MagicPoopCannon

Don't Say I Didn't Warn You. Ripple! (XRP)

BITSTAMP:XRPUSD   Ripple / Dollar
Hi friends! Let's take a look at Ripple. Here on the four hour chart, we can see that XRP remains in a downtrend channel . It has tried three times, to rally out of the topside of the channel, but has failed each time at the overhead (Resistance.) Looking at the overall structure of XRP, you can clearly see that it's forming a head and shoulders-type pattern. I would like to draw your attention to the 50 EMA (in orange.) You can see that from the left side of the chart, XRP was never below it. Then, XRP broke below it, and hasn't been able to get back above. At this point in the analysis (given the current condition of the crypto market) we have to assume the worst case scenario, until bullish evidence materializes. Assuming that this is a massive head and shoulders pattern, I would expect the breakdown to be severe. Support lies at the black trendline , which is the "neckline" of the head and shoulders pattern. The 200 EMA (in purple,) is rising into the same area, increasing the validity of the support. Should a breakdown occur, it would likely take out the black trendline and the 200 EMA simultaneously. Below that, the next support level would be at the 61.8% retrace around $1.40. However, given the broad weakness of the crypto markets, it appears as though a major selloff is imminent. Such an event could easily send XRP under $1.00, which isn't far fetched, considering the fact that it was under $1.00, just seventeen days ago. On the bull side, there was a bullish crossover on the MACD (green circle,) which occurred on high volume . It's a nice thing to see, but until price action breaks above the falling parallel channel , it isn't very significant. Please like, comment, follow, and share on social media. Later people.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
Broken resistance
Balas
Nice JD. Been seeing a lot of head and shoulders pattern in MANY cryptos...you think they work well here? Atleast the larger ones. I haven't seen any that actually prove to be a huge downtrend....not knocking your TA, it's done logically and I enjoyed it! Clean chart, clean TA. Was just wondering what you might think about the H&S...it's literally, in almost EVERY coin.
Balas
Thanks for the work. I’ll be keeping an eye on it for sure.
Balas
break out of H&S.. possible lift off
Balas
Looks like it broke through the top side of the channel, indication to buy now?
Balas
Good analyses.
+1 Balas
Technicals are good, but fundamentals are off.
First off all XRP has a good PR, this is one of few coins that actually works towards something.
We have Ripple news about Singapore and MoneyGram 2 days ago. Let these news develop on the charts.
It wants to surge off, but BTC correction affecting it right now.

The 0.6 was well before the recognition phase, don't think it will go back.
However, strong support at 0, expect a bounce ;)
+4 Balas
You're just calling H&S on everything today.
Balas
@Tdunlap1310, I call it how I see it T. Thanks for the comment.
Balas
seems to going down if the 30min cable close under the 50EMA .. next stop will be 1,60 then 1,40 , 1,26 et 0,88 ?
Balas
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