to understand the whole game plan better. Always keep track of my Bitcoin' analysis because i update there much more about the market conditions. Sometimes giving warning signals or bullish signals.


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Comment:

At the moment we can see a channel of which we broke downwards from, but the retest is strong so there is a chance it might get back in again. If bitcoin brakes that triangle on the upside, it will most probably happen.

On the left i have shown another scenario, a possible triangle. This would give more room to the downside, as long as it stays inside that formation.

Comment:

Don't forget, although the triangle at this spot says it's more likely to break up, with triangles it can always go both ways

Comment:

Bulls just fell short on getting back in to that channel again. Many alts have dropped the past few hours, more than they used to do the past 2 weeks (with a sideways) bitcoin. This is a bad sign.

The 0.50ish is still a good support, but i think if that trend line on the left around 0.51 breaks, it will probably mean the inverse H&S has failed and we might see a countermove to the downside. So far bitcoin is still holding, but if it drops i expect XRP to make a quick drop to 0.45ish if those supports break.