Seasoned trader Peter Brandt warns that the payments Altcoin XRP run the risk of going through a huge capitulation event.
The legendary trader tells his 781,500 followers on the social media platform X that XRP forms a head and shoulders (H&S) pattern on the daily graph.
An H&S structure is a bearish pattern that indicates that an active momentum has lost to retain its upward trend after not printing new highlights.
According to Brandt, the bearish structure will become invalid if XRP climbs above an important level of resistance. Different, he out XRP threatens to break the support for $ 1.90 and witnessing a waterfall event.
‘Don’t shoot at the messenger.
Your favorite Beanie Baby/Pet Rock Crypto shows a classic complex H&S top. This can be bullish if $ 3.0 is exceeded, otherwise the implications are a decrease of $ 1.07. If you have a problem with this, record it with Magee and Edwards.
Xrp. “
At the time of writing, XRP is worth $ 2.12, a decrease of more than 3% in the day.
Looking at Bitcoin, Brandt warns That BTC has been demolished from a bearish continuation pattern after losing $ 85,000 and is now probably below $ 70,000.
‘Don’t shoot at the messenger.
Just report about what the graph says until something else says. Bear Wedge completed with 2x target from the double top at 65.635. “
At the time of writing, BTC is worth $ 82,791.
Regarding the S&P 500, Brandt out That the stock market index is now in a “established downward trend” after converting the 5,864 support level in resistance.
“The 2x target of 5,170 is a very suitable 18% correction of the high.”
From the end of Friday, the S&P 500 floats at 5,580 points.
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Generated image: midjourney