Real quick but important analysis here. Even if your one of my XRP followers this is important as the market likes to follow Bitcoin and set it as a marker.
⚡️Bitcoin first formed that death cross on June 9th and the drop followed right after with Bitcoin only having that EMA catch with it on the 24th. I just want to put this down to let you guys know how big that impact can be when the 200 EMA makes it's moves. It basically almost started to form what was looking like a golden cross this week however a lot of selling pressure is part of what's helped to prevent a breakout from likely following through, not to mention that options expiry definitely put a blow to Bulls buying power.
⚡️On top of that the market sentiment isn't exactly great with people throwing cautions and warnings all around saying this and that and calling out that this isn't the market bottom or that a recession is approaching, there's basically a ton of FUD going around and the market's not really feeling that confidence so we're seeing Tug a war's like this take place then between whales by which then that makes things a bit rough but honestly that's just the name of the game and at least we know markers will do us justice.
⚡️In my previous Bitcoin idea I noted that large descending channel we had Bitcoin in since it's original fall. We just barely managed to stay above that channel and right now we're just hovering over it. If we don't get good buy pressure in we could potentially get pulled back down into that descending channel and we'll, it's just not great at all to have to deal with that issue then but putting that out there since there's a real good chance we could lack real support and get pulled back down like that. Especially being as we're yet to actually have a solid mountain fall or death cross form on the 200 EMA yet. So watch that 200 EMA as well as that descending channel!
Thank you guys and if you'd like to leave a like or follow it'd be much appreciated as always, thank you and keep well!
~ Rock
⚡️Bitcoin first formed that death cross on June 9th and the drop followed right after with Bitcoin only having that EMA catch with it on the 24th. I just want to put this down to let you guys know how big that impact can be when the 200 EMA makes it's moves. It basically almost started to form what was looking like a golden cross this week however a lot of selling pressure is part of what's helped to prevent a breakout from likely following through, not to mention that options expiry definitely put a blow to Bulls buying power.
⚡️On top of that the market sentiment isn't exactly great with people throwing cautions and warnings all around saying this and that and calling out that this isn't the market bottom or that a recession is approaching, there's basically a ton of FUD going around and the market's not really feeling that confidence so we're seeing Tug a war's like this take place then between whales by which then that makes things a bit rough but honestly that's just the name of the game and at least we know markers will do us justice.
⚡️In my previous Bitcoin idea I noted that large descending channel we had Bitcoin in since it's original fall. We just barely managed to stay above that channel and right now we're just hovering over it. If we don't get good buy pressure in we could potentially get pulled back down into that descending channel and we'll, it's just not great at all to have to deal with that issue then but putting that out there since there's a real good chance we could lack real support and get pulled back down like that. Especially being as we're yet to actually have a solid mountain fall or death cross form on the 200 EMA yet. So watch that 200 EMA as well as that descending channel!
Thank you guys and if you'd like to leave a like or follow it'd be much appreciated as always, thank you and keep well!
~ Rock
