MagicPoopCannon

The Bulls Try To Rescue Cryptos! Ripple! (XRP) >=D

BITSTAMP:XRPUSD   Ripple / Dollar
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-
Bình luận: Sorry for the posting the same thing twice. It was due to technical difficulties caused by severe weather.
Bình luận: Update: XRP has pulled back into the falling parallel channel, as the sellers come back into the market. The breakout appears to be failing.
Notice it returned on much lighter volume, confirming the H and S decline
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I think it's just a temporary retracement back to the neckline of the H and S pattern before we continue the decline. What do you think?
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Looks like we're almost at 200 EMA. Do you expect we reach 50 EMA soon?
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Seems more like it's testing the 0.618 level
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Any updates on what your current ideas may be? The channel was broken but unconvincingly and looks like it may be falling back in. We are also still well below the 200 EMA and 50 EMA which leads me to think that one more run down is imminent. Not to mention 1H,2H, 3H, and 4H, are overbought according to the Stoch.
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@DDBUCO, Please check out my most recent posts. Thanks for commenting! -MPC-
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updates are appreciated, thanks so much!
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We are almost there on the break out! Great job by the way! I should of listened to you before it dropped and bought back! I will have to hang tight play it long and wait for the next oppy. Great job!
+1 Phản hồi
MagicPoopCannon lsimeonidis
@lsimeonidis, Thank you for the kind words! Good luck trading! =D
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