The Golden Cross, which is usually considered one of the most popular technological indicators in trading. The long -term rising trend begins when the moving average crosses for 50 days of the moving average for 200 days. The market, however, was indifferent.
After the formation of the golden cross, the ETH decreased sharply instead of height, losing support levels and decreasing to less than important moving averages. With EMA providing 200 days for the only weak support around the $ 2200 region, the original has decreased below the 50 and 100 days of EMAS and is currently being traded at about $ 2,245.
What is meant by the golden cross means that it completely contradicts this collapse. Over the past few years, the Golden Cross has already become less close. Historically, these signals did not appear in the beginning of a large upward trend, but are close to the end of the tail to the recovery gathering or immediately before the opposite.
When it comes to Ethereum, the newest cross was an artifact backward from the upward trend that started in April rather than predicting future strength. Moreover, the total economic conditions in the cryptocurrency market are not compatible with optimism that this sign is usually raised.
ETH’s future is now more nonexistent due to the weakness of buyers in size, lack of follow -up and rejection of $ 2600, which is a previous resistance area. Today, the Golden Cross is at best the least invitation to work and more than a backward indicator of the market structure. It informs the merchants that although ETH has recently rose, there is no new new direction on the horizon.
It will be rejected as another fake in a technical environment that has become more and more unexpected unless the strong apostasy regains important resistance levels.
Bitcoin drowns
Although the rapid response of the market to the last Bitcoin decline is less than a sign of $ 100,000 psychological dollars that caused some investors, the market reaction indicates that the bulls do not sleep. In fact, the strength and speed of the recovery that exceeds $ 100,000 indicates that buyers still have a lot of strength, which may change the course of events in the coming weeks.
Bitcoin EMA (orange line) for 100 days hit the graph, cut through it for a short period, then wore a power to close the EMA and the important level of support of the circular numbers. This type of V -shaped recovery is observed frequently when buyers are widely absorbed quickly by selling panic in the short term, indicating that accumulation occurs under the surface.
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Bitcoin creates a descending triangular style, which is frequently explained as a declining composition and adds greater importance to this apostasy. This view is a question, though, by failing to collapse decisively and rapid reversion. In fact, they are fake, when descending expectations are converted into penetration marches, often preceded this basic procedure.
To support the upscale argument, momentum indicators such as RSI also showcase signs of recovery after approaching the sale area. It seems that this was not just a reaction to the dead cats, but rather a paid level as the size of the size supports the presence of a strong buyer during the bounce.
The recovery of less than $ 100,000 levels is a upscale signal that should not be ignored even though BTC still faces resistance in the descending trend line (about $ 106,000). It indicates that the bulls are ready to interfere strongly in psychological support, and if the direction continues, the payment may be about $ 105,000 to $ 110,000, which is possible for most people believe. The next step may be fast, so pay attention to the follow -up.
XRP carries it
When the price of XRP decreased to nearly important technically and psychologically important support, he was on the verge of critical collapse. Just a few days ago, the distinctive symbol broke out below all the main moving averages and violated the similar triangle style to the negative side, which is a classic indicator on the declining momentum; In particular, since EMA, which has a duration of $ 2.17, is no longer behind, feelings are quickly strained.
However, panic did not come to pass. With the last minute, XRP managed to restore its location over the 2 dollar sign, as it was closed at $ 1.90 and briefly fell. This level of flexibility indicates that buyers who believe that XRP is less than $ 2 have a clear demand for this. The slight increase in size indicates that this was not just the dead killer, but rather the beginning of the installation phase.
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Given that XRP was largely exaggerated before the bounce, the current RSI reading of 34 provided some support for the concept of artistic apostasy. A $ 2.00 contract, which was a battlefield and magnet, may allow a summary of about $ 2.17-2 dollars. 23 groups, where Emas is located for 50 days and 100 days.
However, there is still hope in XRP. It has not yet slowed down the declining collapse of the triangle style and is still much lower than EMA for 200 days. In order for the original to start to convert the market structure into a neutral or even bullish, it must close several sessions over $ 2.20.
