“A Failure to Hold the Recent Strong Support of the 50-Day Sma Could Invite Stronger Selling Pressure.”, – WRITE: www.coindesk.com
There is an Old Saying, “Once is a chance, Twice is a coincide, and a third time is a trend.”
IT Applies to Bitcoin
Right Now. The Cryptocurrency’s Price Has Fallen Back to Its 50-Day Simple Moving AVERAGE (SMA), WHICH OFFERED SUPPORT ON TO DON OCCASIONS THIS MONTH, LEADING TO PRICE Bunces.
Therefore, The Latest Re-Test of the Average Presents An Opports for the Bulls to Establish a Trend in WHICH The 50-Day Sma Powers New Legs Higher. Conversely, The Fall of the 50-Day SMA SUPPORT COULD INVITE STRONGER Selling Pressure, Potentally Leading to A Dip Below $ 100,000.
AT Press Time, The Bear Case Appears Strong Due to Signs of Bull Fatigue, As Evident from the Recent of Shallow Bounces from The 50-Day SMA. The First Test of the AVERAGE ON JUNE 5 PRODUCED A BUNCE FROM ROUGHLY $ 100,500 TO Over $ 10,000. However, The Second Test of the SMA ON JUNE 17 SAW PRICES BUNCE ONLY FROM $ 103,000 to $ 109,000.
The Past Week’s Doji Candle Also Suggests Bull Fatigue Above $ 100,000.
A High-Volume Move Above $ 110,000 is Needed to Restore the Immediate Bullish Outlook.
BTC’s Daily Chart. (TradingView/Coindesk)
XRP Headed the Doge Way?Payments-Focused Cryptocurrency Xrp
IS Trading at the Lower End of the Ichimoku Cloud, A Momentum Indicator Based on Several MOVING AVARAGE VARIANTS AND DELEPED BY A JAPANESE Journalist in the 1960s.
Crossovers Above and Below The Cloud Are Sayid to Represent Bullish and Bearish Shifts in Momentum.
WHEN AN asset’s price Crosses Below The Cloud, As Dogecoin
DID EARLY this month, It Typically Signals a Bearish Trend. Traders of the Interpret this as a signal to consider selling or shorting the asset, especially if of macro or technical indexes confirm the Signal.
Xrp’s 50-day Sma has already Crossed Below The 200-Day Sma to Confirm The so-Called Death Cross, A Bearish Indicator. Therefore, a potential move bechimoku Cloud Could Prove Costly for the Bears, Potentally Opening The Door for A Slide Below $ 2.
Xrp, Doge Price Chart. (TradingView/Coindesk)
On the charts, Support is Seen Directly at $ 1.60, The Early April Low. Coins Like Doge, ADA, AND LINK HAVE DROPED BELOW Their Respect Ichimoku Clouds in Recent Days, Resulting in Price Losses.
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