Crypto Briefing 6/14/23 – The Forecast

Crypto Briefing 6/14/23

Crypto Briefing 6/14/23

Bitcoin has the potential of seeing one last push-up before seeing a major trend reversal. Over the past few weeks, Bitcoin has been consolidating and appears to be forming a bull flag. With the raising of interest rates paused and the innate bullishness of this pattern, we favor seeing an additional push upwards for BTC. With that being said there is always the possibility of Bitcoin surprising the market and breakout to the downside.

XRP has been seeing some volatile price action throughout this week, as major pieces of evidence are being made available to the public. With the release of the Hinman emails, Ripple aims to argue that the SEC showed favoritism to Ethereum despite the fact that Ripple had more conservative business practices when compared to the Ethereum team. The XRP price saw a wick to $0.57 before it reversed quickly. As it stands, XRP needs to break through its prior level of resistance or it will reverse to the $0.30 level.

QNT had a high probability of rallying to $135, but occasionally assets will perform second-leg traps and get speculators stuck in a bad trade. QNT is now testing the bottom of its trading range and is showing bearish warning signs. Note how none of the bear bars are large breakout bars, but are instead small pushes down. Small pullback trends like this are some of the strongest moves an investor can see since they have the potential of lasting a long time. It is difficult to determine when a small pullback trend starts, but as more bars start to appear it becomes easier to spot.