Hi friends! Welcome to this update analysis on Ripple! Let's jump right in. Looking at the four hour XRP chart, we can see that a nice breakdown has occurred, since the last time I posted. The breakdown sent XRP below the dark blue trendline, but the buyers stepped in with HUGE volume, to stop the selling dead in it's tracks. Unfortunately, the bounce hasn't had any follow through. The bullish volume rapidly diminished, and XRP is stuck in a bear flag with the rest of the big coins (except for LTC.) Interestingly, LTC is the only coin that hit my downside target, and it's performing the strongest at the moment. It quickly broke to the upside, forming more of a V bottom, while the rest of the top coins form bear flags. That may be a sign, that there is more downside left in this market. The other coins could continue lower, while LTC finds some resilience going forward. Looking at XRP, this is what I think. If the bounce was all that it's cracked up to be, we wouldn't be getting stopped cold at the bottom of the blue trendline. Do you see what I'm saying? We sure sailed right through it on the way down. Now, after the bounce that so many are proclaiming has solidified "the end of the bear market," it can't even get back above the blue trendline?! Please. I know failure when I see it, and so far, this looks like a failed bounce. That said, my target remains on the downside. Remember, the targets don't HAVE to be met. The will only be met, if the bearish patterns correct to their full potential. However, in my opinion, a deeper correction appears imminent. Also, the 50 EMA (in orange) has been heavily resistive, and it's falling right toward the price action.
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!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Thou shalt check fibo levels. Done.
-Thou shalt check the EMAs and study their crossings. Done
-Thou shalt check the volumes on regular basis. Done
-Thou shalt check and analyse every repetitive pattern. Done.
-Thou shalt check the trend. Done
-Thou shalt use more than 1 indicator to escape from eventual terrible fakeouts. Done
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Trade4fun
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It's a Poopy game..and Mr. Poop is just the Messenger. Hate the Game not the Messenger. I'm a bull and want to see BTC, ETH, XRP and the rest the coins to go $1 million per coin and above ( modestly speaking) but before we do that we need to get to the bottom and rebuild. Lil more pain and then rosy days ahead.
crypto_trader217
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So in your opinion if it will come down to 0.42.. shud we buy at .42 or not? will it go down to 0.18-0.20 cents or we will see it go back up to a dollar? Thanks :)
WizardOfRealms
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@crypto_hodl3, I see it like this: you are right...
@mezase, That is a shame since one of the reason we had this market "correction" was the whales who were PISSED OFF when the Korean exchanges were taken down and their XRP and ADA crashed even more than the market in price. Nevermind the price was higher in Korea, because the wealthy know how to cash out there while we think it is a closed market. Which is nonsense...our market is more restrictive (which is why many ICOs do not take Americans). But I digress...the point is we will keep going two steps down and one up until they shake everyone out of the top 10 coins (save the top 2) and then they are buying up at a tremendous pace in about 30 days. Watch...a bit of fundamental analysis and opinion. So those that HODL Ripple will get the last laugh as they ride it up with the wealthy whales.
-Thou shalt check the EMAs and study their crossings. Done
-Thou shalt check the volumes on regular basis. Done
-Thou shalt check and analyse every repetitive pattern. Done.
-Thou shalt check the trend. Done
-Thou shalt use more than 1 indicator to escape from eventual terrible fakeouts. Done
An art of masterpiece of graphic simplicity.
+100