📉 Hi! Thanks for coming by as always! You already know what we're all about, gonna dive into things real quick and keep this shorts simple for you guys, I'm sure you all have more than enough going on likewise so let's get to what we need to know!
📉 Following up from my last post in which we pointed out some scenarios with the bearish scenario looking more likely as we we're last pointing on the fact that XRP was struggling to break 0.67 with low support from buyers amongst a mixed sentiment following a rather quick price hike over the week. The idea was ultimately finished with us putting down two points of support for 0.649 and 0.624 and if we take a look at our chart up above for the most recent data we can gather some quick data.
📉 I've added two number points with the 1 and 2 in the bubbles to point out the support point at 0.61, we can see how XRP plunged once it broke that 0.649 point below out horizontal level. That promptly sent the fall in perfect synchronicity to our 0.624 level. It's crazy, price went EXACTLY to the two support points I pointed out in the previous idea. Good to know our technical annotations are doing the job.
📉 Can see one of the major pushes here was the loss of the 200 EMA with us ultimately getting that mountain fall/exit out when we lost that 200 EMA in the quick sell-off most likely driven by a whale that wanted to see us break that 0.649 support. I've added a quick descending channel that did form which also contributed to the fall for analytical purposes. Ultimately this flash crash was likely the result of whales selling the news and possibly making money on some short positions as well, nothing unusual but now we simply watch for support.
📉 Watch 0.61 for that support though I see this being a much better point for support, we've also fallen quite a distance away from our 200 EMA so I wouldn't be shocked to see our chart start pulling back up to close the distance between the two soon enough but whether or not that happens will simply have to be seen. Leaving it at that for now but thanks for stopping by as always, really appreciate it and all the best till next.
~ Rock '
📉 Following up from my last post in which we pointed out some scenarios with the bearish scenario looking more likely as we we're last pointing on the fact that XRP was struggling to break 0.67 with low support from buyers amongst a mixed sentiment following a rather quick price hike over the week. The idea was ultimately finished with us putting down two points of support for 0.649 and 0.624 and if we take a look at our chart up above for the most recent data we can gather some quick data.
📉 I've added two number points with the 1 and 2 in the bubbles to point out the support point at 0.61, we can see how XRP plunged once it broke that 0.649 point below out horizontal level. That promptly sent the fall in perfect synchronicity to our 0.624 level. It's crazy, price went EXACTLY to the two support points I pointed out in the previous idea. Good to know our technical annotations are doing the job.
📉 Can see one of the major pushes here was the loss of the 200 EMA with us ultimately getting that mountain fall/exit out when we lost that 200 EMA in the quick sell-off most likely driven by a whale that wanted to see us break that 0.649 support. I've added a quick descending channel that did form which also contributed to the fall for analytical purposes. Ultimately this flash crash was likely the result of whales selling the news and possibly making money on some short positions as well, nothing unusual but now we simply watch for support.
📉 Watch 0.61 for that support though I see this being a much better point for support, we've also fallen quite a distance away from our 200 EMA so I wouldn't be shocked to see our chart start pulling back up to close the distance between the two soon enough but whether or not that happens will simply have to be seen. Leaving it at that for now but thanks for stopping by as always, really appreciate it and all the best till next.
~ Rock '
