Axarpy

3 hours ago, Greyscale won in its case against the US SEC for attempting to block Greyscales efforts to establish a Bitcoin Spot ETF. However, even with this great news for the whole crypto space in general, especially because it sets a precedent that the SEC cannot block Bitcoin based ETF's from being created; the market's respond was morbid.Almost no significant movement in prices for XRP, BTC and other altcoins such as ETH and LTC were recorded. The increase in value for most coins were in the double decimals 0.0x% which is common in a sideways market. This indicates that people were just not buying and were disinterested with the fundamental aspects of this particular ruling.--Then what are people interested in? Well, we did had a small pump on the 29 of August for cryptos and precious metals such as GOLD (XAU) and Silver (XAG). This was due to the losing confidence to the USD (DXY) because of the US Job Openings Report mentioning that amount of jobs openings has decreased from 9.2 mil (June) to 8.8 mil (July). This drove investors away from the USD and lowered its value while impacting a short Bull Charge for commoditised alternatives such as GOLD and crypto. --In general, just to wrap this up. What to expect? Well, looks like we are heading towards a downward sideways just as before. But this one wont be as fast as the previous month because it looks like our SMA on the 10,20, and 50 day are improving and creeping ever slowly higher. Thus balancing out our downward sideways. --What to do now?Look for opportunities to scalp on the daily. Go for small valued (small lot sized) positions on incoming short term news like the Personal Spending & Income MoM or US employment rate that is coming tonight and tomorrow. You have two options, either go for long or short gambling for the news (which will rapidly pump or fall), which I have profited before on the above mentioned US Job Openings Report. Or, a much more safer approach, scalp on the reversal after the news, which is much more consistent albeit less rewarding. You choose. **Tip if you are betting before the news, key things to do is to research and look up data on what the upcoming news might be, good or bad. You can look up forecast by analyst (highly unreliable from my experiences), read the prior economic data of related news, or browse social media (for some reason this kinda works, i dont really know why, but more people yelling doomsday usually means bull and more people saying go to the moon usually means a crash, beats me how it actually works). All the best Trader!

We are in the first weekday after the 40% dump of XRP on Friday. So far, there has been 3 attempts of recovery by the Bulls but the 3rd attempt could not sustain its momentum and has receded to lower levels nearing the peak of the 2nd attempt.What does this mean?This is dangerous. 3 bull attempts failed at such a short timeframe, trying to recover the 40% dump on Friday. This 3rd attempt even got shut down and was pushed back to the 2nd attempt's sideways, thus forming a cracking line that could potentially make another further Dip highly possible. The fundamental result of these attempts indicate that short term recovery of XRP is difficult. The only option now is either even more sideways movement, or a further dipping of XRP below the cracking line of the second attempt. Unless Bulls are willing to try a 4th attempt (unlikely given the failure of previous attempts) while ignoring the consequences of previous attempts, we are looking at a more significant downturn in the value of XRP. Unless Greyscale vs SEC case wraps up or another significant news comes along. We should see more devaluation of XRP.

Market Outlook:The first and second Bull candle on the 1hr and 2hr candles directly after the recent 40% drop on XRP which lasted for a 9 hr selloff has sputtered. Bulls hoping for a quick buck by praying on a return to a resistance level before the drop (yellow horizontal:0.58) or to the last sideways movement (second yellow horizontal: 0.62) for XRP have failed. The furthest they got was at the green line of 0.5232, which also happens to be the where the Bull and Bear power indicator has shown that XRP was deemed to be still at the "Oversold" line (dark purple). The fundamental theory here is: If it was still oversold during that period which also indicates a good time to buy, then why aren't the bulls buying? Both markets (Asia and NA) has been given sufficient time to react and attempt to save any long positions during the 9hr selloff. But no rebound is seen and is likely to remain as such for the weekend. This might be a long stretch but perhaps the market confidence in general is still not bullish. Buying the drop has been the crypto community catchphrase for throughout the Crypto Winter. But perhaps that is no longer the best of actions at the moment. So what to do now you may ask? Wait. Wait and wait. Market is going sideways for now. And is probably going to remain as so like the last sideways movement that lasted for the first half of August. Be on the lookout for Greyscale vs SEC that can conclude anytime in the coming weekdays and forward.Second Bull attempt ongoing. The Bulls power crossed the +1 mark indicating a stronger push than the first attempt. This indicates a potential to increase the value of XRP to return to a more positive position. But key takeaway note here is XRP leading this Bull charge as other tokens have yet to follow suit. As we noted, XRP itself cannot sustain Bull charges on its own. As such be wary of a fakeout.

With recent declining trend in the general crypto space. It is important to take into account the potential emergence of Bull Traps. We can see one occurring currently now with a 13% sharp drop to XRP, 14% in LTC and ~4 to 5% dancing 2 hr short candles for DOGE, BTC and UNI. Impulsive traders may see the current moment as a good idea to go Long by banking in on a potential reversal. But let me explain fundamentally why this is potentially not a good idea.With the recent outpouring of good news from the XRP side of things (recent and YTD): The relist on major exchanges, the partnership with several banks of albeit non-major countries and corporations, as well as the successful yet partial victory of its court case against the SEC; we have yet to see its impact across the wider crypto space. The legal clarity of XRP itself did not provide a significant bullish sentiment towards Bitcoin which it is still dependent upon as an market indicator. Bitcoin still remains the invisible tether that virtually pegs other altcoins to it.Unless XRP itself can shift and sail away Bitcoin. We will still be depending on Bitcoin's bullish outlook for XRP increase in value. Until then, we await Grayscale's Lawsuit with the SEC regarding Grayscale's BITCOIN ETF venture that will presumably finished this week. Or the next, who knows.