FET multiple bullish divergences....Multiple Divergences on $FET!
After the local downtrend, a bottom is going to be in this area.
Patience.
Oscillators
The Relationship Between BTC Spot and BTC DerivativesThe Relationship Between BTC Spot and BTC Derivatives: Analyzing Market Dynamics
Bitcoin (BTC) has evolved from a fringe digital experiment to a mainstream financial asset, attracting investors from all corners of the globe. Understanding the intricate dynamics between BTC spot prices and BTC derivatives markets is crucial for market participants. This essay delves into the relationship between BTC spot and BTC derivatives, examining how the balance of shorts and longs in the derivatives market influences the spot price and why current market conditions indicate a bullish trend for BTC on daily, weekly, and monthly time frames.
BTC Spot and BTC Derivatives: An Overview
The BTC spot market involves the direct purchase and sale of Bitcoin for immediate delivery and payment. The spot price is a single variable representing the current market value of Bitcoin. In contrast, the BTC derivatives market comprises financial instruments such as futures, options, and swaps, whose value is derived from the underlying BTC asset. The derivatives market allows traders to speculate on the future price of Bitcoin without necessarily owning the asset.
The Interplay Between Shorts and Longs
In the derivatives market, traders can take long or short positions. A long position bets on the price of Bitcoin increasing, while a short position bets on the price decreasing. The balance between these positions provides insights into market sentiment and can influence the spot price.
Predominance of Shorts and a Bullish Spot Market
When the number of short positions significantly outweighs long positions, it indicates that many traders are betting on a price decline. However, this bearish sentiment can lead to a phenomenon known as a short squeeze. If the price starts to rise, short traders are forced to cover their positions by buying Bitcoin, driving the price up further. Thus, a predominance of shorts can paradoxically create a bullish environment for the BTC spot price.
Predominance of Longs and a Bearish Spot Market
Conversely, when long positions dominate, it suggests widespread bullish sentiment. However, if the price fails to rise as expected, long traders may start to exit their positions to cut losses, leading to selling pressure that can drive the price down. Therefore, a predominance of longs can result in a bearish spot market.
Current Market Dynamics: A Bullish Outlook
Examining the current market dynamics across daily, weekly, and monthly time frames reveals a bullish outlook for the BTC spot price. This outlook is driven primarily by the current balance of shorts and longs in the derivatives market.
Daily Time Frame: On a daily basis, the market shows a higher number of short positions compared to long positions. This imbalance suggests that many traders expect the price to fall. However, this also means that the market is ripe for a short squeeze. If the price begins to rise, short traders will rush to cover their positions, buying BTC and driving the spot price up. This potential for a short squeeze indicates a bullish trend in the short term.
Weekly Time Frame: On a weekly scale, the data similarly shows that shorts are predominant over longs. The continuous buildup of short positions creates a scenario where any upward price movement could trigger a significant number of short covers, leading to sustained buying pressure. As shorts scramble to exit their positions, the spot price could see substantial gains, reinforcing the bullish outlook for the medium term.
Monthly Time Frame: Long-term analysis also points to a bullish trend, driven by the sustained presence of a larger number of short positions relative to longs. Over the monthly timeframe, the market sentiment that has led to the buildup of shorts may eventually give way to upward price movements. The longer shorts remain predominant, the greater the potential for a significant price increase when these positions are eventually covered. This scenario supports a bullish perspective for BTC spot prices in the longer term.
Conclusion
The relationship between BTC spot and BTC derivatives markets is a critical aspect of understanding Bitcoin's price movements. The balance of shorts and longs in the derivatives market can significantly impact the spot price, with predominance in shorts often leading to bullish outcomes and predominance in longs potentially resulting in bearish trends. Current market conditions across daily, weekly, and monthly time frames indicate a bullish trend for BTC spot prices. The higher number of short positions relative to longs suggests that the market is primed for potential short squeezes, which could drive the spot price upward. As Bitcoin continues to mature as a financial asset, comprehending these market dynamics will remain essential for investors and traders aiming to navigate its volatility successfully.
Avalanche (AVAX) Analysis: Testing Critical Support Amid Market📆 Coin of the Day: Avalanche (AVAX)
About the Project:
Avalanche is a highly scalable blockchain platform aimed at decentralized applications and enterprise blockchain deployments. AVAX is the native token used for staking, transaction fees, and governance within the Avalanche ecosystem.
🧩 Technical Analysis
Daily Timeframe
This analysis focuses on daily trends, identifying critical levels and potential scenarios.
📉Support and Resistance:
Key Supports:
31.98
23.03
Key Resistances:
41.42
49.96
60.71
🔍 Current Scenario: Testing the Demand Zone
Demand Zone:
AVAX is currently testing a crucial demand zone around 31.98. This zone has historically acted as a strong support level, indicating high buying interest at these price levels.
Implications of Holding the Demand Zone:
Potential Reversal:
If AVAX can hold above the 31.98 level, it may indicate that buyers are stepping in, potentially leading to a reversal. This could lead to a bounce towards the next resistance levels at 41.42 and 49.96.
Confirmation Needed:
For a bullish reversal, it's essential to see confirmation through increased volume and a break above the descending trendline.
📉 Bearish Scenario: Break Below Demand Zone
Immediate Implications:
If AVAX breaks below the 31.98 demand zone, it would suggest that the selling pressure is overwhelming the buying interest, leading to further downside.
Next Support Level:
The next significant support level to watch is around 23.03. A break below the demand zone could lead to a swift move towards this lower support, as the lack of strong support in between could accelerate the decline.
Volume and RSI Analysis:
Volume Analysis:
Recent trading volume has been moderate. An increase in volume is needed to support any significant move, whether it be a bounce from the demand zone or a break below it.
RSI Analysis:
Current RSI: 34.11, indicating that AVAX is nearing oversold territory. This could suggest a potential buying opportunity if the price holds the demand zone.
👨💻 Trading Positions
Long Position
Entry Trigger: Hold above 31.98 with confirmation from RSI and volume.
Strategy: Open a position if the price confirms a hold above this level, targeting higher resistance levels at 41.42 and 49.96. Use tight stop-loss orders to manage risk.
Short Position
Entry Trigger: Break and retest below 31.98.
Strategy: Open a position if the price confirms a break below this level, targeting 23.03. Adjust stop-loss orders accordingly.
📝 Avalanche (AVAX) is at a crucial demand zone, and its price action around this level will be pivotal. Traders should closely monitor the 31.98 level for potential bullish reversals or bearish breakdowns. Volume and RSI trends will provide additional insights into momentum shifts.
🧠💼 Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2.
🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
Kyber Network Crystal v2On the above 2-day chart price action has corrected over 90% since the sell signal (not shown) in April. Now is an excellent moment to be long. Why?
1) A strong buy signal prints (not shown).
2) Regular bullish divergence . Lots of it. This divergence is measured over a 40-day period. Look left - blue circles. This divergence includes MFI (Money flow) - Follow the money.
3) Falling wedge breakout.
4) It is beyond ridiculous how well the Fibonacci re-tracement measured the previous cycle tops. The 4th cycle top is amazing if the pattern repeats.
Is it possible price action falls further? Sure.
Is it probable? No
Ww
Type: trade
Risk: <=6% of portfolio
Timeframe: Don’t know.
Return: 50x
#ETH update!Is Eth forming its own 4 year cycle like #Bitcoin
The monthly stokes are positively crossed after a brutal (but much needed) bear market
sideways action and bumps in the road are to be expected
but DCA's on Red days will serve you well in the coming years.
$SPY June 14,2024AMEX:SPY June 14,2024
15 Minutes.
AMEX:SPY made low 539.59 and did not cross 544.5.
For the holding 539.5 levels we can look forward to 545-546 range.
In 15 minutes AMEX:SPY made LL 3 times, but Oscillator 5,35 has turned positive.
So based on this divergence i expect 539 to be held today as it also happens to be 21 averages in 60-minute time frame.
On downside we have strong support at 538 and 536 being 100 and 200 averages in 15 minutes.
Bias is long.
Crypto ready for a cookoff?Revisiting a weekly chart of a 9 symbol crypto mega cap index (BTC, ETH, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC) one can't help but notice price resting on a shelf that was formed during momentum running deep into overbought territory. As the shelf is more or less flat for many months, we see momentum cooling into saner levels.
Price could continue to base out in what turns out to be a bullish flag, especially with the Nasdaq 100 ripping fresh records, inflation cooling, rate cuts likely etc... It's also a scary place to think about going long on crypto though as there's a big gap down to the major support level!
Optimism (OP) Analysis: Testing Critical Support Amid Market Vol🔍Optimism (OP) is facing crucial levels in a volatile market. Here's an in-depth analysis to guide your trading decisions.
📆Coin of the Day: Optimism (OP)
About the Project:
Optimism is a layer-2 scaling solution for Ethereum, designed to enhance its throughput and reduce transaction costs. OP is the native token used within the Optimism ecosystem for governance and staking.
🧩Technical Analysis
4-Hour Timeframe
This analysis focuses on shorter-term trends, identifying critical levels and potential scenarios.
📉Support and Resistance:
Key Supports:
2.056
1.858
Key Resistances:
2.276
2.982
📈Bullish Scenario:
Fibonacci Retracement: After stabilizing around the 0.786 Fibonacci level, OP shows potential for a bullish reversal if it can reclaim the 2.276 resistance level.
Critical Support: Holding above the 2.056 level is crucial for maintaining bullish momentum. If OP can break and hold above 2.276, it could target higher resistance levels, including 2.982.
📉Bearish Scenario:
Break Below Key Support: If OP fails to hold above 2.056, it could signal a bearish continuation.
Targets: The next support level to watch is at 1.858. A break below this level could lead to further downside.
📊Volume and RSI:
Volume Analysis: Recent trading volume has been low, which might hinder a strong move upward. An increase in volume is needed to confirm any bullish breakout.
RSI Analysis:
Current RSI: 33.72, indicating that OP is in the oversold territory. This could suggest a potential buying opportunity if other indicators align.
💡Fibonacci Extensions:
Fibonacci extensions are used to forecast potential support and resistance levels by extending beyond the standard Fibonacci retracement levels. For OP, key Fibonacci extension levels to watch include 2.276 and 2.982. These levels provide insight into where price could move next, with 2.276 being a crucial level for potential bullish continuation and 2.982 as a higher target if momentum sustains.
👨💻Trading Positions
Long Position
Entry Trigger: Break and hold above 2.276 with confirmation from RSI and volume.
Strategy: Open a position on the hold of this level, targeting higher resistance levels. Use tight stop-loss orders to manage risk.
Short Position
Entry Trigger: Break and retest below 2.056.
Strategy: Open a position if the price confirms a break below this level, targeting 1.858. Adjust stop-loss orders accordingly.
📝Optimism (OP) is testing critical support levels amid broader market volatility. Traders should closely monitor key levels and Fibonacci extensions for potential entries and exits. Volume and RSI trends will provide additional insights into momentum shifts.
🧠💼Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2.
🫶If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
MTL - BuyFrom the specified range, it is possible to return the price to a higher side, and it is a holding for a few days, and the purchase will be in two steps.
#MTL
#MTLUSDT
MYRIAUSDT bullish divergence on 1D📉 BUY: MYRIAUSDT (Spot)
📌 Entry Point: market price (0.00509)
⛔️ Stop-Loss: 0.0036 (29.3%)
🎯 Take-Profit #1: 0.0077 (51.3%)
🎯 Take-Profit #2: 0.01 (96.4%)
🎯 Take-Profit #3: 0.015 (194.6%)
Finding a section to start tradingHello, traders.
If you "Follow", you can always get new information quickly.
Please also click "Boost".
Have a nice day today.
-------------------------------------
The BW indicator included in the TS - BW indicator is an indicator expressed by synthesizing the MACD, StochRSI, CCI, PVT, and superTrend indicators.
When the BW indicator
- records a high point, it is time to sell, and
- When it records a low point, it is time to buy.
The BW indicator in the price candle section is the same as the BW indicator included in the TS - BW indicator, but it is an indicator that is expressed in the price candle when a horizontal line is formed at the highest or lowest point.
If you look at the position of the BW indicator expressed in the price candle section, you can know when to proceed with a trade.
I think you can be confident about starting a trade by referring to the status of the MS-Signal (M-Signal on 1D, 1W, 1M charts) indicator that can confirm the trend.
If you add the HA-Low, HA-High indicators here, you can create a more detailed trading strategy.
Have a good time.
Thank you.
--------------------------------------------------
- Big picture
It is expected that a full-scale uptrend will start when it rises above 29K.
The section that is expected to be touched in the next bull market is 81K-95K.
#BTCUSD 12M
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (overshooting)
4th: 13401.28
151166.97-157451.83 (overshooting)
5th: 178910.15
These are points where resistance is likely to occur in the future.
We need to check if these points can be broken upward.
We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section.
#BTCUSD 1M
If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33.
1st: 43833.05
2nd: 32992.55
-----------------
$SPY June 12, 2024AMEX:SPY June 12, 2024
15 Minutes
Looks like AMEX:SPY has sorted out the 532 levels for the moment.
It tried to break today and ended up in holding and making 537 ATH.
Hence considering 532.04 as new low the rise to 534.77 retraced 50% of the move. And now wave 3 in this move looks like in motion for a target 540-542, provided 533 is held.
For the day, considering the rise from 533.05 to 536.63 holding 534 levels uptrend intact for 540+ levels.
On downside if 533 is broken I have a target 530 being 200 averages.
Bias is long as of now.
Oscillator looks like gotten sorted out.
How to read mean returns (Expand the indicator)Mean returns is a trend detection and overextension indicator. It oscillates around the value of 0. The mean return line in reality is the orange one as well as the blue one. The difference is in the number of data points into the past that they consider. Since the value of those lines is the expected value of the returns in period t, then if it's over 0 the expectation is that returns will be positive, as previously the price has been trending higher. The opposite being true as well.
Meanwhile, the red and green line represent the expected upwards and expected downwards returns. That means you only take the expected value for the days in which the return was positive or negative accordingly. Therefore, if the mean returns are over the expected upwards returns the price is likely to be overextended, and vice versa.
Other adjustments were made to consider the current candle. This code will remain private, as it took a lot of effort to invent. I hope you are able to understand the math. If you can't, I hope this at least allowed you to read the meaning of the indicator through this.
Why I Think GBPUSD Will Sell This Week...Technical AnalysisHey Rich Friends,
I wanted to share my technical analysis of GBPUSD. Please remember to cross reference your own chart, indicators and the news for most comprehensive analysis. I think we can expect to see more selling and here is why...
1. The candles have already rejected the previous supply zone (red box)
2. The purple 10 EMA (Purple) has crossed below the 3 EMA (Blue), and this is a sell confirmation for me
3. The Stochastic is facing down, the slow line (orange) has crossed above the fast line (blue) and both the fast and slow lines are below 50. This is a sell confirmation for me
4. There is also a big gap that has to be filled in the market before the buying continues so I have set 3 potential TPs.
5. My SL will be at a previous high
I hope this is helpful. Please let me know your thoughts on this idea and if it makes sense to you!
Peace and Profit,
Cha
Slerf is poised to rebound hard...The large #memecoins on #Solana
Have provided a wealth of opportunities
We must appreciate their strength and wonderful gains they have brought people
Their is no use crying on the sidelines that your coins aren't pumping
When we see what #WIF , #BONK have been doing
Keep you core coins that you like
but also if you bringing in fresh FIAT into this casino
I like Slerf at these depressed levels
as it may rise up in sympathy as Solana takes aim at a new cycle high.
The bollinger bands are squeezed in
the slow stochastics are perky
and we have our higher lows in place.
Bitcoin's Stalled Breakout: A Test of Bullish Resolve
Bitcoin (BTC) ended last week with a whimper, failing to decisively break out of a bullish technical pattern and overcome key resistance levels. This has left many investors questioning the short-term trajectory of the world's leading cryptocurrency. After a price drop on Friday and a lackluster weekend, what can we expect from Bitcoin in the coming days and weeks?
The Failed Breakout and Bullish Doubts
The recent price action centered around a prominent technical pattern known as a bull flag. This pattern typically precedes a bullish continuation, with a price consolidation period following an uptrend. However, Bitcoin's attempt to break above the flag's resistance level at the end of the week proved unsuccessful. This failed breakout has cast doubt on the immediate bullish momentum and raised concerns about a potential reversal.
Technical Indicators: A Mixed Bag
Adding to the uncertainty are technical indicators that paint a conflicting picture. Some, like the Relative Strength Index (RSI), are hovering around neutral territory, suggesting neither overbought nor oversold conditions. This could be interpreted as a sign of potential buying pressure waiting to be unleashed.
However, other indicators like the "death cross" – formed when the 50-day moving average dips below the 200-day moving average – have emerged, historically hinting at a possible short-term price decline.
The ETF Inflow vs. Hedge Fund Shorting Tug-of-War
Beyond technicals, a fascinating dynamic is playing out between two opposing forces in the market: inflows into Bitcoin Exchange-Traded Funds (ETFs) and short positions taken by hedge funds.
On the bullish side, significant inflows into Bitcoin ETFs have been observed. This suggests institutional interest in the cryptocurrency remains strong, potentially providing a buying force that could propel the price upwards.
However, this optimism is countered by reports of hedge funds taking large short positions on Bitcoin. These bets essentially profit if the price falls. This shorting activity could act as a headwind, potentially hindering any significant price gains.
Short-Term Bounce vs. Long-Term Trend
While a short-term bounce from current levels seems likely, predicting the long-term direction of Bitcoin remains a challenge. The failed breakout and bearish technical indicators raise concerns about a potential downward correction. However, the underlying fundamentals, including strong institutional interest and Bitcoin's limited supply, suggest long-term bullish potential.
The Bottom Line: Patience and a Multifaceted Approach
For investors, the current situation necessitates a patient and multifaceted approach. Monitoring both technical indicators and on-chain data to gauge investor sentiment can provide valuable insights. Additionally, staying informed about regulatory developments and broader market trends is crucial, as these external factors can significantly influence Bitcoin's price.
Ultimately, while the immediate future of Bitcoin is uncertain, one thing remains clear: the battle between bulls and bears is far from over. The coming weeks will be telling, revealing whether Bitcoin can gather enough strength to overcome the recent setbacks and continue its upward trajectory.
NIFTY DAILY - 10/6/2024Nifty opens with gap up and made All Time High which 23411 but didn’t sustain the upper level and made days that is 23227 level.
Nifty gave closing down by -30 points which is around -0.13%.
Index has formed a red body candle with long upper shadow which indicates participants were selling from higher level.
Currently RSI is trading at 58.
Nifty is not able to sustain above 23300 level so, further 23396 will work as resistance level with support of 23007 level.
Bank Nifty levels
Support – 49547
Resistance – 49974
Today’s Advance Decline ratio of NIFTY50
Advance - 27
Decline - 23
FII Buy + 2572.38 crores
DII Buy + 2764.64crores.
⚠️ Important: Always maintain your Risk & Reward Ratio.
✅Like and follow to never miss a new idea!✅
Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Eat🍜 Sleep😴 TradingView📈 Repeat 🔁
Happy learning with trading. Cheers!🥂
Solana Searching For Direction: Will SOL Break Free Or Fall Flat
Solana (SOL), the high-speed blockchain once leading the charge in the 2023 bull run, finds itself in a state of uncertainty. Over the past few days, SOL's price has been stuck in neutral territory, oscillating between $155 and $170. This stagnant price action leaves investors both cautiously optimistic and undeniably confused about the future direction of the cryptocurrency.
Conflicting Technical Signals
Technical indicators often used to gauge cryptocurrency price movements paint a conflicting picture for Solana. On the bearish side, the dreaded "death cross" has emerged. This ominous signal occurs when the 50-day moving average dips below the 200-day moving average, historically indicating a potential short-term price decline.
However, a glimmer of hope remains. The Relative Strength Index (RSI) for SOL currently sits in neutral territory. While not a bullish sign in itself, a neutral RSI suggests some underlying buying pressure, even if it's weak. This contradicts the "death cross" and hints that a significant price drop might not be imminent.
External Factors Loom Large
Beyond technical indicators, external factors could significantly impact Solana's future trajectory. Regulatory decisions from governments and financial institutions remain a wild card. Stringent regulations could dampen investor confidence and hinder the growth of the entire cryptocurrency market, including Solana.
Furthermore, the broader market sentiment plays a crucial role. If the overall cryptocurrency market experiences a significant correction, it's highly likely that SOL would be dragged down along with it, regardless of its own technical merits.
Solana's Strengths: A Beacon of Hope?
Despite the current uncertainty, Solana boasts several strengths that could propel it forward. Its blazing-fast transaction speeds and scalability have attracted developers seeking to build innovative decentralized applications (dApps) on its platform.
A thriving dApp ecosystem is crucial for any blockchain's long-term success. If Solana can continue to foster a vibrant dApp developer community, it could drive increased demand for SOL, potentially leading to a price surge.
Analyst Predictions: A Mixed Bag
Looking ahead, analysts offer a mixed bag of predictions for Solana's price. Some, like the report from CoinCodex, project a bullish surge to $185 by July 10th. This optimistic outlook hinges on the assumption of positive developments within the Solana ecosystem.
However, this bullish sentiment clashes with the bearish technical indicators and the "greed" reading on the Fear and Greed Index. A high "greed" reading can sometimes indicate an overvalued market, potentially leading to a correction.
The Verdict: Wait and Watch
In conclusion, Solana's current state presents a complex picture for investors. While technical indicators are sending mixed signals, the broader market environment and potential regulatory hurdles add further uncertainty.
However, Solana's core strengths in speed and scalability remain attractive. The continued development of a robust dApp ecosystem could be the key to unlocking SOL's true potential.
For now, investors should adopt a wait-and-watch approach, closely monitoring both technical indicators and external factors that could influence Solana's price.
SPX500 trading in bullish channelThere was some volatility in the market last week. Nevertheless, the SPX500 is trading in a bullish area. The longer this is maintained and the RSI remains above 50 the greater the likelihood of higher prices ahead.
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Past Performance is not an indicator of future results.
Bitcoin (BTC) market overview | 10.06BTC’s daily chart portrays a significant rise from $60,176 on May 10 to the $71,958 high, followed by a correction and sideways movement. This pattern suggests a phase of price discovery and consolidation. Volume spikes accompany major price moves, with decreased volume during consolidation. Key support and resistance levels are $60,176 and $71,958, respectively.
Oscillators provide a mixed picture, with the relative strength index (RSI) indicating neutral conditions. The commodity channel index (CCI) at 39 and the average directional index (ADX) at 24 also suggest neutrality. However, the momentum indicator at 1941 signals bullish sentiment, while the moving average convergence divergence (MACD) level at 1007 indicates bearish sentiment.
Moving averages (MAs) show varied signals, but longer-term EMAs generally suggest reinforced bullish sentiment for the long-term outlook.
Given the mixed but generally positive signals from the longer-term moving averages and the momentum indicator, the overall outlook appears bullish. If bitcoin can break through the key resistance levels with strong volume, it could see significant upward movement.
WHITEBIT:BTCUSDT
$SPY June 10, 2024AMEX:SPY June 10, 2024
15 Minutes
On Friday as expected rectangle breakout happened with retrace and high also was 536.9.
As seen in chart the oscillator 5,35 still has not worked out as expected and AMEX:SPY finding it difficult to break out on upside.
AT the moment we are having 100 averages around 533. So holding of 532 is important today.
For the last fall from 539.9 to 533.49 4SPY retraced 61.8% to 535.44. Hence uptrend today only on crossing 536.45 levels for a target 538-240.
On downside i expect 529-530 to hold if 532 breaks being 200 average supports. It also happens to be 50 and 100 moving average support in 60 minutes time frame.
In one hour, we can see clearly. It was a steep rise from 518 to 535. Hence a sideways time correction in progress.
So, for the day buy above 536.5 fir 538-539 and sell below 532 for 529-530.
Not much of a R: R so I will not trade today, unless I get a good bar in 15 minutes, close near top and good volume.
Filecoin / USD / BTC - Regaular bullish divergenceOn the above daily chart a ‘incredible buy’ opportunity now exists following a 80% correction since April with oversold condition (orange column). Why bullish?
1) Price action breaks out of resistance to find support.
2) Regular bullish divergence. Lower lows in price action with RSI and MFI higher lows. There is actually 8 oscillators showing bullish divergence with price action at this time, but for the sake of keeping the chart clutter free they are not all shown here.
3) Stochastic RSI is crossing up 20. The green shaded area only occurs when high probability of uptrend exists - look left.
4) Price action against BTC on the daily chart (below) is also showing similar oversold conditions with ‘incredible buy’ opportunity. Excellent.
5) The 10-day chart (bottom) is currently testing support on past resistance.
Is it possible price action falls further? Sure.
Is it probable? Very unlikely. Excellent risk/reward ratio at this time.
Good luck!
WW
FIL / BTC daily chart:
10-day chart:
BNB on the Rise: Breaking New ATH and Eyeing Higher Targets🔍BNB (Binance Coin) is making significant moves. Here's an in-depth analysis to guide your trading decisions.
📆Coin of the Day: BNB (Binance Coin)
About the Project
BNB is the native cryptocurrency of the Binance exchange, used for trading fee discounts, transaction fees on Binance Smart Chain, and various other utilities within the Binance ecosystem.
🧩Technical Analysis
1-Day Timeframe
This analysis focuses on longer-term trends, highlighting critical levels and scenarios.
📉Support and Resistance: BNB recently broke above a major supply zone, setting a new all-time high (ATH). The immediate support levels to watch are at $656.4, $617.0, and $589.8. A confirmed break below $589.8 could signal a failed breakout, while a hold above this level would confirm the breakout's validity.
📈Bullish Scenario: BNB's break above the supply zone and its new ATH suggest bullish momentum. If BNB can hold above the $589.8 level, it could aim for higher targets. Key resistance levels to watch are $813.5 (0.618 Fibonacci level) and $1072.8.
📉Bearish Scenario: If BNB fails to hold above $589.8, it could signal a fake breakout. The next support level would be at $517.2. Monitoring the price action around these levels is crucial for determining the trend's direction.
📊Volume and RSI: Volume has been low recently, which is concerning for sustaining a move higher. An increase in volume is necessary to confirm the bullish momentum. The RSI is currently at 67.38, indicating bullish momentum but approaching overbought levels. Key RSI levels to watch are 62.53 for support and potential bullish continuation.
💡Key Triggers: Monitor the price action around the $589.8 support level. A hold above this level, coupled with increasing volume, would confirm the bullish breakout. Conversely, a break below this level would indicate a potential reversal.
👨💻Trading Positions
Long Position
Entry Trigger: Hold above $589.8 with confirmation from RSI and volume.
Strategy: Open a position on the hold of this level, targeting $813.5 and $1072.8. Use tight stop-loss orders to manage risk.
Short Position
Entry Trigger: Break and retest below $589.8.
Strategy: Open a position if the price confirms a break below this level, targeting $517.2. Adjust stop-loss orders accordingly.
📝BNB has broken above a critical supply zone, setting a new ATH. Traders should monitor key levels and triggers for potential entries and exits. Volume and RSI indicate bullish momentum, but increasing volume is necessary for sustaining the move higher.
🧠💼Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2.
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