Well, well, well. I wonder if they still think that long-term uptrend support (teal dotted trendline) is going to hold. Oh wait, it's already broken. >=D
Welcome, friends, to this update analysis on Ripple! Looking at the four hour chart, you can see that the rising support level, which originates at the start of the rally to the all-time high, has been broken! This is something that I expected to occur, and it is a red flag warnin, for people who are holding XRP. Actually, if you look at the chart, you can see that my "Don't Say I Didn't Warn You" post, was the real warning. It literally came three weeks ago, but who cares about what I have to say? I'm just some egotistical maniac with a poop emoji. What do I know?
If you recall from my previous post, I said "Price is currently finding a bit of support off of a rising support level (teal dots,) which originates at the beginning of the rally. If you look closely, you can see that the current candle has pierced this rising trendline — weakening it as a support level . If XRP continues to break below that level, the dark blue trendline will be the next level of support."
As you can see, the level that I mentioned was broken, and XRP is now sitting on the dark blue trendline — magical. Looking at the dark blue trendline, we can see that the current candle has actually pierced it, weakening it as support. I'm now going to pull a quote from an old analysis, so you can really see how much of a beast analyst I am...
"A 7th test of the rising blue trendline seems imminent. That level is a door that XRP has kicked six times now. The 7th kick, may be the one that knocks down the door...You may not realize it, but XRP is setting up (structurally) to decimate the long term holders"
So, here we are. I wonder how long it will be, before I'm writing a similarly boastful post, and XRP is hitting my Symmetrical Triangle Target. I doubt it will be much longer.
Looking at the MACD, we can see that it's expanding to the downside, indicating increasing sell-side pressure on XRP. Red volume is also on the rise. You can see that there are a couple of small support levels below us, one of which is the 786. If we break below that, XRP should scream down to my Symmetrical Triangle Target. On the upside, it is possible that we turn higher, to test the teal dotted trendline, and confirm it as overhead resistance. Either way you slice it, the bears have sunk their claws deep into this market. Prepare for lower prices.
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.***
Wow what an expert analysis!!! Calling out a bearish pattern in a bearish market.
BuyGanyo
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Thanks for taking time to keep us informed.I will be very happy when the market turns around to read some bullish TAs from you. Can't they be all bearish right.LOL
WizardOfRealms
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I too had a hard time trying to take the advice from Mr. Poop Meister simply because of the name. However, I have come to love his straight forward analysis and will start applying it in my strategy (thank you.)
Guys, please look at the 3 day chart.
The bottom Bollinger band is currently @ -.13446 *yesterday and earlier it was at -.124 this means that the bottom Bollinger band is spreading lower slowly but surely.
I am using Bollinger bands as an indicator along with the "Ichimoku Clouds."
This is important because, on the 3 day chart... there is no obstructions... no clouds between the top Bollinger band and the bottom one...
and, what touches the top MUST touch the bottom.
Now, while Ripple will not go to ZERO... the lower trend-line is RED @ .22600 cents.
I know that what goes through a green cloud must go through the red cloud. (BASICS)
As I mentioned, there is no obstructive cloud in its' bath downward and has already crossed the middle Bollinger band between 3 and 6 days now.
It must touch the lower Bollinger band and should go through the red cloud... so, I am set to buy back in @ $.23 cents
I will adjust the target to the symmetrical target of .41947 cents (only if the lower Bollinger band has gone up to that point) or certainly is above the .226)
*** THAT HAS NOT HAPPENED YET. *** Please check this chart and may the fortunes be with you!
I do believe that while we in the U.S. are sleeping, and this passes the lowest possible fib line... it will sell off sharply quickly going below .226 and then rising very quickly.
@WizardOfRealms, very technical analysis but you must attach a graph to know what you think..
WizardOfRealms
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@rsatzerro, I appreciate that but, I cannot copy and paste my chart from bitstamp.net here.
This is why I ask you to pull up the 3 day chart and add the Bollinger band indicator and ichimoku clouds for yourself... so you and all others can see what you and all others did...
Q If the bottom Bollinger band is rising currently @ -.13617 is this favorite to fall at 23c...???
rsatzerro
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sorry it is spreading down - only numbers rising
WizardOfRealms
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@rsatzerro, The lower Bollinger band sat at negative .124 yesterday and this morning... what it shows me is that the lower Bollinger band is being pushed ever so slightly downward as the coin goes down... and pulls up ever so slightly as the coins price moves up.
To answer your question...
If the lower Bollinger band were to rise quickly upward...
it would be be4cause the price moved quickly upward...
You will notice that it is impossible for the coin to reach the middle Bollinger band and go up further until it completely finishes touching the lower Bollinger band.
You can see evidence of this on a 1 minute, 3 minute, 5 minute, 15 minute, 30 minute etc. etc. chart including the 1 day charts.
However, it has not yet happened on the 3 day chart! THIS IS COMPELLING.
The lower Bollinger band will rise of coarse... because the coin wont be worth a negative 13 cents...
But, I believe that the lower Bollinger band will be in the near vicinity of .226 cents between now and Feb 11th.
And, it could happen over night with a quick sell off and then a quick rebound.
This is why I am set at .23 cents to buy...
Would be nice to see it go there and then jump back up to .70 cents afterwards in the middle of the night.
It could happen between now and Feb 11th.
I am convinced it willo happen.
NOW, IF IT RISES ABOVE .23 CENTS (the lower Bollinger band that is...) I will adjust my buy point accordingly higher such as Majic Poops symmetrical target near .42 cents.
I don't think the lower Bollinger band will move up that fast in the next 24 hours so I have enough time to reconsider my entry point "when I am awake."
This current buy setup is in case it happens while I sleep.
Thank you for the question.
mycotoxin
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@WizardOfRealms, but the graphs also shows XRP will hit 7.80 and above in 2018. That 22 cents bothers me because I got the same graph reading . I also got the 40 cents ( well 38 cents) .
But XRP can only hit 40 cents if BTC is 5k , and XRP can only hit 22 cents if BTC is 2k . That last part is the disturbing part as I was hoping 5k was it for BTC.