MagicPoopCannon

Ripple is in A Pickle. (XRP) =)

BITFINEX:XRPUSD   Ripple / U.S. Dollar
Hi friends! Welcome to this update analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that XRP is forming a bear flag consolidation, as the 20 EMA (in blue) begins to cross into the bear flag . The 20 EMA has been very resistive lately, so the chances of a bear flag breakdown are increasing as the 20 EMA crosses into it. There is a bullish crossover that is occurring on the MACD , and there is a small amount of green volume on the chart, but the overall appearance of this chart is still bearish . If you look closely at the candles inside of the bear flag , you can see that the past three candles have tall wicks on the top sides. This is an indication of distribution (selling) and, although it is on a small scale, it shows that there is sustained sell-side pressure inside of the bear flag . That is a nuance that indicates an increase in the breakdown potential of the flag. Regardless, we have identified that there is a bear flag consolidation on the chart. Now, we just wait for the breakdown. If the flag breaks to the downside, which is the most likely outcome, a test of the 2/6 bottom, of 0.57290, will be on the table. Until then, we can use the 20 EMA as a gauge of the breakdown potential. Since it has been so resistive, we don't really want to see any sustained trading above the 20 EMA . For the bear flag to fulfill itself, we want to see the 20 EMA remain resistive, and potentially generate a breakdown of the bear flag . If/when XRP tests the 2/6 low, we will have to watch very closely to see if there is a strong bounce, or a breakdown below that level. What I find most interesting about the XRP chart, is that it is much closer to the 2/6 low, than BTC             , LTC, and the others. So, perhaps XRP will be a leading indication on the performance of the rest of the market. If XRP plummets below the 2/6 low, we may see similar breakdowns in the other top coins. For now, let's keep a close eye on the action inside of the bear flag . A breakdown should occur in the near future. Good luck trading, comrades!

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

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-JD-
thanks
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Sorry, but this is not a game show.
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My guess is that Ripple raised a lot in November/december, much more than the others, and despite the fact that it was late to grow, it needs to correct more than the other altcoins. I wouldn't bet the other coins to reach the 2/6 low, but let's see!
+5 Reply
Unless big news regarding ripple comes out in the near future, Its bounded to fallow this chart with pin point accuracy
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xrp to 40 cents
+9 Reply
Nice TA.
Fortunately Xrp is here.
I like day trading a lot especially in this crashing market phase.
And Xrp is the currency that allows me the best to exploit the waves, buying low selling high several times a day.
Yes, i need to eat.
+6 Reply
MagicPoopCannon Giorgioversace
@Giorgioversace, Thanks for the love GV! I'm glad you're doing well out there. This market is easy money. >=D
+4 Reply
mezase MagicPoopCannon
@MagicPoopCannon, what's your take on xlm magic?
+2 Reply
BullWick Giorgioversace
@Giorgioversace, IOTA been my lunch ticket moving 5-10%over and over again as BTC fluctuates 2-4% during this flag
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@BullWick,
Yes if you day trade Btc is rarely the coin to go.
Good if you found the coin that makes you confortable trading with
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