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!
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Just broke above neckline - looking good!
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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
