The price of Ripple has been in an uptrend for some time – and this trend could continue above the uptrend line. However, there are dark clouds on the horizon, and an inversion triangle suggests caution.
These triangles usually form at the top of a trend, but also before prolonged consolidations. In terms of Elliott Wave Theory, such a triangle that reverses price movement is part of a flat or complex horizontal pattern.
The problem with Ripple’s price comes from a comparison with the two previous triangulation models. They acted as extensions – pennants. The continuation pattern above the uptrend line is bullish enough to warrant a move to higher highs, which has happened.
Only now the triangle has been broken downwards and the price is threatening to drop below the rising trend line. The key area below is crucial for price action in the short to medium term.
If the crypto currency market peaked the week Coinbase went public, that would be something.
Price Ripples Technical Analysis
Bulls might take some chips off the table, as the triangle, as a reversal pattern, calls for caution. A move below the key zone indicates further weakness. Bears will want to wait for such a move before selling with a stop at the highs.
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