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.***
You predicted an inverse head and shoulder after the price reached 1.20 last week saying it will rise much higher....Guess what? it did not, and you and your previous chart disappeared afterwards. You have been wrong and your credibility is long gone in my eyes ! you are entertaining though!
Aldonio
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@SkyCEO, did you actually read the analysis? Mr Poop said that we had to wait and watch the EMA50 to see if it held (which it didn't), otherwise there would be a downside. If you can't even read instructions you shouldn't be complaining.
SkyCEO
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@Aldonio, We can Agree to disagree and I suggest you not to back up false claims as it shows your a part of this mislead to the public regardless of it's being insinuated. As per link below it did trade above EMA 50 for a couple days, it even traded above EMA 200 which was the open trade signal in his chart. I suggest your to refresh your memory and save the little self imposed dignity by keeping your tail between your legs !
Aldonio
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From the same idea you're quoting, the last sentence:
> On the downside, look for the blue trendline to remain supportive. If XRP breaks below that, the 50 EMA had better be support, or look out below.
BTW, clicking on the graph you quoted takes you to the actual analysis and you should always read it because you will find the gems of wisdom there.
Giovi6969
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@SkyCEO,
He never predicted the inverse H&S will happen lol, learn to read charts and what he writes.
He just wrote that it could be a possibility.
SkyCEO
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@Giorgioversace, link below clearly states the facts which you have failed to recognize, you may wanna learn to read plain English prior to reading charts.
Giovi6969
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@SkyCEO Lol.
He is saying there is an hypothetical inversed H&S, he never says this is going to happen, what is wrong with you not understanding a chart and blaming me to not understand xD
Giovi6969
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@SkyCEO,
He says there could be a possible inverse H&S, and that if this I H&S was formed, it would not even be sure that it would develop further upside.
Seriously, read correctly and dont blame him and others about things you understand wrong lol, it makes it ridiculous.
Good luck trading to you
NoraWijaya
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@Giorgioversace, why you even bother replying, just let him be.
Giovi6969
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@NoraWijaya,
Because i think he is not trolling and i try to prevent him from doing trading mistakes because he misunderstood a trader's TA lol.