BTC has changed 50-day average support, XRP risks are like Bearish Shift in Momentum

This is a sunny technical examination of coindesk analyst and chartered market technician Omkar Godbole.

There is an old saying, “Sometimes a time, twice is coincidental, and the third time is a trend.”

This applies to bitcoin

So far. Cryptocurrency prices return to the 50-day simple transfer of average (SMA), which offers support on two occasions this month, leading to price bounces.

Therefore, the latest test of the average presents an opportunity for bulls to establish a trend in which the 50-day SMA activates new legs higher. Conversely, the collapse of the 50-day SMA support can invite a stronger sale pressure, which potentially leads to a dip below $ 100,000.

At the time of press, the bear case appears to be strong due to signs of bull fatigue, such as bright from the recent shallow bounce from the 50-day SMA. The first trial of the average on June 5 made a bounce from about $ 100,500 to over $ 10,000. However, the second SMA test on June 17 saw prices just booked from $ 103,000 to $ 109,000.

Last week’s Doji candle also suggests a bull fatigue of over $ 100,000.

A high moving volume above $ 110,000 is required to restore the immediate bullish outlook.

XRP led the DOGE way?

Payments dedicated to cryptocurrency XRP

was the trading at the lower end of the Ichimoku Cloud, an indicator of momentum based on many average transfer variants and developed by a Japanese journalist in 1960.

The crossovers above and below the cloud are said to represent the bullish and bearish shift in momentum.

When the price of an asset crosses under the cloud, as Dogecoin

Early this month, it usually signed a bearish trend. Entrepreneurs often interpret this as a signal to consider the sale or cycle of property, especially if other macro or technical indicators prove the signal.

The 50-day SMA of the XRP crossed the bottom of the 200-day SMA to confirm the so-called death cross, a bearish indicator. Therefore, a potential move under the ichimoku cloud can prove to be expensive for the bear, which is the potential opening of the door for a slide below $ 2.

In the charts, the support is visible directly to $ 1.60, early April is low. Coins such as Doge, ADA, and Link have dropped below their -their clouds of ichimoku in recent days, resulting in price losses.