Hi friends! I hope you are all doing well! Let's take a look at the four hour chart for Ripple! As you can see, I have a label on the chart, showing you where I issued my first warning about the developing head and shoulders pattern, in Ripple. As soon as XRP broke out above the falling parallel channel, many of TradingView's top analysts were calling it a "buying opportunity," without ever seeing confirmation of the breakout — which would have consisted of a continuation move higher. To everyone who follows me, I just want you to see the value here, and the power of accurate technical analysis. Trust me when I say, that I will guide you through these dangerous markets.
Looking at the chart, we can see that after XRP broke out of the topside of the falling parallel channel, it has just been riding the top of it lower. Essentially, that's a failed breakout. There was no confirmation move higher, or conviction. Instead, XRP was rejected by the 50 EMA (in orange,) and is just rolling over like it's ready to die. Volume is horrendously low, proving that the buyers currently have little-to-no interest. Additionally, we can see that a bearish crossover is forming on the MACD, indicating a negative shift in momentum. Given the technical data here, I think it's only a matter of time before XRP is back at the 200 EMA (in purple.) A sustained break below that, will be a red flag warning for the bulls, as this market could rapidly accelerate to the downside. On the upside, for the bulls to save XRP, there needs to be a breakout above the 50 EMA (in orange,) with a new uptrend of higher highs and lows — an unlikely feat.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, like, comment, 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.***
-JD-
Looking at the chart, we can see that after XRP broke out of the topside of the falling parallel channel, it has just been riding the top of it lower. Essentially, that's a failed breakout. There was no confirmation move higher, or conviction. Instead, XRP was rejected by the 50 EMA (in orange,) and is just rolling over like it's ready to die. Volume is horrendously low, proving that the buyers currently have little-to-no interest. Additionally, we can see that a bearish crossover is forming on the MACD, indicating a negative shift in momentum. Given the technical data here, I think it's only a matter of time before XRP is back at the 200 EMA (in purple.) A sustained break below that, will be a red flag warning for the bulls, as this market could rapidly accelerate to the downside. On the upside, for the bulls to save XRP, there needs to be a breakout above the 50 EMA (in orange,) with a new uptrend of higher highs and lows — an unlikely feat.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, like, comment, 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.***
-JD-