A head and shoulders formation has formed for XRP. The downward trend hasn't crossed the neckline yet so it could still go either way but I am bearish for the short term of ripple.
Few indicators: - the volume throughout the head and shoulders pattern shows a confirmation of a bearish trend - The volume on the ascend of the left shoulder was higher than it was on the advance of the head - The volume then increased on the decline of the peak of the head - volume increased on the decline of the right shoulder
The head and shoulders pattern is not yet complete as the neckline hasn't been breached yet. I do still look at this as bearish as the neckline is downward sloping (low of the left shoulder is higher than the low of the right shoulder).
If it breaks the neckline we could see it drop back down to the major support at 0.00006200. There will then be a new resistance at 0.0001200.
Again, this is not confirmed but will keep an eye on it.
Happy trading,
D
評論
⋅
Ripple is testing the neckline at 0.00012000. If it falls below this I expect it to fall to a lower support. Will update chart if it breaks the neckline.
評論
⋅
Bounced right off of the 0.00012000 neckline, will wait to see if it tests it again. Huge buy wall at 0.00012
評論
⋅
Broke the neckline. Falling very fast. See how far it goes but I could see it dropping to major support at 0.00006800.
評論
⋅
I still have a short position on XRP. Even when markets recover I can see it following down this price channel and bounce off support to start a new uptrend.
It looks like we finished the HnS on the 11th low. I think we're coming out of it since then.
I believe your neckline is too low and should be raised somewhere closer to the 13950 range.
I welcome further discussion so we can all narrow in on accuracy.
dgbii91
⋅
@dguardi, IMO I don't think so, I don't know why the neckline would be drawn above the supports of the right and left shoulder. We are still going down, will be under $1 soon
dguardi
⋅
@dgbii91, Thanks to your analysis. I was prepared for this pain we're in now. Somehow during this new low I felt better knowing it would come. :/
tradeshero
⋅
Any update plz?
Thanks
dgbii91
⋅
@alfamir, watch the neckline, around 0.0001200. If it breaks that it will fall further, faster
I believe your neckline is too low and should be raised somewhere closer to the 13950 range.
I welcome further discussion so we can all narrow in on accuracy.