Ripple has fallen slightly lower than the downside target of $1.75 that I propsed in my last post. Looking at the four hour chart, we can see that it has fallen to the exact low that was made on 12/31/17 of $1.61000. It has since bounced off of that level, but only to begin forming a bear flag consolidation. Crypto markets are very weak, and selling is likely to continue. Currently, there is no technical evidence to suggest that the selloff is complete. XRP remains in a downtrend channel, in a bearish consolidation, with expanding sell-side momentum on the MACD, and overwhelming sell volume. However, we can see that there is currently a convergence of three different support levels, in the same area. The black trendline, the bottom of the dashed channel, and the 200 EMA in purple, are all in the same area. Just below the 200 EMA we also have the 61.8% retrace. When several support levels converge on a single area, it increases the likelihood that the support will hold. We will have to see what happens, as the chart unfolds. So be very nimble. Pay attention to your charts. And stick with your friend, the MagicPoopCannon, for expert technical updates.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-