This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
There is an old saying: “Once it is an opportunity, it is twice a coincidence, and a third time is a trend.”
Bitcoin is applied
right now. The price of the cryptocurrency has returned to its single mobile average of 50 days (SMA), which offered support twice this month, which led to price rebounds.
Therefore, the last test of the average presents an opportunity for the bulls to establish a trend in which the 50 -day SMA powerful new legs. On the contrary, the 50 -day SMA support could invite a stronger sales pressure, which potentially leads to a fall below $ 100,000.
At the time of publication, the case of bears seems strong due to Toro fatigue signs, as the obvious of the recent shallow rebounds of the 50 -day SMA. The first average test on June 5 produced a rebound of approximately $ 100,500 to more than $ 10,000. However, the second SMA test on June 17 saw that prices recovered only $ 103,000 to $ 109,000.
Doji’s candle last week also suggests a toro fatigue above $ 100,000.
A high volume movement is needed above $ 110,000 to restore the immediate bullish perspective.
XRP went to Doge Way?
XRP cryptocurrencies focused on XRP payments
It is traded at the lower end of the Ichimoku cloud, an impulse indicator based on several mobile average variants and developed by a Japanese journalist in the 1960s.
It is said that crossovers above and below the cloud represent bullish and bassist changes in the impulse.
When the price of an asset crosses under the cloud, like Dogecoin
He made at the beginning of this month, he generally points out a bearish trend. Operators often interpret this as a signal to consider selling or shortening the asset, especially if other macro or technical indicators confirm the signal.
The 50 -day SMA of XRP has already crossed below the 200 -day SMA to confirm the so -called Cruz de la Muerte, a bearish indicator. Therefore, a potential movement under the Ichimoku cloud could be expensive for the bears, which can open the door through a slide of less than $ 2.
In the graphics, the support is seen directly at $ 1.60, the minimum of the beginning of April. Coins like Dege, Ada and Link have fallen below their respective Ichimoku clouds in recent days, resulting in price losses.
