Hey! Hope you guys are doing well and before I continue as always if you'd like to leave a like or even follow I'd appreciate it so much and it always helps motivate me more and more to keep doing what I love!
⚡️We're just gonna do a quick follow up here with today's earlier Idea already linked in the related Idea's but basically XRP has sunk anyway and has gone down to that bottom of our descending channel which we've already had noted for a while now. My only question now is whether or not we'll bounce overnight or simply sink as Europe and Hong Kong wake up and decide what they wanna do with their crypto following today's fall.
⚡️My main thing now is whether or not we're gonna see a bounce and reversal from that descending channel. In this case we've got two scenario's now that we're in the descending channel. In the past when we've been in the descending channel we usually would end up hitting the channel's bottom before bouncing back up to the channel's top then moving back down and continuing the trend which is exactly what creates a descending channel and can make it so hard to get out of. Unfortunately we're basically in quick sand right now and it's up to the market to decide whether or not it wants to pull us out of the quicksand or let us sink a bit more before pulling on us bit by bit.
⚡️Bitcoin is still looking gloomy and it seems most of the market is looking now with a bearish perspective meaning it's not likely we're gonna see retail traders trying to play the market right now thus leaving us with Whales and Market makers to do the work now. So be aware now that they could likely bounce us off our descending channel's bottom now and bring us to the channel's top before bringing us down unless we see strong support kick in and send us out of the channel likely creating a breakout much like the one we saw in one of my most recent Idea's when XRP had that day rally during the Hinman speech. But for now things aren't bullish at least, and the worst scenario is if we fall below that descending channel we'll be in for a real bumpy ride in the least to say with some pretty big sell orders likely entering but we'll also see a lot of DCA and 'cheap' buying and if some whales decide it's not the time we could see real strong support kick in at 0.33 like we did last time we we're at this level. Now if we break below 0.33 I couldn't even say really but it simply would not be ideal in the least to say.
Thank you guys and hope this helps give you guys some ideas of what we could be looking at the coming few days now that we're in the channel and we can simply hope to break out and that this market will start to feel it a bit more but with things looking gloomy right now in general I wanted to point that stuff out for the night. Thank you and leave a like and follow if this helped! And have a great night as always!
~ Rock
⚡️We're just gonna do a quick follow up here with today's earlier Idea already linked in the related Idea's but basically XRP has sunk anyway and has gone down to that bottom of our descending channel which we've already had noted for a while now. My only question now is whether or not we'll bounce overnight or simply sink as Europe and Hong Kong wake up and decide what they wanna do with their crypto following today's fall.
⚡️My main thing now is whether or not we're gonna see a bounce and reversal from that descending channel. In this case we've got two scenario's now that we're in the descending channel. In the past when we've been in the descending channel we usually would end up hitting the channel's bottom before bouncing back up to the channel's top then moving back down and continuing the trend which is exactly what creates a descending channel and can make it so hard to get out of. Unfortunately we're basically in quick sand right now and it's up to the market to decide whether or not it wants to pull us out of the quicksand or let us sink a bit more before pulling on us bit by bit.
⚡️Bitcoin is still looking gloomy and it seems most of the market is looking now with a bearish perspective meaning it's not likely we're gonna see retail traders trying to play the market right now thus leaving us with Whales and Market makers to do the work now. So be aware now that they could likely bounce us off our descending channel's bottom now and bring us to the channel's top before bringing us down unless we see strong support kick in and send us out of the channel likely creating a breakout much like the one we saw in one of my most recent Idea's when XRP had that day rally during the Hinman speech. But for now things aren't bullish at least, and the worst scenario is if we fall below that descending channel we'll be in for a real bumpy ride in the least to say with some pretty big sell orders likely entering but we'll also see a lot of DCA and 'cheap' buying and if some whales decide it's not the time we could see real strong support kick in at 0.33 like we did last time we we're at this level. Now if we break below 0.33 I couldn't even say really but it simply would not be ideal in the least to say.
Thank you guys and hope this helps give you guys some ideas of what we could be looking at the coming few days now that we're in the channel and we can simply hope to break out and that this market will start to feel it a bit more but with things looking gloomy right now in general I wanted to point that stuff out for the night. Thank you and leave a like and follow if this helped! And have a great night as always!
~ Rock
