![]() ![]() We have already watched a major lower high form, along with 2 major lower lows, which is already an indication of possible trend reversal. When you draw a baseline from March 29th 2019 to June 9th, 2019, which by the way seems to be a popular baseline of analysis by many prognosticators of the day, we see that the Bitcoin price line has violated this base of support for the first time since this rally picked up a full head of steam. This move, combined with the rather “sketchy” activity of Bitfinex wildly printing Tether tokens of recent, could explain why this is happening.įirst, let’s look at the critical move which could be a foretelling of the short term movement of Bitcoin price action… There is no need to go overboard with complex technical indicators when Bitcoin price action shows us something as simple and significant as this. This is the most simple technical analysis we need on understanding what is going on with BTC at the moment. If you’re not on my YouTube channel, go subscribe. It’s worth sacrificing a cheeseburger and large french fries to pick up a Polkadot Happy Meal instead. I’m adding DOTS on every red candle dip until it pops off another run. This is just another DCA opportunity for me. You might be waiting for a long, long time. So don’t get your hopes up if you are thinking DOT will take a strong correction below $5. But will it be significant? Thus far, we have seen only mild corrections time after time. With the possibility of continued downward movement or crossing into the oversold zone comes a potential price drop. If it stays that way, the stoch is headed back down. Now if you look closely, you’ll see that on the current rise to the 40% point, the fast line has crossed over the slow line. While never really dipping deep into the oversold zone, it tried 3 times to move back up but didn’t have the steam. The stochastic is sitting at 40%, and looks very weak. Both of the moving averages are still upward-sloping, and there’s nothing bad like a death cross going on. What does this mean? Usually, it spells “mild correction”. Seek a qualified investment advisor before making any decisions on purchasing cryptocurrencies.īlog Site - Daily Update Mini Blog - Telegram Group. NOT FINANCIAL ADVICE - Entertainment purposes only. I remain VERY bullish on XRP moving into the fall of 2020. Time will tell! I don’t see this as a losing situation. With the overall overwhelming institutional consolidation going on with XRP since 2017, this would simply be another buying opportunity, in my opinion. I don’t see this as a negative event, IF it does come to fruition. I don’t know what the extent of this correction will be, but at WORST-case, 0.15 is the next lower clump of institutional trading volume that the price line could fall to. With a good clump of volume taking place within this range previously, this will probably act as a magnet on the price line now that we see the indications of the downward movement. The 0.18 to 0.21 range could be a landing spot for the next consolidation move. When we look at the Volume Profile, we see that the next landing spot where heavy institutional trading has taken place is squarely at 0.20. Volume is quieting down, which is a confirmation of downward trending. It is clearly rounding off and pivoting, looking like it’s ready to exit the overbought zone that it just barely entered, with the fast line crossing over the slow line and a downward trajectory. The biggest clue on the chart is the stochastic.
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