Hi friends! Welcome to this update analysis on the flight that never made it, Ripple! Let's get it! Looking at the four hour chart, you can see that our plane has turned red. It's now a fiery heap of metal, falling through the clouds. If you recall from my last post, I said "For educational purposes only, if you wanted to short, you could place the trade now, and the stop just above the 50 EMA . There is more potential downside, with a risk of a small loss, should XRP turn back to the upside." At that time, the price was 1.046. Now, it's at about 0.870. That's a drop of about 17%. If you would have placed a similar trade, it would have paid nicely — and they say Magic can't trade. >=D
So, where do we go from here? Well, we can see that the 78.6% retrace is being tested right now. Momentum is continuing to expand to the downside, as you can see on the MACD, and the volume is primarily red, confirming the bearish pressure. If the 786 falls, expect a test of the 0.80 level. Just below that, we have the rising blue trendline.
Speaking of which, I've noticed that we may be forming this weird uptrend channel (in blue.) You can see how reactionary the top of the channel was, and it appears to have two distinct halves. We're now in the lower half of the channel, so perhaps we will continue lower, to test and define the bottom of it. To be sure, let's watch for a real break below the 786. Perhaps we'll get a bounce off of the bottom of this newly forming channel, and we'll be able to jump into some bullish positions. For now, if you're short, you may (for educational purposes only) want to consider taking some profits. Remember, bulls get money, and bears get money, but pigs go to slaughter! 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-
So, where do we go from here? Well, we can see that the 78.6% retrace is being tested right now. Momentum is continuing to expand to the downside, as you can see on the MACD, and the volume is primarily red, confirming the bearish pressure. If the 786 falls, expect a test of the 0.80 level. Just below that, we have the rising blue trendline.
Speaking of which, I've noticed that we may be forming this weird uptrend channel (in blue.) You can see how reactionary the top of the channel was, and it appears to have two distinct halves. We're now in the lower half of the channel, so perhaps we will continue lower, to test and define the bottom of it. To be sure, let's watch for a real break below the 786. Perhaps we'll get a bounce off of the bottom of this newly forming channel, and we'll be able to jump into some bullish positions. For now, if you're short, you may (for educational purposes only) want to consider taking some profits. Remember, bulls get money, and bears get money, but pigs go to slaughter! 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-