⚡ Hey hey, hope things have been well. Here with a quick and short idea for you guys, been juggling a lot lately but wanted to take the opportunity to get a quick idea out while I had the chance so thanks for stopping by.
⚡ We sit here at a time where nothing seems to feel right in a few ways, at a time when we'd expect things to be pushing with all the hype we had going for us from the crypto legislation and the break above that $3 resistance showing the strength behind the market and XRP.
⚡ That being said we've still got our rules and channels which will continue to apply regardless of sentiments and news. Can see how the last month or so we've been pulled down thanks to these two major descending channels with our second one forming after we broke out and broke away from $2.7 before we again slowly descending back to the $2.7 range where we currently stand.
⚡ Technically speaking we're at a support point, we've bounced back up from here before so it'll be a good reference point for active traders on whether or not we'll be headed for another possible breakout or if we'll continue to trend further down within the descending channel until we regain that 200 EMA.
⚡ Next few days should be pretty eventful, especially once memorial day weekend wraps up I'm sure traders will want to get active and make a move but that brings us to my next highlight.
⚡ Historically speaking September is the weakest performing month for the market, it's the month we see stocks and indexes usually stumble a bit before they recover as the new year then approaches so that should be kept in mind. I'd love to see a breakout but if not this would also be a great time to accumulate given that within the next year or two we'll more than likely be trading above that $5 and $6 range.
⚡ Have to go for now but wanted to get a quick idea out and give some reference points with these descending channels. They will either help us get a breakout or push us further if we can't break out of them so keep that in mind along with Septembers historical performance. Much as we love the present looking on the past helps identify and note many key and potential plays.
⚡ As always, thank you so much for the support and all the best till next.
Best regards,
~ Rock'
⚡ We sit here at a time where nothing seems to feel right in a few ways, at a time when we'd expect things to be pushing with all the hype we had going for us from the crypto legislation and the break above that $3 resistance showing the strength behind the market and XRP.
⚡ That being said we've still got our rules and channels which will continue to apply regardless of sentiments and news. Can see how the last month or so we've been pulled down thanks to these two major descending channels with our second one forming after we broke out and broke away from $2.7 before we again slowly descending back to the $2.7 range where we currently stand.
⚡ Technically speaking we're at a support point, we've bounced back up from here before so it'll be a good reference point for active traders on whether or not we'll be headed for another possible breakout or if we'll continue to trend further down within the descending channel until we regain that 200 EMA.
⚡ Next few days should be pretty eventful, especially once memorial day weekend wraps up I'm sure traders will want to get active and make a move but that brings us to my next highlight.
⚡ Historically speaking September is the weakest performing month for the market, it's the month we see stocks and indexes usually stumble a bit before they recover as the new year then approaches so that should be kept in mind. I'd love to see a breakout but if not this would also be a great time to accumulate given that within the next year or two we'll more than likely be trading above that $5 and $6 range.
⚡ Have to go for now but wanted to get a quick idea out and give some reference points with these descending channels. They will either help us get a breakout or push us further if we can't break out of them so keep that in mind along with Septembers historical performance. Much as we love the present looking on the past helps identify and note many key and potential plays.
⚡ As always, thank you so much for the support and all the best till next.
Best regards,
~ Rock'
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.