Cryptobituary! Ripple On Life Support! Bears Pulling The Plug!
Hi friends! In an attempt to give my lovely viewers a heads up, on the potential dangers of this market, I would like to share this gloomy, yet very realistic analysis with you. Now, let's take a look at Ripple!
I'm sure you've all noticed, that I've drawn a big bear flag over the recent price action (black flag). I've noticed several other bear flags, in BTC, LTC, ETH, and many other cryptos, but some of the flags are not that easy to distinguish. However, most cryptos are currently trading in synchrony, so they're producing similar patterns on the charts. Looking at XRP, we can see that the bear flag is already breaking to the downside. This flag has somewhat of an unusual shape, so many traders may not notice it as a bear flag. However, le'pattern is le'bear flag. I have illustrated on the chart, the potential breakdown distance of the bear flag (black dots) and where my price target is located. I would like to emphasize, that I don't know for sure if XRP will make it all the way down there. I'm just showing you the target that I've generated, based on the structure of the flag. If you remember my "Will Ripple Crash To ZERO?" post, You can see that the bear flag's projected target would produce severe decrease in the value of Ripple — something that is very much in line with my infamous 'crash to zero' post. Looking at the MACD, we can see that it is flattening, and looks like it's ready to roll back over to the downside. If you are long, I cannot stress this enough — there could be an enormous amount of downside remaining in this market. The bears are watching, and they see the opportunity for easy money, just as I do. On the upside, there is severe overhead resistance. Namely, the neckline of the head and shoulders pattern, the 200 EMA (in purple,) and the 50 EMA (in orange,) all in the same area. Downside support is sparse, and relatively insignificant. Clearly, the path of least resistance is still down.
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.***
-MPC loves you-
-JD-
I'm sure you've all noticed, that I've drawn a big bear flag over the recent price action (black flag). I've noticed several other bear flags, in BTC, LTC, ETH, and many other cryptos, but some of the flags are not that easy to distinguish. However, most cryptos are currently trading in synchrony, so they're producing similar patterns on the charts. Looking at XRP, we can see that the bear flag is already breaking to the downside. This flag has somewhat of an unusual shape, so many traders may not notice it as a bear flag. However, le'pattern is le'bear flag. I have illustrated on the chart, the potential breakdown distance of the bear flag (black dots) and where my price target is located. I would like to emphasize, that I don't know for sure if XRP will make it all the way down there. I'm just showing you the target that I've generated, based on the structure of the flag. If you remember my "Will Ripple Crash To ZERO?" post, You can see that the bear flag's projected target would produce severe decrease in the value of Ripple — something that is very much in line with my infamous 'crash to zero' post. Looking at the MACD, we can see that it is flattening, and looks like it's ready to roll back over to the downside. If you are long, I cannot stress this enough — there could be an enormous amount of downside remaining in this market. The bears are watching, and they see the opportunity for easy money, just as I do. On the upside, there is severe overhead resistance. Namely, the neckline of the head and shoulders pattern, the 200 EMA (in purple,) and the 50 EMA (in orange,) all in the same area. Downside support is sparse, and relatively insignificant. Clearly, the path of least resistance is still down.
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.***
-MPC loves you-
-JD-
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