IEatCrayonz

Ripple Still In Downtrend (unfortunately)

BITSTAMP:XRPBTC   Ripple / Bitcoin
Despite the great news of partnership announcements with Moneygram and others, Ripple is just coming out of a Head and Shoulders trend. I expect the trend to continue downward for another few days.

Notice, if you were to take the large green candle breakout off the chart the trend is downward continuous. I believe that the spike was just due to the GREAT partnership announcements, not a change in trend. Once it continued past the neckline the trend did not change. It could, however, use the neckline to bounce up.

I am an avid Ripple supporter, but I just don't think we're out of the woods yet.

Thoughts? Let me know!

P.S. Ripple, and crypto as a whole, surprises us all so it could do anything
Bình luận: 61 FIB line support broken, will continue down. I will make an estimate on where I think Ripple's "bottom" will be for this correction.

Remember, this is a correction! All markets have to correct eventually. Ripples rapid growth comes with a rapid correction too.
As well there's no volume on the right shoulder so this is not an pattern.
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You're muddying your technical analysis with fundamentals; it's finished its correction.
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IEatCrayonz MikeJoseph
@MikeJoseph, Hmmm.. doesn't seem like I was too off...
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MikeJoseph IEatCrayonz
@IEatCrayonz, Nice I eat crow
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My throughts
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But the H&S may fail sometimes
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IEatCrayonz tradingusera2
@tradingusera2, you're absolutely right! I hope it does this time too. I just am sharing this so traders not in ripple yet know of this possible outcome.
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MikeJoseph IEatCrayonz
@IEatCrayonz, Nice I eat crow ;)
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