Hi friends! I want to get a quick update analysis out on Ripple, and this generally applies to most of the crypto space. Looking at the four hour chart, we can see that ripple is surging higher after holding the blue support line on the sixth touch. Momentum is curling to the upside, and is trying to crossover. We can see that a breakout above the top of the falling parallel channel has also taken place, so the bulls are gaining some lost ground at the moment. However, we're still well below the 200 EMA and the 50 EMA, so there is a lot of resistance above. Additionally, the volume isn't extraordinarily impressive. On the upside, look for XRP to get back above the 61.8% retrace, and test the bottom of the 200 EMA (in purple.) A breakdown back into the falling parallel channel (which appears to be happening as I write this) will signal a failed breakout attempt, and will likely revive the selling pressure, as the bears salivate at the potential for more easy money. A sustained break below the blue support level, will be the nail in the coffin for XRP. Keep in mind, there is no confirmation of a continuation higher. We need to see evidence first, and currently, there is none. I will keep you posted, as the charts develop.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Kommentera
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Sorry for the posting the same thing twice. It was due to technical difficulties caused by severe weather.
Kommentera
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Update: XRP has pulled back into the falling parallel channel, as the sellers come back into the market. The breakout appears to be failing.
Much respect, your posts have been very helpful, question.. should xrp fall short do you think it would fall to $.50 or even $.25? Or do you see it being tied to BTC and holding at .65-.80 cent reange?
Thanks again you are appreciated!
MagicPoopCannon
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@WestUp, Anything is possible. I'm not sure if you read my "Will Ripple Crash to ZERO" post, but the size of the head and shoulders pattern suggests that further downside remains. That doesn't mean that we will definitely go that low, it just means that it's possible. We have to watch the charts as they develop. For all we know, the bottom could have been put in yesterday... or not. -MPC-
WestUp
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@MagicPoopCannon, Thank you for the reply, I agree completely about it going to zero, it pumps up but stays roughly within downward trend line, looking back on the history of ripple shows that it is doing the same thing as last cycle, should go to zero before next cycle, if there is another cycle for ripple. Time will tell I guess but I am not buying in until after it goes to zero and when it is getting closer to pumping back up. Anyways thanks again!
smashfootball
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At this point I saw PRO experts put up charts days ago to buy to go to moon on other coins...the top ones on tradeview. I believe charts are utterly useless when dealing with the crypto market. You may debate this, but are 5 other experts wrong when doing TA and they said buy...TA does not apply to this market...stocks maybe, crypto, no.
MagicPoopCannon
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@smashfootball, LOL You wan't proof!? Look through my charts, and then come and tell me that it's not accurate. LMFAO TA is only as good as the person reading it — and I'm a master at what I do. -MPC-
flyire
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@MagicPoopCannon is right. I thought he was an asshole last week because I didn't like what he was telling me. But ... The story unfolded; at my cost.
@MagicPoopCannon, So you think XRP may go to 0 (possibly)? Maybe yes, maybe no, I'm neither a supporter or detractor of crypto, just here to make money and this is a new volatile venue to do so (perhaps). You called it correct, However, I told my son two weeks ago this stuff was headed for a crash and did not need a chart to realize a bubble gets popped - always! You just don't know when. I'm following you to see how your calls turn out, but holding most of the crap I have because it is a long term proposition. PT Barnum....
smashfootball
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@smashfootball, I made the mistake of buying DCR at $122 because some other magic charter talked about how the TA said it would go to the moon with lots of profits. Will never do that again...
TroyByrne
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@smashfootball, You need to do your own research, it is no one else's fault that you lost money but your own for not doing due diligence, these are for educational purposes and you should really understand before laying out money that reading charts is only one of many ways to read the market, you have to learn the Psychology and Fundamentals of the market also. A few simple steps to save you money would be, buy low and sell high, don't get on a run that has already started or near the top, don't buy coins on others advice(usually have an agenda), look for trend reversals (Ie green candles with long wicks can signal a reversal of an upward trend and a red can signify a reversal of a downward trend) and research your coin to see if it is overvalued or not. Plenty of other tools available on here. RSI can tell you if a coin is oversold or not, also you can use momentum to see how the trend is going, watch your volume too.
Thanks again you are appreciated!