13 days of flirting critical support, Ripple finally broke the pennant. Ripple has corrected more than 90% from its all time high (ATH) and is re-testing 2018 bottom. Having Bitcoin decreased 4.5% yesterday, Ripple’s market capitalisation has blown 110 million dollars, closing at 11.44 billion USD. Where do we go from here?
Quick technical analysis:
Ripple has officially broken flag and pennant pattern after 13 days of tight price action. Down by 4.51%, yesterday’s session has seen Ripple’s biggest drop in 2 weeks, closing at 1.28 billion dollars liquidity.
Flag and pennant isn’t always right but it gives a strong indication of the market’s psychology. As traders enter swing positions for a short profit, pennant sometimes occurs sharp move with low trading intensity. Meanwhile, on the coin holders’ side, they are looking for a signal that is if the pennant breaks, they will either buy or sell coins according to which direction the trend is heading. All of that, it results in heavy daily volume and usually containing gaps as the pennant breaks one way or another.
At the time of writing, Ripple has broken critical support of 28 cents. With more than 1 billion dollars daily trading intensity in the past three days, we shall see Ripple reaching lower support if Bitcoin does not hold 9k.
Psychological and accumulating strategy:
Searching bottom is always one of the hardest tasks for traders; and Ripple is no exception. It takes years of experience, courage and even luck sometimes to enter at the right time with the right amount.
In the last bull run, we have seen Bitcoin out-performed Ripple by miles. Early accumulation stage preferably takes place with Bitcoin as the leader of the market. That is why its market share has gone from 50% up to a whopping 69.1% at writing time. Ranging market and now breaking critical support, Ripple is a few steps away from 2019 low. Chances like this only happen once or twice in a lifetime. It’s either you in or you out. No emotional talk, no pot-luck, just a few men who know when to execute.
Like a tennis ball that is served by Rafael Nadal dropping deep into the court, watch out for the bounce!
Quick technical analysis:
Ripple has officially broken flag and pennant pattern after 13 days of tight price action. Down by 4.51%, yesterday’s session has seen Ripple’s biggest drop in 2 weeks, closing at 1.28 billion dollars liquidity.
Flag and pennant isn’t always right but it gives a strong indication of the market’s psychology. As traders enter swing positions for a short profit, pennant sometimes occurs sharp move with low trading intensity. Meanwhile, on the coin holders’ side, they are looking for a signal that is if the pennant breaks, they will either buy or sell coins according to which direction the trend is heading. All of that, it results in heavy daily volume and usually containing gaps as the pennant breaks one way or another.
At the time of writing, Ripple has broken critical support of 28 cents. With more than 1 billion dollars daily trading intensity in the past three days, we shall see Ripple reaching lower support if Bitcoin does not hold 9k.
Psychological and accumulating strategy:
Searching bottom is always one of the hardest tasks for traders; and Ripple is no exception. It takes years of experience, courage and even luck sometimes to enter at the right time with the right amount.
In the last bull run, we have seen Bitcoin out-performed Ripple by miles. Early accumulation stage preferably takes place with Bitcoin as the leader of the market. That is why its market share has gone from 50% up to a whopping 69.1% at writing time. Ranging market and now breaking critical support, Ripple is a few steps away from 2019 low. Chances like this only happen once or twice in a lifetime. It’s either you in or you out. No emotional talk, no pot-luck, just a few men who know when to execute.
Like a tennis ball that is served by Rafael Nadal dropping deep into the court, watch out for the bounce!
