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XAUUSD Butterfly Harmonic patternThe price will grow towards the target above Also you see here is a almost perfectly formed butterfly harmonic in play. this week looks more promising with expectation of a further bullish rally to 1960 area. key point: with this breakout new structural movement is expected with both small bull and bear rallies accompanied by a massive potential pullback back to the 1940s marked with the vertical blue lines at the symmetrical triangle formation.
OANDA:XAUUSDLong
by Goldsignal75
2
Bitcoin at Support Offering 20% ProfitBitcoin is currently at support and may soon bounce, offering a 20% profit opportunity. Current Situation After hitting highs of $62,000, Bitcoin has been mostly selling off, unable to keep its upward momentum. Although this may be disappointing to traders, in the long run, it is a healthy pullback that allows us to buy the coin at a discount! Bitcoin appears to have bounced on the $51,500 support. Although this level has proven to be reliable multiple times, it is not as strong as the $42,000 level, which is labeled as "Main Support" on the chart. This discrepancy is because the $51,500 support doesn't represent a previous all-time high (which makes the sturdiest support and resistance). Opportunity If you were to buy in at $51,500, then you stand to gain 20% when the coin eventually recovers to its all-time high. If Bitcoin breaks above the all-time high, you stand to gain an additional 20%-40% on top! If you are unsure that this level will hold but still want to take part in the trade, you may enter with only part of your funds. If it doesn't hold, then you can enter again at lower support levels, which will, in turn, raise your potential profit when BTC eventually recovers. If the $51,500 level breaks, then we have the $42,000 support to fall back on. The last time BTC reached this price level, it immediately rebounded and rallied to $62,000. This support level also represents the previous all-time high, which was broken after Elon Musk tweeted that Tesla purchased $1.5 billion worth of BTC. Below the $42,000 level, we have two minor supports at $38,000 and $34,000. Finally, we have a strong support at $30,000, but it is unlikely that BTC will fall this low, considering the bull market's strength.
Long
by cryptohopper
NEAR Caught in a Strong UptrendNEAR is one of the newest cryptocurrencies on the market, and it is already making a name for itself after an almost 1,000% increase over the past three months. Fundamentals NEAR Protocol (NEAR) is a decentralized application platform created to help developers design their apps. The network runs on a Proof-of-Stake (PoS) consensus mechanism and aims to offer scalability and stable fees. NEAR is the native utility token that is used for: 1. Fees for processing transactions and storing data. 2. Running validator nodes on the network. 3. Governance votes to determine how network resources are allocated. Similar to BTC, NEAR has a controlled supply. Its current supply stands at just over 300,000. The supply is set to increase by 250,000 annually and reach a total of 1,250,000 after 5 years. Economics tells us that when supply increases, price decreases. Thus this is not a positive aspect at the moment, but it will be so in five years. NEAR on the Chart NEAR is currently in an uptrending channel. It has recently hit the upper limit of the channel and now even broken through, indicating that a short-term pullback is imminent. There is also a bearish RSI divergence indicating a pullback. The Relative Strength Index (RSI) is a momentum indicator that oscillates between overbought and oversold. When RSI has a value greater than 70, it is said to be overbought (indicating that it is a suitable place to sell), and when it is below 30, it is oversold (a suitable place to buy). A bearish RSI divergence occurs when the RSI is moving lower while the price is moving higher. This is precisely what happened between the 9th and 10th of March, thus further indicating a short-term reversal. Looking Ahead: NEAR appears to be in a solid uptrend for the past three months, mostly respecting the channel drawn on the chart. However, due to the price breaching the upper limit and the bearish RSI divergence, it may see a short-term reversal before pushing higher.
Long
by cryptohopper
How Profitable Is UMA's Recovery?After reaching the important support level between $18-$20, UMA started rebounding. Let’s see how much potential profit UMA could bring us if we bought in now! Backstory: UMA’s previous strong growth was mainly due to an announcement regarding the arrival of the uSTONKS synthetic token. uSTONKS tracks an index consisting of ten stocks that are most commented on r/wallstreetbets. Wallstreetbets is a Reddit that gained popularity after pumping certain stocks (such as GME and AMC), making hedge funds lose billions of dollars in a short squeeze. Recovery and Potential Profit When the hype regarding uSTONKS started to die down, UMA’s price began descending. The price eventually reached $17, or 60% lower than the all-time high. Since then, the token has consolidated for a while, and now it looks like it is trying to start a new uptrend. If UMA were to recover to its all-time high, it would mean a 110% increase in price, which would essentially more than double your funds if you were to invest now. A minor resistance on its way to a full recovery is the $24 price point. Breaking above $24 significantly would probably mean that UMA is attempting to reach its all-time high again. Uncorrelated: One excellent aspect about UMA is that it is not as influenced by Bitcoin as the rest of the market. For example, when Bitcoin was trending strongly in October and November 2020, UMA wasn’t moving much. The token made its most substantial moves when it had positive news. Disclaimer: We do not give trading recommendations; we only break down potential trades. Always do your own research before entering any position.
Long
by cryptohopper
3
DOT the Perfect Token for Support and Resistance LoversPolkadot (DOT) has been increasing tremendously; the coin is currently up by 500% in less than three months. What is even better is that DOT’s pattern is actually predictable and one of the easiest for support and resistance traders. Polkadot Pattern The token has so far proved to follow Darvas’ box theory better than most other assets (including stocks). This means that the price moves within ranges defined by boxes with an upper limit (resistance) and a lower limit (support). In this case, Polkadot has been continually moving higher, and so the upper limits, once breached, became the new lower limits and a suitable entry point. Indicators Due to the fast pace at which the price has been advancing, trend-following indicators on the bigger timeframes have not performed very well. If you would like to use trend-following indicators, the 30 minutes timeframe or even lower may be more suitable for DOT. If you would like to stick to the bigger timeframes, then Williams %R (displayed above) has been working well. Williams %R is an oscillator that identifies oversold and overbought zones. Williams %R is one of the fastest oscillators, meaning that it identifies overbought and oversold zones the quickest. If you look at the chart, it has identified oversold zones in some of the best places corresponding with the lower limits (support areas).
KRAKEN:DOTUSDLong
by cryptohopper
3
XAGUSD IDEATBH first time ever trading silver, heard a lot and it looked promising. so after 2 hrs staring at weekly and daily and hr time frames, I was able to form this. predicting that price might continue the long trend or retest the drawn arrows and either break structure to a NL or continue up after correction. I'll be placing a sell limit @27.475 with a small SL around 27.620 (where price got rejected over multiple time frames, and I'll be willing to take profit @26.885 (few pips before support point) please let me what you think and if you have any idea on what indicators should be used here or what time frames are best judge for price action? cheers
OANDA:XAGUSD
by Mrcheri