3 hours ago, Greyscale won in its case against the US SEC for attempting to block Greyscales efforts to establish a Bitcoin Spot ETF. However, even with this great news for the whole crypto space in general, especially because it sets a precedent that the SEC cannot block Bitcoin based ETF's from being created; the market's respond was morbid.
Almost no...
We are in the first weekday after the 40% dump of XRP on Friday. So far, there has been 3 attempts of recovery by the Bulls but the 3rd attempt could not sustain its momentum and has receded to lower levels nearing the peak of the 2nd attempt.
What does this mean?
This is dangerous. 3 bull attempts failed at such a short timeframe, trying to recover the 40% dump...
Market Outlook:
The first and second Bull candle on the 1hr and 2hr candles directly after the recent 40% drop on CRYPTOCAP: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 ...
With recent declining trend in the general crypto space. It is important to take into account the potential emergence of Bull Traps. We can see one occurring currently now with a 13% sharp drop to XRP, 14% in LTC and ~4 to 5% dancing 2 hr short candles for DOGE, BTC and UNI. Impulsive traders may see the current moment as a good idea to go Long by banking in on a...
