⚡️ XRP ENDING THE WEDGE ⚡️
⚡️ Not going to make this idea too long, just going to keep it short and simple. But thanks as always for joining ladies and gentlemen.
⚡️XRP's coming up on the end of this wedge which has basically kept on dragging/holding us down. Can see how even with the most recent drop we found support once again at 0.495 and we still find that diagonal resistance striking us down.
⚡️ This after having lost the 200 EMA once again though that's not too wild, we did fail to establish a higher high and with volume being low bears have it much easier selling on the market sending things down with Bitcoin having led the way back down below $25,800 as shown below.
⚡️ Market's still in this gray area with a lot of uncertainty still going around, not to mention we are in september. September for those that don't know is basically the worst month of the year historically, for whatever reason or another this 'September effect' hits the market every year and we see the broad market and crypto decline. It's just a part of the cycles and human psyche. After all if you know that every September the market tends to go down, what are the chances you'll enter or want to trade during that. Not very likely for most traders.
⚡️ It's usually after September though that the market likes to recover and it does rather quick in some instances but overall we're just in a bad month is about it in my opinion, again it's not just crypto but the market as a whole is down a lot this month dragging down most stocks. So please keep that in mind.
⚡️ I have to go but for the wedge that's coming to a close it can mean one or two things, we either breakout from the wedge and get a good push up by which we'll have to face that 0.50 resistance or we'll fall and break below the wedge and that 0.495 to retest 0.492 and possibly fall further if we fail to hold there.
⚡️ Regardless we know that the wedge has done a good job of keeping price down and contained so if we can get pass that, then it can hopefully do the opposite and help send us up. But we'll just have to see for that, feel free to add some markings and set some alerts at 0.495 or 0.492 and so on if you'd like.
⚡️ I have to go but thanks for tuning in as always, and if you'd like to leave a like or follow, it'd help me out, thanks.
~ Rock '
⚡️XRP's coming up on the end of this wedge which has basically kept on dragging/holding us down. Can see how even with the most recent drop we found support once again at 0.495 and we still find that diagonal resistance striking us down.
⚡️ This after having lost the 200 EMA once again though that's not too wild, we did fail to establish a higher high and with volume being low bears have it much easier selling on the market sending things down with Bitcoin having led the way back down below $25,800 as shown below.
⚡️ Market's still in this gray area with a lot of uncertainty still going around, not to mention we are in september. September for those that don't know is basically the worst month of the year historically, for whatever reason or another this 'September effect' hits the market every year and we see the broad market and crypto decline. It's just a part of the cycles and human psyche. After all if you know that every September the market tends to go down, what are the chances you'll enter or want to trade during that. Not very likely for most traders.
⚡️ It's usually after September though that the market likes to recover and it does rather quick in some instances but overall we're just in a bad month is about it in my opinion, again it's not just crypto but the market as a whole is down a lot this month dragging down most stocks. So please keep that in mind.
⚡️ I have to go but for the wedge that's coming to a close it can mean one or two things, we either breakout from the wedge and get a good push up by which we'll have to face that 0.50 resistance or we'll fall and break below the wedge and that 0.495 to retest 0.492 and possibly fall further if we fail to hold there.
⚡️ Regardless we know that the wedge has done a good job of keeping price down and contained so if we can get pass that, then it can hopefully do the opposite and help send us up. But we'll just have to see for that, feel free to add some markings and set some alerts at 0.495 or 0.492 and so on if you'd like.
⚡️ I have to go but thanks for tuning in as always, and if you'd like to leave a like or follow, it'd help me out, thanks.
~ Rock '
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