Hey guys! Hope you guys are doing well, before I start as always if you felt this helped or was insightful in any way feel free to leave a like as it is always appreciated!
โก๏ธt's been a busy day so we're getting into things a bit later but anyway as we called out in yesterday's analysis we noted how that sideways channel was gonna determine a lot for us based on how we headed out and while we did exit below the channel and meeting that line of last defense it was almost immediately met with strong buying pressure which sent us on a good trip back up as we essentially we're rocketed back up and through that channel which gave us the second mountain to form.
โก๏ธFunny enough the second mountain got rejected at our resistance point of 0.38 which we've been had up there the past few Idea's so I'm happy to see the markings putting in the work as always and showing you guys what you need. Anyway thanks to that we got a lower high and you can see how the two mountains are trying their best but whales take advantage and simply buy low sell high, that's why we're seeing the movement we are. Not cause the market's being super volatile, but because whales are simply playin' around right now with it. You just got to look at the candlesticks to see them buying up in millions before then selling those millions again at a higher evaluation. So keep that in mind, these guys are simply doing what they need to rake in that bread.
โก๏ธI've taken out our bearish pattern marked lines and instead now marked a wedge which seems to be closing on XRP thanks to these two mountains which we've marked on, you can see that wedge looks to close around the 19th of June so chances aren't too bad that we'll likely be seeing a breakout or major movement occur when we get close to that wedge's end as most often that is what happens if you simply look at past price action. So if you wanna get an idea for XRP simply watch the wedge now since chances are we're gonna be stuck trading within it for a bit until we breakout in which case that should give us a nice lil' jump in the least to say.
โก๏ธWatch that sideways channel to see whether or not we fail to sustain above this time or if we fall through being as we formed a lower high, but if anything we could see another mountain form as price action tries to get a third reading and that'll likely be the one that forms things for us. On the third movement/mountain is when most traders will make their decisions and most often when the market will finally pick which way it wants to move but right now just watch that sideways channel as we are back in it and we simply wanna get out of it is all. On top of that we are within the descending channel (In black) so watch that bottom trend line since if we fall below that it'll likely be a pull down of some sort like with what happened on the 16th with us getting pulled down a bit after leaving the channel, I know there are a lot of lines but trust me they tell you a lot and are important to watch.
Thank you for taking the time to read and as always leave a like and follow if you'd like to keep posted on these Ideas to help you put things together and get an idea of just why things are moving the way they are. Thank you and keep well guys!
~ Rock
โก๏ธt's been a busy day so we're getting into things a bit later but anyway as we called out in yesterday's analysis we noted how that sideways channel was gonna determine a lot for us based on how we headed out and while we did exit below the channel and meeting that line of last defense it was almost immediately met with strong buying pressure which sent us on a good trip back up as we essentially we're rocketed back up and through that channel which gave us the second mountain to form.
โก๏ธFunny enough the second mountain got rejected at our resistance point of 0.38 which we've been had up there the past few Idea's so I'm happy to see the markings putting in the work as always and showing you guys what you need. Anyway thanks to that we got a lower high and you can see how the two mountains are trying their best but whales take advantage and simply buy low sell high, that's why we're seeing the movement we are. Not cause the market's being super volatile, but because whales are simply playin' around right now with it. You just got to look at the candlesticks to see them buying up in millions before then selling those millions again at a higher evaluation. So keep that in mind, these guys are simply doing what they need to rake in that bread.
โก๏ธI've taken out our bearish pattern marked lines and instead now marked a wedge which seems to be closing on XRP thanks to these two mountains which we've marked on, you can see that wedge looks to close around the 19th of June so chances aren't too bad that we'll likely be seeing a breakout or major movement occur when we get close to that wedge's end as most often that is what happens if you simply look at past price action. So if you wanna get an idea for XRP simply watch the wedge now since chances are we're gonna be stuck trading within it for a bit until we breakout in which case that should give us a nice lil' jump in the least to say.
โก๏ธWatch that sideways channel to see whether or not we fail to sustain above this time or if we fall through being as we formed a lower high, but if anything we could see another mountain form as price action tries to get a third reading and that'll likely be the one that forms things for us. On the third movement/mountain is when most traders will make their decisions and most often when the market will finally pick which way it wants to move but right now just watch that sideways channel as we are back in it and we simply wanna get out of it is all. On top of that we are within the descending channel (In black) so watch that bottom trend line since if we fall below that it'll likely be a pull down of some sort like with what happened on the 16th with us getting pulled down a bit after leaving the channel, I know there are a lot of lines but trust me they tell you a lot and are important to watch.
Thank you for taking the time to read and as always leave a like and follow if you'd like to keep posted on these Ideas to help you put things together and get an idea of just why things are moving the way they are. Thank you and keep well guys!
~ Rock
