⭐️ The Market Draws a Trend ⭐️
⭐️ Hey hey! Hope everyone's been well been a few days but so much has happened. Following up from my last idea it's crazy to see that we in fact did get that spring jumping up to 0.62 with that announcement of the Bitcoin ETF on the 10th as well as XRP's successful exit out of our descending wedge. So we had that as well as the fact that we caught our 200 EMA again and that definitely helped to reel us back up. Here's a link to the chart/idea below:
⭐️ Anyway I said this would be short so here's the current wedge I've drawn out that's formed since our impulse move up to 0.61 and 0.62 respectively. The wedge is on the 30 minute chart and on our main chart up above I've added this ascending channel which will likely continue to play a role in the next few days/weeks.
⭐️ Main thing traders are likely watching for is whether or not we get that break to the upside or down, basically the same as the move we just went though previously. So that alongside the 200 EMA and if we can keep ahold of it. That being said 0.55 has been doing well for support with our second wick down to that level being kept closed at 0.56 and above thus there's definitely a good support level there.
⭐️ While it's a good support level it also doesn't mean that it's bedrock or an absolute bottom, we should always consider the unexpected and on that note I'd definitely set some alerts at 0.56 and .55 just in case we do get a break down out of our wedge and come to retest those levels.
⭐️ I'll leave the idea there for now, but overall it's been a good week everything considered, so happy to finally be at a point where crypto is getting recognition, it's taken a few years but it's good to know the train is moving and getting going. Thanks for coming by as always, I appreciate each and every single one of you guys as usual and wish nothing but the best till next, thank you!
~ Rock '
⭐️ Anyway I said this would be short so here's the current wedge I've drawn out that's formed since our impulse move up to 0.61 and 0.62 respectively. The wedge is on the 30 minute chart and on our main chart up above I've added this ascending channel which will likely continue to play a role in the next few days/weeks.
⭐️ Main thing traders are likely watching for is whether or not we get that break to the upside or down, basically the same as the move we just went though previously. So that alongside the 200 EMA and if we can keep ahold of it. That being said 0.55 has been doing well for support with our second wick down to that level being kept closed at 0.56 and above thus there's definitely a good support level there.
⭐️ While it's a good support level it also doesn't mean that it's bedrock or an absolute bottom, we should always consider the unexpected and on that note I'd definitely set some alerts at 0.56 and .55 just in case we do get a break down out of our wedge and come to retest those levels.
⭐️ I'll leave the idea there for now, but overall it's been a good week everything considered, so happy to finally be at a point where crypto is getting recognition, it's taken a few years but it's good to know the train is moving and getting going. Thanks for coming by as always, I appreciate each and every single one of you guys as usual and wish nothing but the best till next, thank you!
~ Rock '
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