Market Outlook:
The first and second Bull candle on the 1hr and 2hr candles directly after the recent 40% drop on
XRP
which lasted for a 9 hr selloff has sputtered. Bulls hoping for a quick buck by praying on a return to a resistance level before the drop (yellow horizontal:0.58) or to the last sideways movement (second yellow horizontal: 0.62) for
XRP
have failed. The furthest they got was at the green line of 0.5232, which also happens to be the where the Bull and Bear power indicator has shown that XRP was deemed to be still at the "Oversold" line (dark purple). The fundamental theory here is: If it was still oversold during that period which also indicates a good time to buy, then why aren't the bulls buying?
Both markets (Asia and NA) has been given sufficient time to react and attempt to save any long positions during the 9hr selloff. But no rebound is seen and is likely to remain as such for the weekend. This might be a long stretch but perhaps the market confidence in general is still not bullish. Buying the drop has been the crypto community catchphrase for throughout the Crypto Winter. But perhaps that is no longer the best of actions at the moment.
So what to do now you may ask? Wait. Wait and wait. Market is going sideways for now. And is probably going to remain as so like the last sideways movement that lasted for the first half of August. Be on the lookout for Greyscale vs SEC that can conclude anytime in the coming weekdays and forward.
The first and second Bull candle on the 1hr and 2hr candles directly after the recent 40% drop on
XRP
which lasted for a 9 hr selloff has sputtered. Bulls hoping for a quick buck by praying on a return to a resistance level before the drop (yellow horizontal:0.58) or to the last sideways movement (second yellow horizontal: 0.62) for
XRP
have failed. The furthest they got was at the green line of 0.5232, which also happens to be the where the Bull and Bear power indicator has shown that XRP was deemed to be still at the "Oversold" line (dark purple). The fundamental theory here is: If it was still oversold during that period which also indicates a good time to buy, then why aren't the bulls buying? Both markets (Asia and NA) has been given sufficient time to react and attempt to save any long positions during the 9hr selloff. But no rebound is seen and is likely to remain as such for the weekend. This might be a long stretch but perhaps the market confidence in general is still not bullish. Buying the drop has been the crypto community catchphrase for throughout the Crypto Winter. But perhaps that is no longer the best of actions at the moment.
So what to do now you may ask? Wait. Wait and wait. Market is going sideways for now. And is probably going to remain as so like the last sideways movement that lasted for the first half of August. Be on the lookout for Greyscale vs SEC that can conclude anytime in the coming weekdays and forward.
Comment:
Second Bull attempt ongoing. The Bulls power crossed the +1 mark indicating a stronger push than the first attempt. This indicates a potential to increase the value of XRP to return to a more positive position. But key takeaway note here is XRP leading this Bull charge as other tokens have yet to follow suit. As we noted, XRP itself cannot sustain Bull charges on its own. As such be wary of a fakeout.