⚡ XRP REAL QUICK TA! ⚡⚡ Real quick idea today since I've got to go to work soon. Following up from yesterday's idea in which we made a couple important points including that resistance at 0.50 with us more likely looking at some strong resistance and a possible reversal, we can see just how that's played out with XRP falling pretty hard on the local as we reentered back into the ascending channel we added a couple days ago to our main chart.
⚡ Can see how we've fallen even further down as we have already exited down and out below the ascending channel with us not at this support level of 0.49160 by which we'll see whether or not XRP does hold it's ground or if things continue to fall as Bitcoin's led the downward move for the market being that it failed to establish and form a high high for the week after the push up we've had thus some traders are likely taking profit and whales exiting to enter in at what they feel or may possibly perceive as a better entry in the short term as we lose that 200 EMA.
⚡ The main point here is that we reentered the ascending channel which I said to watch out for in yesterday's idea as it'd have an effect and it definitely has, on top of that we've lost our 200 EMA and well, you already know, just means some more volatility till we regain the 200. We could slip and fall further if we lose this current horizontal level but if we can manage to hold support and reenter that ascending channel that should help us at least a bit.
⚡ That aside again we're in September and with the Fed possibly expecting to increase rate hike's some more it's absolutely got the market feeling timid and shy with some taking profits or exiting. Just seems like it's been a perfect storm scenario this month alongside September as it is generally whenever we get to this month every year. It's just a rough month so as to why I'm not minding what's going on right now too much, everyone's going off emotion overall and ignoring and fundamentals or true use-cases and utilities.
⚡ That being said I wouldn't fret too much, just remember we're in a rough month historically but at one point or another we'll be out of it, and if we're looking months ahead, things aren't too bad. We can also possibly contribute the resistance in Bitcoin and crypto's as FTX possibly selling some crypto already though there's no confirmation on that but it's a possibility as we already know they will have to sell some to repay creditors so just focus on yourself and your life right now. The market will do it's thing but don't let that stress you.
⚡ I have to run and I said this idea would be short so I'm simply leaving it at that but thanks for joining me for a short bit as always, really appreciate it and feel free to leave any likes or follows, simply helps and all the best!
~ Rock '
