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USDT DOMINANCE SPIKE: RELIEF RALLY SOON FOR ALTS/BTC?USDT Dominance measures USDT market cap against all other coins. While not as potent as BTCD or TOTAL2, it can be a helpful indicator to know what traders are doing, as many of them use USDT over fiat. Obviously, when BTC sells off, USDTD spikes. Based on a little TA, we might expect a relief rally for the market soon. USDT is basically at resistance, but it did put in a slightly higher high. Recent volume is decreasing, signaling a reduction in selling pressure. RSI is nearly at Overbought levels (which would be considered oversold for the rest of the market) Just remember - When you think BTC can't go any lower... it always can. Happy trades, CD
CRYPTOCAP:USDT.D
by cryptodonovan
1
SOL - what retrace levels to expect after the solid rally Hello all, SOL has been on a pretty solid uptrend recently. The coin last bottomed at $25.5 on 30.05 and since then has rallied more than 70 percent to the area above the $40-$42 resistance zone. If we zoom out we will see that on the Weekly timeframe the SOLUSDT pair respected the long-term uptrend and did not allow a break blow the 21-period EMA perfectly rebounding from it in the last two weeks. Going lower to the daily timeframe, the pair retraced by 67 percent during the last major pullback, but still managed to stabilize around one of the previous demand zones from back in April, 2021. It recovered quickly to test the $35 zone, which is of great significance since it successfully broke SOL's freefall on May 20 (it was also a serious resistance from back in late April). The move resulted in another pullback from which SOL came stronger turning $35 into support. We come to the main part, which is the current trading zone of the Solana token. We can see clearly that the $41-$45 zone is a though one to break given the fact it is an old range already fortified and tested multiple times in the 26 April - 16 May period. It is also where the 61.80 percent Fibonacci level is located from the last pullback - the most important Fibb level in my opinion if we are looking for reversals. What is more, the Point of Control is placed exactly here, which means the trading activity in the zone is extremely high. A retrace from here is imminent for the above-mentioned reasons. I will be looking for a long re-entry in the $39-$40 area just because going lower will open the door to a full retrace to $35 and another test of the support + it will mean a confirmed break of the 21-period EMA on the daily timeframe. Second target for longs will be $37 - May 26 peak + 21-period EMA on daily Regards,
by FutureBlockchain
2
BTC: ANOTHER RETRACE COMING? (BEARISH IDEAS)While we have been getting some recent relief on lower timeframes, bearish ideas still outweigh the bullish, unless BTC manages to break and hold above 40k. The simplest and most significant indicator for further downside is that volume has gone down during this recent recovery. On chain analysis shows that as of a few days ago, long term hodlers have been accumulating, but whales were still selling. Consistent sell orders have driven the price steadily downwards towards more attractive entry points as they try to get as many retail traders to capitulate as possible. Perhaps the decrease in volume on this recent rally suggests that the whales are giving retail a hit of hopium before they crush our dreams of a swift recovery & takeoff to 70k & beyond. This is speculation, but it would not surprise me if BTC dumps promptly after breaking 40k and a bunch of buyers fomo in. I'm not going to try to call the bottom. Short term, Obviously 35k and 30k are in the cards. Below that, look to 27k. Perhaps the most bullish outcome would be for BTC to simply range between 30k & 40k for a month, which would make for a great alt season in June! To be honest, I wouldn't mind another BTC retrace so I can scale back into BTC and ETH at better prices. Right now I'm ~60% in Tether & focusing on short term scalp trades until the bulls show up for real. happy trades, CD
Short
by cryptodonovan
1
POSSIBLE DOWNSIDE RETRACE & NEW LONG TARGET on XAUUSDAs per analysts the daily descending channel has been broken out to the upside and price has entered the new parallel channel. Price stopped growing after approaching to the new channel’s middle line which acts like a resistance level sometimes. CCI is in the overbought area and shows a negative regular divergence: although price has risen, CCI is making lower highs. RSI is in over 70 and ready for short down move. The experts expect a pull back and a downside retrace for price around 1820-1850 and then a rise from that level around 1950-1960.
TVC:GOLDShort
by legacyFXofficial
The Stock Market Not a Reflection of The EconomyWe are living through the greatest economic expansion in American history. It has become very clear to me that the stock market is no longer a measurement nor reflection of the health of the "real economy" where average everyday people make their income. If it was then the federal minimum wage should be over $30 an hour compared to economic gains our economy has made in the past 30 years. The full-time and part-time employees, freelance and gig economy workers, and your average mom & pop small business owners will continually become displaced and outsourced as automation technology grows and the elite multi-national capitalist dramatically cut their labor cost through automation this decade & beyond. We've hit the top 4.236 of this Fibonacci cycle I have going from the high of December 2007 to a low on November 2008. 13 years and growing of financial prosperity on paper but not so much in reality. The gap between the rich and the poor have never been more grotesque in the history of capitalism. Our government is in the practice of creating infinite amounts of money that some how never gets to the people that actually are in desperate need of financial resources. That seems like a recipe for disaster and social unrest to me. Don't even get me started in the tsunami of inflation that will be coming. If we drop coming back down to 1.618 may be a decent support area for the market (we dropped to the 1.618 during COVID-19 Quarantine). That would be a 56% retrace from these current levels. Can we actually keep the economy growing from these levels once the infinite money creating stops? Or will it ever even stop at this point?
NASDAQ:NDAQ
by peacefuljustin
2
Now this is scary! (May 16 update)This is a May 16 update to my parabolic-turn-around idea originally published May 5 (and updated May 12): Well, this does appear to be happening. Should you be uncomfortable with my $34,300 target for BTC, may I remind you that a short 14 months ago, its price was $3,782. That’s not a typo. The price was $3,782 (not $37,820). And may I remind you that large cap coins do not do a 10X moon shot (let alone 17X) without a major retrace. They just don’t. My two cents worth: One might think the current BTC drama is organic price action caused by Average-Joe-Traders around the world. Well, may I suggest you may be a bit naive. This is an forced dump carefully managed by Bears (via their computers) who have a vested interest in a low BTC price. I submit three motives: 1. Altruistic: BTC, like all stocks and cryptos, need an occasional, major Fib-retrace to continue a healthy growth trend. This is not only natural, it is part of the "fair and orderly” promise made by licensed exchanges. 2. Individual greed: The above Bears, I’m quite sure, are holding short positions on BTC. Once their target bottom price is reached, they will cash out and make a nice profit. 3. Corporate greed: As you’ve no doubt heard, many main-stream investment firms have announced they are getting into cryptos. Did they actually buy when their announcement was made – or are they “waiting for” a better price? (I would have used a different term here, but I don’t want to be accused of being a conspiracy-theory guy.) Possible major price action (± $1200): $12,000 fall from $58,000 to $46,000 with $6,000 retrace to $52,000. (This has happened.) $12,000 fall from $52,000 to 40,000 with $6,000 retrace to $46,000. (Ongoing now.) $12,000 fall from $46,000 to $34,000 with $6,000 retrace to $40,000. ($34,000 = my target.) $12,000 fall from $40,000 to $28,000. (Oh my!) Enjoy the ride! Nothing I post should be construed as trading advice. Sincerely, Bullbearish (I'm a Bull, but Bear happens.) PS: Below is the text of my May 12 update (which explains the radial lines): _____________________________________ An update on my May 5 idea: I tweaked the parabolas to accommodate the latest price action and added the radial lines a, b, c, and d. I did “cheat” (with some reasonable(?) TA rationale) on lines a and c, and I note that lows and highs occurring early or late in a day would affect the slope of these four long(!) lines. The results are scary. Line d suggests that a flash crash could happen over the next few days -- even today. I don’t believe this will happen, but in the spirit of TA Ideas, I publish this to show why it could happen. This is not trading advice. And yes, I know, I'm using very unconventional TA, but hey ... Sincerely, Bullbearish (I'm a Bull, but Bear happens.)
Short
by Bullbearish
5
USD/CAD - Out of the WedgeHi all. I am new & trying to self teach on analysis, etc., so any help/advice would be much appreciated! My analysis on this 1D chart for USD/CAD looks at the possibility of a break out of the descending wedge pattern we have been in since the first quarter of 2020. We have just seen a bull flag lead to a third tap on the resistance of the overall channel lines. I identify these two events as indicators of a break out of the descending wedge. I have accounted for an expected retrace to test the resistance line, which would turn to support, before properly impulsing bullishly. It is at this point of retrace where I would look to enter the position, with a stop loss of just below where the bull flag's support is. I also believe that this will be a large move, with plenty of opportunity to scale in - helping to maximise profits. Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.
Long
by RW21Trades
1
XRP UPDATE - TAKING PROFITS NOW + RE ENTRY IDEAS...Chart is a bit messy, but pretty self explanatory. I'm taking profits on XRP and look for re entry. Still long term bullish. I know, everyone's saying Alt season is here. Overall sentiment is very bullish and shifting in favor of alts. So why would I sell? XRP has often deviated from the rest of the market, as we just saw with this 100% pump while most coins stagnated. XRP pumps hard. It also sells off hard. Look at the recent ones. I let volume be my guide - And the volume on this pump might look big on a smaller TF, but if you zoom out, like I did, you can see that the volume of whoever pumped this was small potatoes compared to everyone who bought the dips... This market preys on amateur retail breakout buyers buyers who fomo into pumps and panic sell while the real traders take profits and buy dips. So I expect a retrace/retest of some previous historical support/resistance levels that I've clearly marked here before XRP continues climbing. happy trades, CD
BITSTAMP:XRPUSD
by cryptodonovan
2