XRPEUR trade ideas
Correction for ripple?Ripple broke out downward from it's upward channel. It bounced back and touched this channel as a final ´test´but couldn´t get back in. This looks like the formation of a right shoulder after already forming a left shoulder and head. This is a reversal pattern. Additionally divergence is showing between price movement and volumes; a lot of volume backed the climb to 2.04, then there was a drop to somewhere around 1.65, and then far less volume backed the climb to 2.20. A lot more volume backed the fall that came after though. These are signs of trend reversal as well. And obviously; after rallies like we've seen, a correction is to be expected (and healthy).
Ending move for the weekXRP hit again new record highs and continue the up trend. The high point was tested to times. There is a resistance zone establish from where i expect a correction down to trend line, around the 1$ price. On a lower price is a good entry position and close when hit the new resistance zone to mark some %%.