Master Analysis! Ripple Headed 2 Morgue! Punishing Haters! (XRP)
Hi friends! Let's take a look at the infamous, the dubious, the diabolical RIPPLE! Man-oh-man, so many haters are crawling out of the woodwork, like the pesky little insects they are. They're so quick to blab about how wrong I am, for making accurate bear calls. Remember people, they're the ones who were calling for crypto to launch to the moon, when I accurately projected the selloff! Don't let the naysayers distract you from the fact that this is a BEAR MARKET DOWNTREND! Lower highs and lower lows! There is a saying on Wall St — "the trend is your friend." Of course I'm going to have a "bearish bias" in a bear market correction. I'm a pro, and I know that the trend is my friend! In case anyone out there doubts that this is a bear market, allow me to remind you that a bear market is recognized as a sustained fall of 20% or more. We're well beyond negative 20%! The biggest problem with the crypto space, is that it's filled with uneducated and inexperienced investors, who have foolishly emotional attachments to their tokens, and think that crypto will rise in perpetuity. Let them think what they want. When the time is right, I'll be in with the bears, taking their money like candy from a baby!!! Now, on to the chart!
On the four hour chart, we can see a crystal clear downtrend from the all time high — lower highs and lower lows. The best way to trade a downtrend, or an uptrend for that matter, is to assume that it will continue until evidence proves otherwise. That evidence, would consist of a higher high or low, which doesn't exist right now. You can see that there was a failed attempt to rally above the neckline resistance of the head and shoulders pattern, and XRP fell to the downside, from the bear flag, just as I had anticipated it would. Now, we can see that we're in a newly formed downtrend channel (maroon dashes.) We're under the overhead resistance of the head and shoulders neckline, under the 50 EMA (in orange,) under the 200 EMA (in purple,) under the 50% Fibonacci retrace, and we appear to have formed a lower high on the chart. Obviously, I've considered that this could be a bull flag forming. But until I see a bullish breakout, THE TREND IS MY FRIEND!!! Mater traders know that they must follow strict trading strategies and never deviate. No overwhelming technical evidence exists, to support the call of a continuation higher. Looking at the MACD, we can see that it just formed a bearish crossover. How much more evidence do you want? Everyone who's with me, you know what I'm talking about! Let's take their MONEY!!! >=D
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!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
On the four hour chart, we can see a crystal clear downtrend from the all time high — lower highs and lower lows. The best way to trade a downtrend, or an uptrend for that matter, is to assume that it will continue until evidence proves otherwise. That evidence, would consist of a higher high or low, which doesn't exist right now. You can see that there was a failed attempt to rally above the neckline resistance of the head and shoulders pattern, and XRP fell to the downside, from the bear flag, just as I had anticipated it would. Now, we can see that we're in a newly formed downtrend channel (maroon dashes.) We're under the overhead resistance of the head and shoulders neckline, under the 50 EMA (in orange,) under the 200 EMA (in purple,) under the 50% Fibonacci retrace, and we appear to have formed a lower high on the chart. Obviously, I've considered that this could be a bull flag forming. But until I see a bullish breakout, THE TREND IS MY FRIEND!!! Mater traders know that they must follow strict trading strategies and never deviate. No overwhelming technical evidence exists, to support the call of a continuation higher. Looking at the MACD, we can see that it just formed a bearish crossover. How much more evidence do you want? Everyone who's with me, you know what I'm talking about! Let's take their MONEY!!! >=D
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!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-