Market Analysis
Bitcoin price remains stuck below $110,000 ahead of the FOMC, with big overhead resistance at $112,000 in place and several key support levels below.
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Tech Analysis News
Technical analysis, often abbreviated as TA, is a method used in the cryptocurrency market to evaluate and predict price movements based on historical market data. Cryptocurrency traders utilize a range of technical analysis tools and techniques to make well-informed decisions. It mostly focuses on analyzing price charts and finding patterns and trends by using statistical measures. Moving averages, support and resistance levels, the relative strength index and Bollinger Bands are frequently used tools in technical analysis.
Technical analysts believe that historical price movements tend to repeat themselves, and certain patterns can indicate future market direction. For instance, a head-and-shoulders pattern might suggest an upcoming trend reversal. Traders also use chart patterns like flags, triangles and double tops to anticipate market movements. Moreover, indicators like the moving average convergence divergence help gauge the strength of a trend.
However, it’s essential to note that technical analysis is not foolproof and should be used in conjunction with other methods.
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XRP price risks a possible 22% plunge to $1.78 while fluctuating inside an otherwise bullish pattern.
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XRP ledger activity has dropped sharply in the past two months, increasing the downside prospects for XRP price to drop toward $1.70.
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