Ripple has broken down from the bear flag, and is now under the black support level, testing the 200 EMA (in purple.) Should the 200 EMA, and the bottom of the parallel channel fail, XRP could plummet, as sell-side pressure continues to engulf the crypto space. On the MACD, we can see that downside momentum is increasing, making further losses possible. A breakdown would send XRP to the 61.8% retrace, at $1.40, then $1.25. This is an emergency update!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
@FateBreaktrader, MACD divergences should be taken with a grain of salt, unless other evidence confirms the legitimacy of the divergence. Keep in mind, that we are likely going to enter a panic selloff, in the very near future. Also, there is a famous saying on Wall St. "Never try to catch a falling knife." This market, is a falling knife.
Krishwork
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@MagicPoopCannon, thank you. there is serious erosion of wealth in any fall. Though I feel bad, this is nature of markets n wealth. Appreciate your response and thank you for sharing your views.
Cheers
K
MagicPoopCannon
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@FateBreaktrader, MACD divergences should be taken with a grain of salt, unless other evidence confirms the legitimacy of the divergence. Keep in mind, that we are likely going to enter a panic selloff, in the very near future. Also, there is a famous saying on Wall St. "Never try to catch a falling knife." This market, is a falling knife.