Oh, look, another day, another “crypto expert” with a chart that’s probably more complicated than the plot of “Inception.” Josh Olszewicz, or @CarpeNoctom as he’s known to his Twitter followers, has been staring at his screen so long he’s seeing patterns in his wallpaper. He’s spotted a bearish reversal pattern that looks like it was drawn by a three-year-old with a crayon. “I’d be shocked if this actually breaks higher,” he says, as if he’s the only one who’s ever noticed the sky is blue.
Now, this classic head and shoulders pattern is supposed to be the big bad wolf of trading. You’ve got your left shoulder, your right shoulder, and a head that looks like it’s about to nod off. It’s all very exciting, if you’re into that sort of thing. The left shoulder was a dud, popping up like a pimple in December and topping out at a whooping $2.90. Then came the head in January, a brief moment of glory at $3.40 before the inevitable crash back to reality.
The right shoulder is a real downer, limping along at around $3.00. And let’s not forget the “neckline,” which is just a fancy way of saying “the line where everything goes to hell.” It’s drawn at $2.00, which is a nice round number, if you’re into that sort of thing. It’s like the crypto equivalent of a ” Participation Trophy.”
Now, throw in the Ichimoku Cloud indicator, because why not add another layer of confusion? It’s like a big, fluffy, bearish cloud hanging over XRP‘s head. The Tenkan-sen and Kijun-sen are flatlining, which is trader-speak for “we’re all gonna die.”
Josh says if this pattern confirms, we’re looking at a nosedive to $1.13 to $1.40. Which is great, if you’re into that sort of thing. He’s even got an “invalidation level” at $2.85, which is like the magic number that’ll make everything okay again. But until then, it’s all doom and gloom. Or maybe it’s just another day in crypto-land.
As I write this, XRP is trading at $2.07, which is probably enough to buy a coffee, if you’re into that sort of thing.
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2025-03-31 13:20