This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
There is an old saying: “Once, it’s a chance, twice is a coincidence, and a third time is a trend.”
It applies to Bitcoin
right away. The price of the cryptocurrency fell to its 50-day simple mobile average (SMA), which offered support twice this month, leading to price rebounds.
Consequently, the latest new average test presents an opportunity for Bulls to establish a trend in which the 50 -day SMA hangs new higher legs. Conversely, the drop in SMA support of 50 days could invite a higher sales pressure, which causes a drop of less than $ 100,000.
At the time of the press, the bear’s case seems strong due to the signs of fatigue of the bulls, as evidenced by the recent shallow rebounds of SMA of 50 days. The first test of the average of June 5 produced a rebound of about $ 100,500 at more than $ 10,000. However, the second SMA test on June 17 saw prices bounced only from $ 103,000 to $ 109,000.
Last week’s Doji candle also suggests bull fatigue over $ 100,000.
A high volume movement above $ 110,000 is necessary to restore immediate upper prospects.
XRP directed the Doge Way?
Cryptocurrency focused on XRP payments
Exchange at the lower end of the Ichimoku cloud, a momentum indicator based on several variants on a mobile average and developed by a Japanese journalist in the 1960s.
The multisgments above and below the cloud would represent bull and lower changes in the momentum.
When the price of an asset crosses the cloud, like Dogècoin
Done at the beginning of the month, it generally signals a downward trend. Traders often interpret this as a signal to consider selling or short-circuiting the assets, especially if other macro or technical indicators confirm the signal.
The SMA of 50 days of XRP has already crossed the 200-day SMA to confirm the so-called death of death, a bearish indicator. Consequently, a potential movement under the cloud of Ichimoku could be expensive for bears, potentially opening the door to a slide below $ 2.
On the graphics, the support is visible directly at $ 1.60, the lowest April. Parts like Doge, Ada and Link have fallen below their respective Ichimoku clouds in recent days, resulting in price losses.
