Friends, foes, animals and aliens, my family of crypto lovers, welcome to this update analysis on Ripple! Let's get it. Looking at the four hour chart, you can see that XRP has formed a head and shoulders pattern, as it moves around inside of the blue uptrend channel. The current action is forming the right shoulder, which could complete in the near future. You can see that the 20 EMA (in blue) has been very resistive over the past few days, and as it moves into the right shoulder, it's likely to put any rallies in check. Since we have falling overhead resistance, in the midst of the formation of a right shoulder, a completion of this pattern appears imminent. At the moment, ETH is pushing down into the 78.6% retrace. If the 786 falls, the pattern should complete relatively quickly.
Should a breakdown occur, there are a few levels of support that could cushion the fall. First, we have some support around 0.803, which is converging with the bottom of the uptrend channel, strengthening that area as support. Just below the bottom of the channel, there is a rising blue dotted trendline, which is a variant bottom that catches the low of 2/6. If we break below that, a test of the 2/6 low (0.57290) is likely to be next. For now, let's watch to see if the right shoulder completes.
You can see that XRP remains under the midline of the channel. The last time we broke under the midline of the channel, XRP tested the bottom of the channel, and then the variant dotted trendline. Perhaps a similar move will occur, since XRP has displayed an inability to rise above the midline. Ether way, the overall look of this chart is bearish. However, if a miraculous upside recovery happens, and the 50 EMA (in orange) is surpassed, a test of the top of the channel would be in the cards — an unlikely feat. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
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-
Should a breakdown occur, there are a few levels of support that could cushion the fall. First, we have some support around 0.803, which is converging with the bottom of the uptrend channel, strengthening that area as support. Just below the bottom of the channel, there is a rising blue dotted trendline, which is a variant bottom that catches the low of 2/6. If we break below that, a test of the 2/6 low (0.57290) is likely to be next. For now, let's watch to see if the right shoulder completes.
You can see that XRP remains under the midline of the channel. The last time we broke under the midline of the channel, XRP tested the bottom of the channel, and then the variant dotted trendline. Perhaps a similar move will occur, since XRP has displayed an inability to rise above the midline. Ether way, the overall look of this chart is bearish. However, if a miraculous upside recovery happens, and the 50 EMA (in orange) is surpassed, a test of the top of the channel would be in the cards — an unlikely feat. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
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-