XRP Ripple Still at a Turning Point, Part 2
Diupdate
Previous analysis on XRP' went perfect with a +20% profit where we got in at the low and sold at exactly the top. Wish it was that easy all the time, but as my early followers know i am not the kind of person that sells dreams. Just like Bitcoin', XRP is also still at an important point for the mid/long term. After the drop we found support at that green zone i mentioned upfront and we have since been bouncing up a bit from that support zone. It looks like a bear flag or triangle, suggesting we might see more downwards movement.
Bigger picture: The chances are slim here for that big inverse H&S, because these are the ones that are the least reliable. H&S is usually a reversal pattern where an inverse H&S like this should be at the low point and not in the middle like this one. But this doesn't mean they never succeed, just of failure are just bigger than of succes. Bitcoin' is also still working on that triangle, so if Bitcoin' will show us bullish movement from it's pattern (towards 7000) than this inverse H&S will probably play out. 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.
Short term: For the right shoulder there is more room down than the green support, but it would become gambling to go long if that green support breaks. We have that red resistance the bulls need to break and the green support for the bears. Things would probably become more clear if Bitcoin' breaks the 6300ish or the 6400/6420 area.
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Previous analysis: don't forget to read it to stay more up to date.
Bigger picture: The chances are slim here for that big inverse H&S, because these are the ones that are the least reliable. H&S is usually a reversal pattern where an inverse H&S like this should be at the low point and not in the middle like this one. But this doesn't mean they never succeed, just of failure are just bigger than of succes. Bitcoin' is also still working on that triangle, so if Bitcoin' will show us bullish movement from it's pattern (towards 7000) than this inverse H&S will probably play out. 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.
Short term: For the right shoulder there is more room down than the green support, but it would become gambling to go long if that green support breaks. We have that red resistance the bulls need to break and the green support for the bears. Things would probably become more clear if Bitcoin' breaks the 6300ish or the 6400/6420 area.
Please don't forget to like if you appreciate this :)
Previous analysis: don't forget to read it to stay more up to date.
Catatan
Dropped a bit because of Bitcoin but is moving up again as well. Since the move was small and quick, difficult to judge if that drop I expected (blue line) is already done or that we will see another drop. Nothing more to do than waiting to see what happens.Catatan
The strong, high volume and with conviction move upwards has started. Chances are increasing now for the inverse h&s, still no guarantee but chances are increasing a lot now. Only need bitcoin to break the 6420ish, that could give another impulseCatatan
So far it has been moving very convincing, but we are not there yet! Bitcoin is showing much more weakness than it should have so this makes it very difficult to just think XRP will continue up. Don't think XRP bulls will just keep on buying while Bitcoin drops. Looks like a good solid bull flag, as long as we stay above the blue support level, we can expect more upwards movement. If bitcoin starts to move up again, i am quitte confident the bull flag will succeed.
Catatan
Dropped a bit more than i thought, but still a valid bull flag. But we should see a move towards the high of the flag the coming hours, otherwise it will probably fail. If the bull flag works out, the big inverse H&S might just play out.Don't get too exited, it can still fail. If the inverse H&S plays out, there is soooo much more, don't focus too much on getting the perfect price while odds are not your favor. Play big when momentum is on your side.
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