I'm sure you've all noticed, that I've drawn a big over the recent price action (black flag). I've noticed several other bear flags, in BTC , LTC, ETH, and many other cryptos, but some of the flags are not that easy to distinguish. However, most cryptos are currently trading in synchrony, so they're producing similar patterns on the charts. Looking at XRP, we can see that the is already breaking to the downside. This flag has somewhat of an unusual shape, so many traders may not notice it as a . However, le'pattern is le'bear flag. I have illustrated on the chart, the potential breakdown distance of the (black dots) and where my price target is located. I would like to emphasize, that I don't know for sure if XRP will make it all the way down there. I'm just showing you the target that I've generated, based on the structure of the flag. If you remember my "Will Ripple Crash To ZERO?" post, You can see that the bear flag's projected target would produce severe decrease in the value of Ripple — something that is very much in line with my infamous 'crash to zero' post. Looking at the , we can see that it is flattening, and looks like it's ready to roll back over to the downside. If you are long, I cannot stress this enough — there could be an enormous amount of downside remaining in this market. The bears are watching, and they see the opportunity for easy money, just as I do. On the upside, there is severe overhead resistance. Namely, the neckline of the pattern, the 200 (in purple,) and the 50 (in orange,) all in the same area. Downside support is sparse, and relatively insignificant. Clearly, the path of least resistance is still down.
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-
I'm new and was definitely emotionally attached to my Litecoin, but after the last few TA of yours, I got smart and used limits to minimize my losses and reposition for the next buy--not too soon, not too late and be ready to throw the whole plan/idea out the window. Seriously, you saved me a couple hundred dollars with your last LTC TA--Thank you. A few hundred dollars to a small time normie is HUGE!. Keep up the great work.
1) if BTC pumps further (looking as though it might), then this junk will follow.
2) The classic bear H&S target would be -$0.40.
We will see. If that flag breaks $1.44, I certainly wouldn't want to be holding XRP, although I suspect a test of the bottom other than a stampede down to the next level. 'too much too soon'.