Hi friends! I hope you are all doing well. Taking a look at the four hour chart for Ripple, we can clearly see that the weakness is continuing. It has fallen out of the bear flag that I showed you yesterday, only to form another bear flag consolidation below it. XRP remains in a downtrend channel, and is experiencing relentless expansion of sell-side momentum. I see broad weakness in the crypto markets, and it appears as though they are setting up for an epic fall. Bitcoin, Litecoin, Ripple, Stellar, and so many more, are pushing on critical support. If the buyers dont step in, to rescue this market, it WILL fall. Because of the broad weakness, I do expect a panic driven selloff to occur. Unless the technical picture changes quickly, things are not looking good. On the downside for XRP, support lies at the 200 EMA (in purple,) and the bottom of the downtrend channel. A break below that, will send XRP to the next support level of $1.41, at the 61.8% retrace. However, if a panic driven selloff takes place, prices could fall below $1.00. Don't say I didn't warn you. =D
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Below 1 is still 300% profit from a month ago. I understand it's less profit but I don't understand why people panic
MagicPoopCannon
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@AntoineMonteillard, Thank you for the comment. It is important to remember that regardless of how profitable a trade has become, loss prevention is a critical function of all winning strategies. Profits should be taken at liberty, especially in the face of an increasingly unfavorable market trend. There is no market in existence, that is immune from total permanent destruction — especially highly speculative markets, such as the crypto space. Good luck trading, and thanks for following! =D
AntoineMonteillard
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@MagicPoopCannon, Hey tahnk you for replying, I've been following you for a few days, I sold my litecoins at 250 but bought back at 240. So that's kind of a win :P
I understand your strategy of course. I invested 2000€ in november. At the ATH I had 10k€, now I have 6k. It is reaaaall hard not to see it as a loss, I'm here thinking I lost 50% of my profits instead of thinking I made 4k ...
At some point I had 14,7 ETH ... had I kept them i'd be sitting on 15k ... But another way to view it is I had .34 BTC and if I kept them I'd be at 4k€
Crypto is messing with me, last two times I wanted to move away from it I put a stop loss at like 20% below, and it was reached in a flash crash and I bought back usually 10 to 15% higher. I don't know how to trade. I don't want to trade. I just want to invest in litecoin because I think it is the future, but not losing money would be great.
I'll keep following you, but for now I'm keeping my ltc even though it scares me how tied it is with btc which I think will crash because it has become useless.
Bimbo_Chart
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take in consideration that in one hour DMM (Japanese exchange) will open with ripple listed there. People need to buy now :)
wolfgang95
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@Alex_B1M, really ?? where is the dmm exchange and massive buying today is 11 jan.
@wolfgang95, me too man, price starting going up :)
MagicPoopCannon
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The South Korean government, is proposing a ban on all cryptocurrencies, which Ulsan effect the legality of crypto trade, in one of the largest markets for crypto. This is a developing story.