Good morning y'all! I don't know how to get these videos to play with sounds on mobile devices yet, but until I do, I will continue to type out my analysis also. So let's hop right into it.
Weekly Chart: We closed last week pretty close to the trend line yesterday, which is healthy, and opened up this week trading above last week's wick. If we can close higher than last week's close ($0.0618) this week, then that will show signs of bullish momentum.
Daily Chart: We broke out of our falling wedge pattern yesterday, closing June 27th candle with a bullish engulf candlestick. Today, we are pulling back to the resistance line of the falling wedge pattern as expected. If support can hold on this pullback, we may move sideways for a bit before moving up to retest the $0.074 level. If not, then we may touch the $0.055 zone again, or possibly fall below our trend line to touch the $0.038 mark. I've drawn out both scenarios using the path indicator on the chart for everyone to see how this could play out.
4H Chart: We can see that we officially have 2 strong touches on our trend line here, in addition to seeing how we broke out of the triangle to the upside yesterday. This was a pretty healthy impulse, and now we are moving sideways. If we can get above the $0.062 level (where sell pressure is currently) and hold there, then we should be able to push and retest the $0.074 level.
1H Chart: We can see on the 1H that sell pressure is steadily declining. If sell volume can stay low like it is now, I think we may be in store for a slow and steady move to the upside.
Conclusion: We seen BTC push to the upside over the last couple of days, now ranging between the 33K and 34K levels. These are massive levels of consolidation. Some might call it a retracement to continue going downward, other may call it a slight breakout. In any case, we can see that the entire crypto market is closely tied to BTC. I think that for any continued growth for the entire market, BTC needs to steadily increase in price. AMP has been standing the test of time though. It hasn't broken any of our technicals (Falling wedge, trend line, support line) even when BTC falls massively. To me, this is very very strong. The trend is your friend until the very end, and the technicals have not lied to me or invalidated anything yet. I'm sound and comforted by this, and expect things to heat up in July.
Elon & Jack Dorsey Speaking About BTC In July: https://cointelegraph.com/news/elon-musk-agrees-to-speak-with-twitter-ceo-jack-dorsey-at-bitcoin-event
AMP Merchant Fee's To Kick In After June 30th: https://www.reddit.com/r/AMPToken/comments/o25exk/merchant_fees_are_currently_waived_due_to_the/
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