MagicPoopCannon

Volume Waves May Produce A Tsunami of Selling! Ripple! (XRP)

BITSTAMP:XRPUSD   Ripple幣 / 美元
Hi friends! Welcome to this update analysis on Ripple! Looking at the four hour chart, we can see that the sellers are taking a breather, as XRP continues to test the 61.8% retrace for support. On the MACD , we can see that it's beginning to level out, but it remains below the signal line. This is showing us that the sellers are taking a pause, but the overall momentum is still slightly negative. Looking at the volume , you can see that it's been coming strikingly symmetrical waves. Additionally, we can see that there was a recent trough produced, as trading volume recently died down. If the repetitive pattern of symmetrical waves in XRP volume is to continue, we should see another peak, as the current wave continues to intensify. I will admit, the decelerating MACD doesn't generally correspond with intensifying volume , but it's likely that the MACD will find it's wings soon enough. So, if the volume does intensify, which way will price move? Since we are in a bear market downtrend, the bias is definitely to the downside. Remember people, THE TREND IS YOUR FRIEND! Don't fight it. Personally, I will not be a buyer of this market, until I see a new emergence of substantial bullish evidence — like a reversal pattern that produces higher highs and lows. As I've said in the past, risk mitigation is massively important, if you want to be a successful investor. Blindly buying into a falling market, can permanently destroy your entire investment portfolio, and more. Therefore, it's important to have hard, technical evidence, that supports the direction of your trade. Looking at the chart, we can see that the 50 EMA (in orange) has just crossed below the 200 ( EMA ) in purple — forming a "death cross" of the averages. This is a technical indication of substantial recent loss, relative to the longer term price average. The significance of this indication as a sell signal is heavily debated, but I like to keep an eye on it, as an indicator of sustained weakness. On the bull side, I have considered that XRP may be trying to bottom here, to form the first higher low since the all time high. However, given the fact that there is no violent reaction, and no surge in bullish volume , I doubt that this will be a higher low. Time will tell. Going forward, we will have to pay close attention to how XRP trades. If it moves higher and breaks back above the 50 EMA , the 200 EMA , and the 50% retracement level, that will definitely get my attention, and potentially solidify a higher low. Until those bullish changes emerge, the bears continue to have the advantage. Stay on your toes traders! And watch those key levels.

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-
Did you notice the reverse head and shoulders forming :O if it reacts this can go to a new ATH!
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dpr0x X-13
@X-13, where?
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Hi, any update? What impact will this week have higher regulation news that could leave Davos and BTC futures expiration on Friday? continue down? Tks
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any update?
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An update on this will be cool ... this really has no direction at the moment...
+2 回覆
dpr0x izakmerwe
@izakmerwe, looks like a bulltrap. everyone who thougt it's going to break out just ate a big red candle
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LOOL, revers H&S , max volume on head xD it will skyrocket so hard xD
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Good post, only time will tell what XRP wants to do.
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Screw you, evil poop! All in!
+11 回覆
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