BTC shows bullish correction in an overall bearish marketForget about the hype in XRP this morning. People go straight to emotion, but should instead have a plan in place to ease back on the emotion trades. Trust the charts you build or trust someone you watch that builds charts.
BTC has rallied up a tad right into a 50% Fibonacci retracement level to find some selling interest. Happy Fibonacci Friday! The 61.8% level and the red trend line intersection is a strong spot and should be tough to breach.
At the same time price has moved up in the last 48 hours, momentum for trend has weakened. The black ADX line (trend strength indication) plotted under the price chart has dropped the whole time price has tried to rally. I look at this picture as a spot to watch for selling interest to come back into the market to resume the already primary bearish trend that has been in place for a long while.
Price needs to break the red trend line to the upside, with backed internal trend momentum, to be the first red flag this market has turned or reversed the primary trend.
With all the hype in cryptos the last day or two, the charts show what the hype means.. so far nothing!
Any questions let me know!
