BONK DAILY SHORT ON THE RETRACE, THEN LONG PAST THE ATHTA Technical Analysis
Navigating the Waves of Bonk (Meme Coin/Token): A Technical Perspective
In the vibrant and volatile landscape of cryptocurrency, Bonk, a notable meme coin/token, exhibits intriguing technical patterns worthy of a trader's keen eye. Presently, Bonk seems to be navigating through a phase of retracement, specifically within the Level 2 bracket. This is a crucial juncture, as it teeters on the precipice of a potential rebound from the pivotal support level at 0.00000494.
This support zone is not just a numerical threshold; it represents a psychological battleground for market participants. In alignment with the broader market's synchrony with Bitcoin's movements, Bonk's trajectory is a dance closely choreographed with the crypto kingpin. However, the plot thickens with the presence of dual weekly Fair Value Gaps (FVGs) lying in wait at the lower end of the current impulse wave. These gaps are like hidden eddies in the market's flow, capable of exerting a magnetic pull on the price action.
Weighing these technical elements, my hypothesis leans towards a more optimistic scenario. The likelihood of Bonk's price action finding a resilient footing at or near the 0.00000494 support zone appears substantial. Should this occur, it would pave the way for a bullish resurgence, a narrative well-favored by bullish traders and enthusiasts alike. In essence, while the dance with uncertainty continues, the rhythm of the market seems to hum a bullish tune for Bonk, at least in the long term.
The current positioning of the price within the 'discount zone' reinforces my analysis that it is traversing a Level 2 zone. Maintaining this structural integrity is key; provided it remains intact, we're likely to witness a robust upward movement, potentially surpassing the previous all-time high (ATH).
Fundamentals Point of View
Bonk Coin/Token: A Revised Fundamental Analysis
Bonk, a meme coin/token predominantly based on the Solana blockchain, has recently garnered significant attention in the cryptocurrency market. Its fundamental characteristics, though whimsical and speculative, have shown a compelling story of growth and market dynamics.
The most notable aspect of Bonk's journey is its substantial market performance, particularly towards the end of the previous year. Key developments, such as the introduction of single-sided staking and listings on major exchanges like Coinbase and Binance, have played a crucial role in its price rallies. For instance, the listing on Coinbase led to a remarkable 50% rally in its value, while the Binance listing saw an over 100% surge.
Despite these successes, Bonk has not been immune to market volatility. It underwent a significant correction, losing over 70% of its value at one point. However, it has shown resilience and recovery, evidenced by a recent 30% surge in its price.
Looking ahead in 2024, the outlook for Bonk is largely bullish. Market predictions suggest potential trading values that could surpass its recent all-time high. This optimism is fueled by the ongoing support from the community, its presence on major exchanges, and the overall market sentiment towards meme coins.
From a market dynamics perspective, Bonk's performance is reflective of the broader sentiment in the cryptocurrency market. Its correlation with the movements of major cryptocurrencies, especially Bitcoin, indicates its sensitivity to overall market trends. The listings on prominent exchanges have boosted its visibility, attracting investor interest and potentially influencing its market momentum.
It is important to note, however, that like other meme coins, Bonk's trajectory remains highly speculative and subject to market whims. The inherent volatility of such assets poses risks of sharp corrections and potential market manipulation. While community-driven momentum can lead to significant gains, investors and traders should approach with caution and a measured understanding of the asset's speculative nature.
In summary, Bonk's fundamentals point towards a cryptocurrency whose fortunes are closely tied to community sentiment, market trends, and its evolving presence in the cryptocurrency ecosystem. Its recent market performance and bullish outlook for 2024 present both opportunities and challenges, requiring a balanced approach to potential investment decisions
Btmm
Thursday Long Eurusdtoday's news lead to a retracement to the bearish side, sweeps liquidity but is consolidating within the last range. Thursday is a reversal day, could move into the previous weekly high and reverse again into friday leading to a sell off, or, the market could use all 2 days to reach last weeks high.
EURNZD: SELL OPPORTUNITYEURNZD currency pair just hit the mid term resistance zone, after a medium term rally from the harmonic reversal pattern yesterday. An internal bullish bat was also responsible for the upward pressure from 1.73427 to 1.7451 region on H1 TF. Moreover, EURNZD is also at the resistance zone of the bullish channel, and a drop is iminent.
As such, I'm anticipating a drop from this zone to the 1.73660 as both my short and medium term targets.
EURGBP: BULLISH CONTINUATIONOn February 28th, the EURGBP currency pair exhibited a medium-term uptrend, resulting in a rise of approximately 140 pips. Subsequently, the market underwent a downward correction within a defined range, leading to an 80-pip decline. Recently, there was a breakout from the downward channel driven by a harmonic reversal pattern, which provided confirmation of the continuation of the medium-term bullish trend. This claim is further substantiated by the breach of the H1 resistance level.
Consequently, I anticipate that buyers will push prices strongly higher in the coming days towards the 0.89232 level. If the broken resistance level is retested or broken slightly to the downside, buyers will have the opportunity to accumulate positions at a much discounted price.
USDCHF: BEARISH OUTLOOKThe USDCHF has experienced a substantial increase in price from 0.90603 on February 1st to 0.94284 on February 27th, with this level being retested on March 1st, indicating a month-long upward trend. On February 27th, a large bearish harmonic pattern was observed across the M30, H1, and H4 time frames, leading to a sharp decline in price towards a resistance zone, which later turned into a support zone (0.93604 - 0.93513) after being tested three times and rejecting price to the upside.
Presently, the price has returned to this support zone (0.93604 - 0.93513), resulting in a strong buying reaction. If this support zone is held firmly by buyers, a potential price rally towards the resistance zone (0.94109 - 0.94205) may occur. However, such a rally would likely be short-lived, as it is expected that the price will experience a significant drop in the coming days in order to respect the bearish harmonic pattern.
Therefore, here are my 2 intraday perspectives:
1. A minor increase towards the resistance zone may occur, while the broader outlook suggests that a bearish sentiment may have started.
2. From an M15 perspective, there appears to be a head-and-shoulders pattern in the process of forming. The left shoulder and head have already been established, while the right shoulder is currently being formed, thereby confirming the likelihood of a brief intra-day rise before a significant decline in price to 0.92882, the broken resistance region or deeper.
However, if the pattern is not validated, it becomes null and void.
USDJPY: SELLBased on my analysis, I anticipate that USDJPY will exhibit a downward trend from the current resistance zone, which ranges from 136.93 to 136.77, towards the established support zone that lies between 136.00 and 135.77. This anticipated trend is expected to yield a classic inverse head and shoulders pattern, with a subsequent bullish move in the direction of the trend.
EURZAR H1 Bearish Cypher EURZAR is currently in a Weekly order block. We have vector candles showing a decisive three pushes to the current low. RSi and TDI should read lows and Shark Fins in this region. Look for a Head and shoulder pattern to enter long toward the 70.7Fib retracement of the XC leg. Usually pattern failure may occur around the Fib level around the 19.5100 level. If failure occurs then we look to go short at this region until an ABCD pattern is formed as shown. If price manages to breakthrough to complete the cypher pattern then we are looking at minimum two pins to this region before we enter short. M15 may show significant divergence and a close ofprice below EMA 13 would signal a good entry.
Gold: Anticipate temporary correctionA notable impulsive movement has been observed in the gold market, with the price surging from 1808 to 1831.
My technical analysis suggests that the price has entered a profit-taking zone, which could prompt buyers to offload some of their positions before resuming their purchases. Consequently, there is a possibility that the price could experience a temporary decline to the 1824-1820 range, or possibly lower, before the bullish trend continues.
Could this be the end of Gold corrective bearish trend?Approximately two hours ago, my market analysis indicated a high probability of an impending Gold price rally. As anticipated, the price has since moved by 80 pips, confirming my initial prediction. My technical analysis has identified a significant harmonic reversal pattern on the M30 chart for Gold, which provides further validation for my bullish bias.
Furthermore, the bullish crab pattern observed in the chart analysis suggests that the corrective bearish move on the pair may have reached its conclusion .
Note that price has reached the supply zone, which serves as my first profit-taking zone. In the event that the supply zone and harmonic pattern hold, I anticipate a potential temporary drop in price to 1810-1811 in order to respect the supply zone, followed by a continuation of the bullish move towards completing the reversal at 1825.75.
EURAUD: anticipate SELLThe EURAUD currency pair has recently entered into the bearish market zone on the 4-hour timeframe, which also coincides with the resistance level on the M30 channel. This has occurred following a substantial increase in value during Friday's trading session which we also captured.
Currently, there are two potential outcomes for the market:
1. The price may reject the minor trendline and move upwards towards the 1.57031 region, to test the channel resistance level once again, before eventually dropping.
2. Alternatively, the price may break the minor trendline in a downward direction and continue its bearish trend.
In both scenarios, my bias is bearish . I anticipate a break and retest of the minor trendline towards the 1.56725 region, which will serve as my entry confirmation for the second scenario.
Given the current overall bullish trend, it is prudent for me to exercise moderation in pips targets, as it is plausible that the market maker may contemplate the continuation of the bullish trend. So, my objective for a scalp trade is to reach the 1.56395 price level, while my target for a day trade is the 200EMA region.
GBPJPY BUYOn the last day of the trading week, we observed a significant upward rally in GBPJPY. This development is in line with my prior analysis of the pair, wherein I anticipated/predicted a bullish move. Notably, today also presented an outstanding intraday buying opportunity. Specifically, during the Asian session, price formed a bullish bat pattern on the M15 chart. After a period of contraction, the price broke out of its range, indicating an acute surge in buying pressure. Accordingly, I waited for a retest of the H1 resistance and entered a buy trade aligned with the overall direction of the order flow, taking into consideration the support level provided by the 800EMA for price. I anticipate that the pair will fulfill my ultimate price objective by achieving 163.354.