Ripple is fighting off not 1, but TWO descending triangle's. For any type of sustained upside movement, both of these need to break. first the 60 cent area follow by the 75 cent.
For now i would look for a small move up followed by a move down at some point, either at the 60 cent area or at 75. It's worth shorting any rallies to the upside with a chart pattern like this.
Happy Trading,
-Sherem
For now i would look for a small move up followed by a move down at some point, either at the 60 cent area or at 75. It's worth shorting any rallies to the upside with a chart pattern like this.
Happy Trading,
-Sherem
Komen:
And I just realized I had some arrows on there from a previous analysis... oh well, it looks like they worked out pretty well.