We have a possible head and shoulders formation on the 4HR, which can take prices further downward to a MIN TP of $0.155 (likely) and a MAX TP of $0.09 (unlikely). At the time of writing, the right shoulder has yet to prove a reality, and we are trading within the key-fibo zone where the current downtrend can still be reversed.
We have a bearish confirmation at $0.182, but also a bullish confirmation at $0.218. A bullish confirmation can take us back to $0.253.
To reach the MAX TP we would have to see heavy selling and provoke a breach of the major key fibo level at $0.154.
The XRPBTC chart also provides us with some clues. Currently it looks like we may resume a downward trajectory against BTC within a falling wedge.
Cheers,
-Erik
We have a bearish confirmation at $0.182, but also a bullish confirmation at $0.218. A bullish confirmation can take us back to $0.253.
To reach the MAX TP we would have to see heavy selling and provoke a breach of the major key fibo level at $0.154.
The XRPBTC chart also provides us with some clues. Currently it looks like we may resume a downward trajectory against BTC within a falling wedge.
Cheers,
-Erik
Commento:
Hmmmm.. BTC strength is bombing our idea in the USD chart
Commento:
RSI says it wants to go up..
But in this chart its still down...
Commento:
LOL
Hit our target in this chart... how much lower could it go?
Commento:
Wow, bearish wick in the XRPBTC?
Commento:
Turned around at a crucial pivot point...more downside?
Couldnt stay above the falling wedge line..
Commento:
Still looks bearish in our comparative analysis.
Commento:
Its having a hard time closing above the confirmation line...
Commento:
Boom...will it break the confirmation?
