This morning (01/February/2024), we witnessed a notable drop in Bitcoin and, mainly, in Altcoins. However, these value reductions present interesting opportunities for new buying positions.
XRP $XRP , for example, is in a bearish channel/descending wedge on the daily chart (1D) - interpretation varies depending on the starting point of the trend line. This chart pattern has a higher probability of an upward breakout. Even with the news of a hack on one of the company's XRP accounts, the chart continued to respect the pattern.
With the fall this morning, the Relative Strength Indicator (RSI) on the 4-hour chart (4H) approached the oversold level (LOWER TRACE OF THE INDICATOR). This could be our support point for the falling wedge, i.e. a solid support point for buyers.
On the weekly chart (1W) of HBAR $HBAR , we can observe the "Cup and Handle" pattern. We are currently in the cup handle, and the 4-hour chart has also touched the RSI oversold level, suggesting this may be our current support point, confirming the bottom of the cup handle. cup.
ATOM $ATOM is also in a falling wedge on the 4-hour (4H) chart and has reached the oversold level of the RSI, as has the cryptocurrency $PERP, plus volume is decreasing, which indicates a fatigue in the sales force. Both can indicate support for buyers.
It is important to remember that this should not be interpreted as an indication of investment, but it marks the beginning of Black Friday in the cryptocurrency market.
