nlizotte

Look Upward: XRP/BTC Consolidating an Island Bottom

POLONIEX:XRPBTC   Ripple / Bitcoin
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What we are seeing here after the Inverse Head & Shoulders pattern resembles an Island Bottom.

The connection with the drop of course today is attributed to the direct link with BTC -- which is fine, since everything is appreciating (woot).

You will notice that the "Island Bottom" will be an area of consolidation testing the .236 fib support area until volume builds up again. The sharpness and the double bottom with the higher low tells us there is a retracetment coming back toward the .5 (at least for now).

I will not project outward longer than that until I obtain further information
Interesting. Looking forward to your updates.
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