FETUSD Isn't done yet. 1.800 is on the way.Fetch.ai (FETUSD) is rising aggressively these last few days, fueled by the formation of a 1D Golden Cross. This is the 4th such bullish pattern within the long-term Channel Up since it started on the March 13 2020 market bottom. Every time this formation emerged, the price had already started a rally sequence (such as today's) but is nowhere near its end. In fact in most cases it registered the most aggressive part after the Golden Cross.
The 1D RSI's similarities of the November 2020 - February 2021 Bullish Megaphone are a testament that we are on a similar pattern, which then peaked just below the 1.5 Fibonacci extension. As a result, we remain buyers on FET, targeting 1.8000.
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Cryptocurrencies
WLD/USDT - Worldcoin: Super Trend◳◱ On the $WLD/ CRYPTOCAP:USDT chart, the Super Trend pattern suggests a pause in volatility, potentially gearing up for a breakout. Traders might observe resistance around 2.18 | 2.413 | 2.958 and support near 1.635 | 1.323 | 0.778. Entering trades at 2.382 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Worldcoin
▣ Rank: 157
▣ Exchanges: Binance, Kucoin, Bybit, Huobipro, Gateio, Mexc
▣ Category/Sector: N/A
▣ Overview: Worldcoin project overview is currently unavailable. I'll try to update this in the upcoming analysis.
◰◲ Technical Metrics :
▣ Mrkt Price: 2.382 ₮
▣ 24HVol: 64,467,313.067 ₮
▣ 24H Chng: 20.669%
▣ 7-Days Chng: 21.74%
▣ 1-Month Chng: 56.25%
▣ 3-Months Chng: 60.77%
◲◰ Pivot Points - Levels :
◥ Resistance: 2.18 | 2.413 | 2.958
◢ Support: 1.635 | 1.323 | 0.778
◱◳ Indicators recommendation :
▣ Oscillators: BUY
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : STRONG_BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 3.81
▣ Last 90D: 1.42
▣ Last 1-Y: 0.46
▣ Last 3-Y: 0.46
◲◰ Volatility :
▣ Last 30D: 1.07
▣ Last 90D: 1.27
▣ Last 1-Y: 1.24
▣ Last 3-Y: 1.24
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is N/A
▣ Reddit sentiment score is N/A
▣ In-depth WLDUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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AGIX/USDT - SingularityNET: Super Trend◳◱ On the $AGIX/ CRYPTOCAP:USDT chart, the Super Trend pattern suggests indications that the trend may be gaining or losing strength. Traders might observe resistance around 0.27944 | 0.30031 | 0.35039 and support near 0.22936 | 0.20015 | 0.15007. Entering trades at 0.27947 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: SingularityNET
▣ Rank: 131
▣ Exchanges: Binance, Kucoin, Bybit, Huobipro, Gateio, Mexc
▣ Category/Sector: Services - Artificial Intelligence
▣ Overview: None
◰◲ Technical Metrics :
▣ Mrkt Price: 0.27947 ₮
▣ 24HVol: 24,796,084.019 ₮
▣ 24H Chng: 18.004%
▣ 7-Days Chng: 8.08%
▣ 1-Month Chng: 65.97%
▣ 3-Months Chng: 57.00%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.27944 | 0.30031 | 0.35039
◢ Support: 0.22936 | 0.20015 | 0.15007
◱◳ Indicators recommendation :
▣ Oscillators: BUY
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : STRONG_BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 6.06
▣ Last 90D: 0.85
▣ Last 1-Y: 1.87
▣ Last 3-Y: 1.04
◲◰ Volatility :
▣ Last 30D: 0.76
▣ Last 90D: 0.67
▣ Last 1-Y: 1.52
▣ Last 3-Y: 1.63
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.31 - Bearish
▣ Reddit sentiment score is 0.84 - V. Bullish
▣ In-depth AGIXUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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ALTSEASON about to break-out aggressively!TOTAL3 which measures the Crypto Total Market Cap excluding Bitcoin (BTCUSD) and Ethereum (ETHUSD), is essentially a metric of the altcoin market. It's movement in relation to previous Cycle is indicative of what we call an 'Altseason', when this market segment rises disproportionally to the rest.
The price tested the 1W MA100 (green trend-line) last week for the 1st time since May 2022 but failed to break it and closed the week below it. With the rejection also being on the (dashed) top of the Ascending Triangle (bottom formation pattern), it appears that the market is replicating the sequence of January 20 2020. Even the 1W ROC patterns are identical.
As a result, a candle closing above the top of the Ascending Triangle, will be a buy signal for us, targeting initially the 0.5 Fibonacci level at 570B (as it did in July 27 2020 and wouldn't have done earlier if it weren't for the COVID crash). Then the 0.618 Fib should be targeted, which should give the final +/- 1 month consolidation before new All Time Highs.
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BITCOIN First 1W MA50/100 Bullish Cross since December 2019!!Bitcoin (BTCUSD) will complete this week or the next the first 1W MA50 (blue trend-line) - MA100 (green trend-line) Bullish Cross since the week of December 02 2019! Such a bullish pattern, exactly 4 years after, is a Cyclical buy signal which technically is the last we are going to get during this Cycle.
With the Halving being a fundamental signal, this Bullish Cross is the early signal of a pre-Halving buy, which sets the stage for the Bull Cycle's final parabolic rally. Time-wise it takes place almost during the same time period (Time Fib 2.236 in 2016 while today and 2019 it took place on the 2.0 Time Fib). As you can see, following this formation, BTC tends to rally to the 0.786 Fibonacci retracement level (if it hasn't done so before as in 2019), while the 0.5 Fib turns into the Support (it wouldn't have broken in 2020 if it weren't for the COVID crash).
Observe the similarities on the 1W MACD also around the time of the 1W MA50/100 Bullish Cross. It rises on a Bullish Cross and forms a Bearish Cross a few weeks after, which delivers a low price level we won't break again during the rest of the Bull Cycle. So to sum it up, moving forward, Bitcoin targets the 0.786 Fibonacci at $50000, while the 0.5 or at most the 0.382 Fib (32000 - 27000) will support.
But what do you think as we move towards the April Halving? Will 30k hold and more importantly are we on the path to hit 50k soon? Feel free to let us know in the comments section below!
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ARUSD Above the 1W MA50 but needs one final bullish confirmationArweave (ARUSD) broke and established itself above the 1W MA50 (red trend-line) for the first time in its history. That is a major long-term bullish signal, and it is no surprise that since it held it as Support on Friday, it is rising strongly over the weekend.
We would ideally prefer to see the price break also above the top (Lower Highs trend-line) of the 15 month Channel Down in order to buy with the lowest risk possible. Our target is Resistance 1 (previous Lower High of the Channel) at 14.900.
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POWR/USDT - Power Ledger: BBand Breakout◳◱ On the $POWR/ CRYPTOCAP:USDT chart, the Bband Breakout pattern suggests a consolidation phase that could precede a trend continuation or reversal. Traders might observe resistance around 0.2618 | 0.2883 | 0.3531 and support near 0.197 | 0.1587 | 0.0939. Entering trades at 0.2949 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Power Ledger
▣ Rank: 230
▣ Exchanges: Binance, Bybit, Gateio
▣ Category/Sector: Services - Energy
▣ Overview: On July 21, 2022, the SEC stated that POWR is a "crypto asset security". Note: (1) Messari does not provide financial or trading advice - our services are for informational purposes only; and (2) Messari's services are impersonal - do your own due diligence. Please refer to our Terms of Use for more info.
Power Ledger is building a platform with the goal of creating decentralized energy markets
◰◲ Technical Metrics :
▣ Mrkt Price: 0.2949 ₮
▣ 24HVol: 16,115,293.596 ₮
▣ 24H Chng: 16.148%
▣ 7-Days Chng: 24.79%
▣ 1-Month Chng: 44.18%
▣ 3-Months Chng: 79.43%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.2618 | 0.2883 | 0.3531
◢ Support: 0.197 | 0.1587 | 0.0939
◱◳ Indicators recommendation :
▣ Oscillators: SELL
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 4.15
▣ Last 90D: 2.67
▣ Last 1-Y: 1.10
▣ Last 3-Y: 0.84
◲◰ Volatility :
▣ Last 30D: 1.89
▣ Last 90D: 1.25
▣ Last 1-Y: 0.89
▣ Last 3-Y: 1.37
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.45 - Bearish
▣ Reddit sentiment score is 0.52 - Bullish
▣ In-depth POWRUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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XEM/USDT - NEM: Trend Reversal◳◱ On the $XEM/ CRYPTOCAP:USDT chart, the Trend Reversal pattern suggests momentum building up for a significant move. Traders might observe resistance around 0.04344 | 0.05071 | 0.06368 and support near 0.03047 | 0.02477 | 0.0118. Entering trades at 0.03628 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: NEM
▣ Rank: 136
▣ Exchanges: Binance, Kucoin, Bybit, Huobipro, Gateio, Bittrex
▣ Category/Sector: Infrastructure - Smart Contract Platforms
▣ Overview: NEM is a smart contracts platform focused on high performance and enterprise solutions.
◰◲ Technical Metrics :
▣ Mrkt Price: 0.03628 ₮
▣ 24HVol: 1,084,102.705 ₮
▣ 24H Chng: 1.397%
▣ 7-Days Chng: 0.44%
▣ 1-Month Chng: 34.78%
▣ 3-Months Chng: 46.24%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.04344 | 0.05071 | 0.06368
◢ Support: 0.03047 | 0.02477 | 0.0118
◱◳ Indicators recommendation :
▣ Oscillators: NEUTRAL
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 8.04
▣ Last 90D: 3.58
▣ Last 1-Y: 0.50
▣ Last 3-Y: 0.15
◲◰ Volatility :
▣ Last 30D: 0.51
▣ Last 90D: 0.45
▣ Last 1-Y: 0.74
▣ Last 3-Y: 1.11
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.51 - Bullish
▣ Reddit sentiment score is 0.41 - Bearish
▣ In-depth XEMUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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SOL/USDT - Solana: Trend Reversal◳◱ On the $SOL/ CRYPTOCAP:USDT chart, the Trend Reversal pattern suggests a pause in volatility, potentially gearing up for a breakout. Traders might observe resistance around 66.93 | 77.59 | 101.88 and support near 42.64 | 29.01 | 4.72. Entering trades at 60.28 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Solana
▣ Rank: 6
▣ Exchanges: Binance, Kucoin, Bybit, Huobipro, Gateio, Mexc
▣ Category/Sector: Infrastructure - Smart Contract Platforms
▣ Overview: Solana is a public base-layer blockchain protocol that optimizes for scalability. Its goal is to provide a platform that enables developers to create decentralized applications (dApps) without needing to design around performance bottlenecks. Solana features a new timestamp system called Proof-of-History (PoH) that enables automatically ordered transactions. It also uses a Proof of Stake (PoS) consensus algorithm to help secure the network. Additional design goals include sub-second settlement times, low transaction costs, and support for all LLVM compatible smart contract languages.
◰◲ Technical Metrics :
▣ Mrkt Price: 60.28 ₮
▣ 24HVol: 456,568,655.028 ₮
▣ 24H Chng: 5.219%
▣ 7-Days Chng: 7.22%
▣ 1-Month Chng: 123.40%
▣ 3-Months Chng: 184.97%
◲◰ Pivot Points - Levels :
◥ Resistance: 66.93 | 77.59 | 101.88
◢ Support: 42.64 | 29.01 | 4.72
◱◳ Indicators recommendation :
▣ Oscillators: BUY
▣ Moving Averages: STRONG_BUY
◰◲ Technical Indicators Summary : STRONG_BUY
◲◰ Sharpe Ratios :
▣ Last 30D: 8.67
▣ Last 90D: 4.44
▣ Last 1-Y: 1.91
▣ Last 3-Y: 1.47
◲◰ Volatility :
▣ Last 30D: 1.35
▣ Last 90D: 0.98
▣ Last 1-Y: 0.97
▣ Last 3-Y: 1.32
◳◰ Market Sentiment Index :
▣ News sentiment score is 0.48 - Bearish
▣ Twitter sentiment score is 0.57 - Bullish
▣ Reddit sentiment score is 0.48 - Bearish
▣ In-depth SOLUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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BTC - Daily: Second Bullish LegThe red box on the chart represents a significant pullback and a period of consolidation for the price. This suggests that Bitcoin is now poised to ascend towards the target of the second leg. Both this pullback and the initial leg are clearly visible on the weekly chart, as depicted in the attached photo.
In my opinion, the BTC price has the potential to rise to $50K through the second bullish leg. However, this upward movement may unfold in multiple phases. At the current juncture, I anticipate a minor pullback to the $32K zone.
These movements can create a significant opportunity on other charts, allowing us to potentially gain a considerable amount of profit from these market dynamics.
Bitcoin(BTC/USD) Daily Chart Analysis For Week of Nov 17, 2023Technical Analysis and Outlook:
Currently, the price of Bitcoin has been contained within our completed Inner Coin Rally of 37800 and vital Mean Sup of 35600. This has resulted in a trading tunnel that is particularly beneficial for those experienced in active trading. However, it is worth noting that the price is currently dropping towards the Mean Sup of 35600, and there could be a possibility of a further correction to the Mean Sup of 33900. On the upside side, Bitcoin's price has the potential to reach the Next #1 Outer Coin Rally of 39200, #2 41200, and #3 43700. This indicates a prospect for upward momentum in the near future.
Observing these price-action developments closely is crucial, as they could allow investors/traders to profit from the market. Understanding these price fluctuations and knowing when to act can be extremely beneficial in maximizing returns.
AERGO/USDT - Aergo: Trend Reversal◳◱ On the $AERGO/ CRYPTOCAP:USDT chart, the Trend Reversal pattern suggests indications that the trend may be gaining or losing strength. Traders might observe resistance around 0.152 | 0.162 | 0.1851 and support near 0.1289 | 0.1158 | 0.0927. Entering trades at 0.1626 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Aergo
▣ Rank: 353
▣ Exchanges: Binance, Kucoin, Bybit, Gateio, Mexc
▣ Category/Sector: Infrastructure - Enterprise and BaaS
▣ Overview: None
◰◲ Technical Metrics :
▣ Mrkt Price: 0.1626 ₮
▣ 24HVol: 9,077,508.508 ₮
▣ 24H Chng: -10.463%
▣ 7-Days Chng: 13.45%
▣ 1-Month Chng: 49.36%
▣ 3-Months Chng: 77.29%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.152 | 0.162 | 0.1851
◢ Support: 0.1289 | 0.1158 | 0.0927
◱◳ Indicators recommendation :
▣ Oscillators: NEUTRAL
▣ Moving Averages: SELL
◰◲ Technical Indicators Summary : NEUTRAL
◲◰ Sharpe Ratios :
▣ Last 30D: 3.55
▣ Last 90D: 3.23
▣ Last 1-Y: 1.17
▣ Last 3-Y: 0.85
◲◰ Volatility :
▣ Last 30D: 1.79
▣ Last 90D: 1.12
▣ Last 1-Y: 0.83
▣ Last 3-Y: 1.33
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is 0.52 - Bullish
▣ Reddit sentiment score is 0.58 - Bullish
▣ In-depth AERGOUSDT technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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LAZIO/BTC - Lazio Fan Token: Trend Reversal◳◱ On the $LAZIO/ CRYPTOCAP:BTC chart, the Trend Reversal pattern suggests indications that the trend may be gaining or losing strength. Traders might observe resistance around 0.00005893 | 0.00006322 | 0.00007215 and support near 0.00005 | 0.00004536 | 0.00003643. Entering trades at 0.00005189 could be strategic, aiming for the next resistance level.
◰◲ General info :
▣ Name: Lazio Fan Token
▣ Rank: 763
▣ Exchanges: Binance, Hitbtc
▣ Category/Sector: N/A
▣ Overview: Lazio Fan Token project overview is currently unavailable. I'll try to update this in the upcoming analysis.
◰◲ Technical Metrics :
▣ Mrkt Price: 0.00005189 ₿
▣ 24HVol: 1.680 ₿
▣ 24H Chng: -0.708%
▣ 7-Days Chng: -2.96%
▣ 1-Month Chng: 16.63%
▣ 3-Months Chng: -6.69%
◲◰ Pivot Points - Levels :
◥ Resistance: 0.00005893 | 0.00006322 | 0.00007215
◢ Support: 0.00005 | 0.00004536 | 0.00003643
◱◳ Indicators recommendation :
▣ Oscillators: NEUTRAL
▣ Moving Averages: STRONG_SELL
◰◲ Technical Indicators Summary : STRONG_SELL
◲◰ Sharpe Ratios :
▣ Last 30D: 4.69
▣ Last 90D: -0.33
▣ Last 1-Y: -2.17
▣ Last 3-Y: -0.27
◲◰ Volatility :
▣ Last 30D: 0.39
▣ Last 90D: 0.36
▣ Last 1-Y: 0.62
▣ Last 3-Y: 1.37
◳◰ Market Sentiment Index :
▣ News sentiment score is N/A
▣ Twitter sentiment score is N/A
▣ Reddit sentiment score is N/A
▣ In-depth LAZIOBTC technical analysis on Tradingview TA page
▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated!
◲ Disclaimer
Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk.
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Bitcoin short term bear, long term mega bullI see that bitcoin and crypto currencies will move slowly down during coming 2-4 weeks. If bitcoin find support between 30-31,5k I see this as the last opportunity to get in "early" in this bullrun (would not necessarily recommend bitcoin though, but altcoins intead).
BITCOIN has entered the Halving Phase and targets 50k.Bitcoin (BTCUSD) is under heavy volatility lately due to the ETF development and in times like this, we tend to zoom out into the longer term time-frames such as the 1W to get a better perspective of where we might be at with relation to past Cycles, in an attempt to filter out the short/ medium-term volatility of such news.
** Cycle classification **
On this chart we compare the current to the 2018 - 2021 and 2014 - 2017 Cycles. To get an insightful understanding of time and levels, we have categorized the Phases into Bear (red), 1st Rally (orange), Pre & Post Halving (blue) and Parabolic Rally (green).
Based on that classification, BTC has just entered the Pre & Post Halving phase, with Halving 4 expected to take place in April 2024. During that phase, the price reaches or has already reached (in the case of 2020) the 0.786 Fibonacci retracement level, while keeping the 0.382 Fibonacci intact as a Support (notable exception of course March 2020 with the COVID crash, which was however an irregularity due to its once in 100 years occurrence). The 1W MA50 (blue trend-line) also poses as a loose Support.
** Now and new All Time High **
On the current Cycle, the 0.786 Fib is at $50000, so based on our model, either now or 3-4 months after the Halving it should be reached. At the same time, we shouldn't drop below 27000 (0.382 Fibonacci).
Once the 0.786 Fib breaks, BTC should test the 69000 All Time High (ATH) in a matter of weeks, which will be the start of the Parabolic Rally phase. Beyond that, it is a matter of how high the current Cycle can extend to in pricing the next ATH. The 2017 Cycle peaked on the 2.382 Fib extension and the 2021 on the 1.618 Fib extension. That is the Theory of Diminishing returns on every Cycle, as adoption gets greater. Technically it is natural to expect no more than 1.382 Fib, which is a little over $120000. Perhaps the worst case scenario might be 100k but of course much depends on the fundamentals at the time, e.g. how adoption evolves, how much capital will flow in case of an ETF approval etc.
But what do you think? Do you agree that 50k will be reached within our designated Pre & Post Halving phase? Or it is too high too soon? Feel free to let us know in the comments section below!
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ETHEREUM Golden Cross ahead. Prepare for $2450.Almost a month ago (see chart below) we gave the most optimal buy entry on Ethereum (ETHUSD), while it was at the bottom of its Channel Down, even below the 1D MA50 (blue trend-line), targeting the 1D MA200 (orange trend-line):
The target got hit and the rally has been so strong that it even broke above the medium-term Channel Down and resumed the long-term Channel Up that it has been trading within in the last 12 months.
Technically, it is about to form a 1D Golden Cross, with the last registered formation being on February 08. The price had entered a Megaphone consolidation with the 1D MA50 as the first Support and the 1D MA200 as the second and in less than 2 months gave a rebound/ continuation of the rally to the Higher High of the Channel Up on the 1.5 Fibonacci extension. Even the 1D RSI patterns between the two sequences are similar.
As a result, the best strategy here is to buy any similar pull-back ETH may give and target $2450 (1.5 Fib) within January 2024.
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The number of large speculators declinesBitcoin attempted to establish a new high above $37,978 in the past two days but failed. In the meantime, the decline in ADX on the daily chart began to reflect a slight loss of bullish momentum; additionally, MACD, Stochastic, and RSI reversed, now pointing to the downside. These actions heighten our alert level as we continue to see the falling number of Bitcoin addresses with balances exceeding 1,000 BTC. Therefore, in the next few days, we will pay attention to the support at $35,002 and resistance at $37,978. A breakout below the support will raise the odds of continuation lower. In contrast, a breakout above the resistance will increase the odds of Bitcoin testing $39,000 and potentially even $40,000. To support a bearish thesis, we would like to see a further decline in the mentioned indicators. Contrarily, to support a bullish thesis, we would want to see RSI breaking back above 70 points and trending within the overbought territory. Furthermore, we would want to see a reversal to the upside in Stochastic and MACD.
Illustration 1.01
Illustration 1.01 shows the daily chart of BTCUSD within the upward-sloping channel. A breakdown below the channel will be bearish.
Technical analysis gauge
Daily time frame = Slightly bearish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Solana might be at riskIn evaluating the current state of Solana, it's important to acknowledge certain risks within the framework of the Elliott Wave Theory. Presently, there are uncertainties and volatility risks in Solana's price level and recent movements, based on market dynamics and potential wave patterns.
According to the Elliott Wave Theory, market cycles and wave structures often follow specific patterns, but identifying and interpreting these patterns can be complex. Particularly, complex corrective waves and anticipated price movements can carry specific risks for investors. Therefore, it is crucial to exercise caution regarding Solana's current market position and its future movements, while effectively employing risk management strategies.
It's always advisable to conduct comprehensive market analysis before making any investment decisions and consider your personal financial situation and risk tolerance. This is equally applicable when utilizing analyses based on the Elliott Wave Theory.
Based on my analysis of the Solana coin, the rise observed since the beginning of the year does not constitute an impulsive wave. Instead, it appears to be a complex correction in the form of a double zigzag. Currently, Solana is testing a channel resistance at around $68. According to Elliott Wave theory, this level could prompt a correction, initiating the B wave of the second zigzag.
This corrective phase might see Solana's price retracting to the range of approximately $28 to $35. This prediction is based on the Elliott Wave principle, which suggests that following the completion of an A wave in a zigzag, a B wave typically retraces a significant portion of the initial wave. Given the current market dynamics and wave patterns observed, this retracement seems to be a likely scenario.
I have shared this analysis on TradingView.com, highlighting the expected trajectory and potential retracement levels for Solana in the coming period, based on the Elliott Wave framework.
SOL Elliott Wave Continuation counts. If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment! Also, check out the links in my signature to get to know me better!
#SOL DOOM count! 👻
But first, some continuation patterns to keep an eye on.
Last time it just rocketed up,
Shorters beware.
There are some possible down counts shorter term.
$48 break and $40 would be in sights.
Mooner...😏...or Doomer?🤔
Doomer count elsewhere.
BTC ELLIOTT ANALYSISJoin me on TradingView for an in-depth analysis of Bitcoin using Elliott Wave Theory. In this comprehensive study, I delve into the intricacies of market cycles and waves, offering insights into potential future trends and key price levels. Stay ahead of the curve with this detailed Bitcoin forecast.
USDT/BTC Speculative Trading IdeaBelow is a speculative trading idea for the BTC/USDT pair.
As of writing, there’s a consolidation and price chart compression towards the established local resistance level at a price of $35,195, following an impulsive 31% price increase from $26,794 with a rebound from the 50-day moving average.
Within the framework of this idea, we propose to consider the possibility of buying BTC at a price of $35,195.
We do so with the aim of continuing the BTC price rise towards the resistance zone located near the POC volume level, corresponding to the trading range of the first half of 2022. The approximate target for this trade is $38,440.
An additional factor supporting this decision is the cumulative delta, indicating sustained buyer interest. The potential for this trade is estimated at 9%, with a stop-loss set at the 3% level, which amounts to $34,100.
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