Yesterday, Bitcoin broke above several key resistance levels that typically knock an asset back if it is just “retracing” the previous fall. For example, when an asset falls by a certain amount, it typically doesn’t go to its bottom in a straight line. There will be bounces on the way down to the final target. Usually, these bounces are measurable. And they will retrace 50% of the fall, 61.8% of the fall, 70.2% of the fall, or 78.6% of the fall, then turn on themselves and continue crashing.
Yesterday, Bitcoin broke above all of these key retracement levels and even got above the 78.6% retracement. This indicates Bitcoin is doing MORE THAN A RETRACE and is likely BULLISH. This is great for the rest of the altcoin market as well!
XRP is battling against the 200-day moving average right now, and it is critical that we break above this level now in order for us to consider XRP to be bullish.
Also, the monthly candle lose will be happening today. If the candles closed the way they are right now, it would be incredibly bullish for the cryptocurrency market. All eyes are on how this market will finish the month off.
In this video we analyze the Bitcoin chart, XRP chart, Altcoin market cap chart, and the XRP market cap chart.
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