Is it time to sell RIPPLE again ???
Updated
Ripple has been consolidating for the last week in a gradual manner. If you look at the price action, there have been a series of slightly higher highs without any significant BULL candles. Overall, to me this doesn't look like any sort of bull run.
The area shaded in grey is a consolidation zone from a previous breakout to the down side. As price has now returned to this level, there is a good chance there is still unfilled sell orders and selling pressure. The rising wedge leading into this area supports this interpretation as buyers are gradually losing strength.
Should this be the case, we could see a smack down to at least the 31% retracement level. The rising wedge pattern might have a bit further to go before we have a confirmed signal to short.
Take a look at the RSI too, which is declining, while the price of Ripple has been gradually increasing.
Similarly, i'm watching to see if the pennant pattern will complete. This give us a breakout pattern to short to the downside and a projected target (indicatively shown) at 0.62.
For the aggressive traders, now might be the time to gradually enter into a short position. Will post updates.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
The area shaded in grey is a consolidation zone from a previous breakout to the down side. As price has now returned to this level, there is a good chance there is still unfilled sell orders and selling pressure. The rising wedge leading into this area supports this interpretation as buyers are gradually losing strength.
Should this be the case, we could see a smack down to at least the 31% retracement level. The rising wedge pattern might have a bit further to go before we have a confirmed signal to short.
Take a look at the RSI too, which is declining, while the price of Ripple has been gradually increasing.
Similarly, i'm watching to see if the pennant pattern will complete. This give us a breakout pattern to short to the downside and a projected target (indicatively shown) at 0.62.
For the aggressive traders, now might be the time to gradually enter into a short position. Will post updates.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Note
Waiting game:Note
3rd touch now on the lower trend line of rising wedge . Possible temporary floor? Good place for stop limit ordersNote
Note
Still life in Ripple. Falling wedge broken to upside.Note
Breakout very soon. Which way will it go?Note
Trade active
Here we go:Note
Target 1 hit! Likely to see life kick back into Ripple. Falling wedge pattern on the 15min chart. Still leaving some position open to see if we can hit 0.62 satoshi. Trail stops for a free tradeNote
Trade closed: target reached
Target 2 reached. Thanks crypto!
Disclaimer
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