Hi friends! Welcome to this update analysis on Ripple! Let's get right to it! Looking at the four hour chart, you can see that the bull flag has morphed a bit since the last analysis, but it is still le bull flag, none the less. With that said, sh*t is bout to get real up in here. IDK about you, but I'm still looking for a fat nasty breakout above this bull flag, to send XRP into the 200 EMA. Why do I expect that? Because my pattern recognition is beastly! Some even call it magical. Whatever it is, it's fkn scary. So, without further ado, let's delve into the patternistics.
I would like to draw your attention, to the recent action inside of the bull flag. You can see that we've been gyrating in the flag, but the flag is still completely symmetrical. In fact, if you look at the current candle, you can see that there has been a slightly negative reaction from the top of the flag, as price pierced above the 50 EMA to test the flag top. Since things like that are happening, we can see that the flag is defined perfectly. Furthermore, the volume has been on a general decline inside of this flag, as well as the momentum, which is technical confirmation of the flagging action. The top of the flag is still converging with the 50 EMA (in orange) and if you remember from my last post, I said "you can see that the 50 EMA (in orange) is passing through and we are currently below that level. Looking back through the chart, you can also see how resistive the 50 EMA has been. So, there is a potential that this flag could actually fail, due to the resistance of the 50 EMA." You can see that currently, the 50 EMA remains resistive, with the top of the flag. However, if/when the 50 is surpassed, the bull flag breakout should ensue simultaneously.
In case you didn't witness the masterful pattern recognition from my last analysis, here's the breakdown:
You can see that on 1/28, a peak was formed. From there, we fell into a bear flag (Flag 1), which produced another bear flag (flag 2), which produced a corrective move into a short-term bottom. Then, a bull flag was created, which produced an impressive surge into the 200 EMA (in purple.) Then, XRP traded sideways for a while, until it formed another peak on 3/5. From there, XRP has created essentially the exact same pattern. You can see that there was another combination of two bear flags, that sent XRP into a bottom, which immediately reversed into a bull flag . Hands down, that is the EXACT same pattern. So, now we wait for a breakout above the bull flag , and from there, we can expect a retest of the 200 EMA , which would complete the pattern.
Furthermore, we have an impending bullish crossover on the MACD, so the momentum appears to be shifting back to the upside, which could propel XRP above the 50 EMA, and out of this bull flag. Now, if you'll excuse me, I have to go tend to a beautiful woman.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
I would like to draw your attention, to the recent action inside of the bull flag. You can see that we've been gyrating in the flag, but the flag is still completely symmetrical. In fact, if you look at the current candle, you can see that there has been a slightly negative reaction from the top of the flag, as price pierced above the 50 EMA to test the flag top. Since things like that are happening, we can see that the flag is defined perfectly. Furthermore, the volume has been on a general decline inside of this flag, as well as the momentum, which is technical confirmation of the flagging action. The top of the flag is still converging with the 50 EMA (in orange) and if you remember from my last post, I said "you can see that the 50 EMA (in orange) is passing through and we are currently below that level. Looking back through the chart, you can also see how resistive the 50 EMA has been. So, there is a potential that this flag could actually fail, due to the resistance of the 50 EMA." You can see that currently, the 50 EMA remains resistive, with the top of the flag. However, if/when the 50 is surpassed, the bull flag breakout should ensue simultaneously.
In case you didn't witness the masterful pattern recognition from my last analysis, here's the breakdown:
You can see that on 1/28, a peak was formed. From there, we fell into a bear flag (Flag 1), which produced another bear flag (flag 2), which produced a corrective move into a short-term bottom. Then, a bull flag was created, which produced an impressive surge into the 200 EMA (in purple.) Then, XRP traded sideways for a while, until it formed another peak on 3/5. From there, XRP has created essentially the exact same pattern. You can see that there was another combination of two bear flags, that sent XRP into a bottom, which immediately reversed into a bull flag . Hands down, that is the EXACT same pattern. So, now we wait for a breakout above the bull flag , and from there, we can expect a retest of the 200 EMA , which would complete the pattern.
Furthermore, we have an impending bullish crossover on the MACD, so the momentum appears to be shifting back to the upside, which could propel XRP above the 50 EMA, and out of this bull flag. Now, if you'll excuse me, I have to go tend to a beautiful woman.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-