Is it time to sell RIPPLE again?
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.
Follow analysis @ TradingView: https://goo.gl/Qf4AwC
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.
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