$XRP Ripple forming a massive bearish H&S
After Ripple having been hyped as the next coinbase add, it would only make sense to see a significant drop. Massive H&S forming, with large volume in left shoulder and dwindeling volume since. Let's see what the neckline brings us.
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Adding some fibs confirms how important that neckline + support around 14.4K is going to be for Ripple to hold if it is not to correct massively
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Neckline being retested now. If resistance holds, H&S is in play
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H&S seems confirmed so far! A meadured move from head to neckline gives a target of 8K, 42% down.
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I came across this spooky graph by Mr Clean. Looks like the H&S is getting more and more confirmed.
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On a more serious note, As noticed by a buddy of mine, XRP is stuck under the EMA200 for the first time in two weeks.
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First target for this short was hit. Some pretty strong support here, which may be the result of this peak after the major runup in May 2017. If it breaks, a measured move from the Head to the neckline (42%) brings the the final target of this short right at the next peak resistance down around 9K.
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Boy that escalated quickly. Thank god for taking profits and using stops