Ah, Peter Brandt, the seasoned trader who has seen it all and then some, has decided to share his wisdom with the world once more. This time, he’s got a juicy nugget of caution for those fond of the cryptos—particularly XRP. Word on the street (and by street, I mean his 781,500 followers on X) is that XRP is currently flirting with disaster. In Brandt’s words, it’s shaping up to be a “head-and-shoulders” pattern on the daily chart. Oh, the drama!
For those unfamiliar with this charming term, an H&S pattern is not one that signals a new fashion trend (though we’d be all for that). No, it’s a bearish sign that means the altcoin might be losing its momentum. It’s like that friend who insists on running marathons but always seems to trip over their own shoelaces. This could be a disaster waiting to happen, especially if XRP doesn’t get its act together and break above a key resistance level.
Brandt, ever the bearer of good news, informs us that if XRP doesn’t do the old “break above resistance” routine, we’re in for a ride straight to $1.07. Oh joy! And if you have a problem with this, he recommends taking it up with Magee and Edwards. You know, the market experts. They’re definitely the ones to blame. 😅
“Don’t shoot the messenger. Your favorite Beanie Baby/Pet Rock crypto displays a classic complex H&S top. This could become bullish if $3.0 is exceeded, otherwise the implications are a decline to $1.07. If you have an issue with this, take it up with Magee and Edwards.”
As we speak, XRP is worth $2.12. Yes, it’s down over 3% on the day. A steep decline, but don’t worry, there’s more! Hold onto your hats, we’re just getting started.
Brandt, ever the vigilant watcher of Bitcoin (BTC), points out that BTC has recently plummeted below the $85,000 mark. Alas, it’s headed toward the ominous $70,000 territory. It seems even the mighty have their down days. But fear not, Brandt’s got you covered. He assures us that he’s simply “reporting on what the chart says until it says something different.” Because of course, the chart is the ultimate truth-teller. 🧐
“Don’t shoot the messenger. Just reporting on what the chart says until it says something different. Bear wedge completed with 2x target from the double top at 65,635.”
As of now, BTC is worth $82,791. A modest drop, but hey, that’s crypto for you—always keeping you on your toes!
And let’s not forget about the S&P 500, that trusty stock market index. Brandt, with his ever-sharp eye, says that the index is now in a “downtrend” after flipping the 5,864 support level into resistance. Fancy that! The stock market seems to have its own way of keeping us all guessing.
“The 2x target of 5,170 is a very appropriate 18% correction from the high.”
As of Friday’s close, the S&P 500 is languishing at 5,580 points. It’s not quite dead, but it’s definitely in a “I need a lie-down” phase.
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2025-03-30 15:02