💥 XRP GETTING READY TO SPRING? READ 💥💥 Been a pretty interesting week everything considered, Bitcoin managed to hit that $45,000 mark only to be hit with a flash crash following a rather innocuous article coming out on behalf of an author from Matrixport who gave their thoughts on why they think the SEC will reject a spot Bitcoin ETF once again which promptly spooked the market into a rather quick sell-off which recovered just as quick. Below is a link to that matrix article for reference.
www.matrixport.com
💥 Main catalyst here was the fact that off that article which spooked investors some whales definitely sold rather large positions across the crypto market prompting the fall which was only sunk further due in part to Long future positions being liquidated which created a domino effect and cascade. We've seen this before and this time was no different. This was Bitcoin's biggest drop in over a month with nearly $700 million in liquidations over the 24 hour period of January the 3rd. Bitcoin accounted for $170 million of that and all of the data is thanks to Coinglass of course. Here's a link below to a reference article.
cryptoslate.com
💥Anyway, that dragged the market down before we got a prompt recovery though that doesn't mean we got out of the waters. Since the drop we've struggled to break back above 0.60 with us then forming this line of resistance helping to make up the current descending triangle we're in at the moment. I've added that in accented black lines below to display the triangle. And below are two option's or cases with breakouts happening to both the upside as well as the upside for visual representation.
💥 A breakout is definitely what traders are waiting for right now, we've seen this time and time before especially with XRP, for whatever reason XRP love's these descending triangles after those big mountain falls and more than likely we'll get a spring back up which could help us see 0.60 broken should traders get that confirmation and regain the 200 EMA which we also have drifted far apart from, a meeting soon could be due. Below is a quick reference to the same descending channel from yesterday:
💥 Also watch 0.571 to 0.584, that's the second horizontal channel since we've fallen and has also been our main resistance at 0.571 since we fell out of that channel itself. We get that break out and break back into the second channel we'll probably have a pretty good chance at facing 0.59 and possibly breaking 0.60 too in the process. Here's a chart of the second channel from yesterday. I wasn't able to finish the post hence the title.
💥 There's no guarantee though, that's just a possibility as always till it happens, so just as we can get that breakout to the upside we can get rejected and get a breakout to the downside past that 0.560 level of support. Personally I see the chances of that being relative low unless we got some new update or negative article out regarding crypto or Bitcoin.
💥 XRP has a lot of support at 0.55 as this flash drop highlighted with that sharp pullback up and has managed to keep above 0.56 ever since then only having it's wick dip down below in a few instances. I'll keep the idea short and leave it here for now, I'm sure you all have a lot going on today but wanted to get some objective thoughts and a couple possible ideas of what our next move's may be looking like.
💥 With that all being said I appreciate you guys for sticking by my side, especially if you've made it this far in the idea. Thanks for taking the time to read some of my thoughts, hope you all are doing great as always, wishing nothing but the best till next! WE got this!
~ Rock '
