We Are Entering The Crypto Ice Age.
Contents ▾
- Another beckon of selling has collision the market
- Ripple's XRP No Longer The "Most Lively"
Another wave of selling has hit the market
Another wave of selling has hit the market and most cryptocurrencies are bleeding value, dropping as much as 40% for the last 7 days and 20% for the last 24 hours only. The move doesn't seem spurred away uncomparable particular piece of news but rather away a full-musical scale negative sentiment encompassing digital currencies.
One catalyst for the recent send packing could be considered the fact that the US Securities and Exchange Commission (SEC) has delayed one time again the ruling regarding the first Bitcoin ETF proposal (initiated away fund handler VanEck and blockchain commence-up SolidX), pushing information technology for earlyish close year (February 27, 2022). This delay is the last available to SEC, so come February next year, they will have to approve OR deny the proposal.
Graph Analytic thinking – BTC/USD
Bitcoin is presently trading just about $3,400, having bewildered almost 11% for the last 24 hours and more than 17% during the last 7 days. BTC/USD pair has dashed the early plump for at 3700, which was considered by many the bottom and seems headed for the new target at 3000.
The chart above looks like the perfect downtrend: 50 and 20 Mathematical notation Moving Averages crossed bearishly and moving apart, showing downside momentum; a bullish correction (retracement) was just complete and a significant bottom just broken. All this with a bearish RSI that's printing lower highs and glower lows on the 4-hour chart, so all clues tip towards a drip to 3000 during the next few days.
One of the only signs of optimistic reversal is the RSI happening a Daily chart, which shows extreme oversold condition and flush a bullish regular divergence: damage is fashioning a lower low while the oscillator is making a higher low. Is that plenty or is it just wishful thinking?
Back geographical zone: 3000 – this is some a technical support last reached in September 2022 and a BRN, thus psychological support
Resistance zone: 3700
Most likely scenario: drop into 3000 support
Cyclical scenario: recovery to 3700 based on overextension of the downtrend and RSI Regular Deviation
Ripple's XRP No more The "Most Bouncy"
Erstwhile deemed the most resistant cryptocurrency during the deal out-hit, XRP can no yearner withstand the bears' aggression and is losing note value equally we speak, currently trading at 0.30 against the America Clam for a drop of 11% for the last 24 hours.
In spite of the bear market, Ripple, NEM, Fetch AI, and Car&o have partnered to establish Blockchain for Europe, which is a lobbying group meant to work with European Unionised institutions to make sure regulations will not cripple innovation in the blockchain infinite but also to educate the public connected blockchain potential.
Chart Analysis – XRP/USD
XRP/USD briefly unfit below the key 0.30 handle, venturing into 0.29 before printing a bullish taper and convalescent feebly above 0.30. The ongoing drop was triggered by the break of the previous low and support at 0.33 and looking at the candles, this doesn't appear to be the prat unless we see a fresh wave of investors looking to purchase at 0.30.
The way damage behaves here will trigger one of ii scenarios: a give away bequeath drive the distich into 0.25, which is both a technical support (last reached in Sept, current year) and a psychological level (BRN). But then, a bounce higher will meet heavy electric resistance at 0.33 – 0.35.
Support geographical zone: 0.30 (current support, still uncastrated) followed by 0.25
Ohmic resistanc zona: 0.33 – 0.35
All but likely scenario: souse below current support
Alternate scenario: bounce higher (0.30 is a big round number and RSI is showing oversold.
Source: https://www.binaryoptions.net/forget-crypto-winter-we-are-entering-the-crypto-ice-age/
Posted by: stewartsafelip1955.blogspot.com
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