MATIC pre-breakout pattern and "zk" dayMATIC, the native token of the Polygon blockchain, chart is one of the best currently on the market. I'm long since $1,5 when it touched support line, but will add more at breakout, then new price discovery mode for this token.
Polygon is a protocol and framework for building and connecting Ethereum-compatible blockchain networks, offering an ecosystem with lower transaction costs and faster speeds than Ethereum.
There are some speculations over what the firm has called an “exciting announcement,” scheduled for Dec. 9 at Polygon virtual “zk day.” The event will centre around the applications of zk-STARKs and zero-knowledge (ZK) proofs, a type of cryptography that can verify whether a given statement is true without revealing the data that proves it.
Over the past several weeks, Polygon has also attracted interest from venture capitalists and institutional investors as Ethereum’s soaring gas fees have sent projects fleeing to cheaper blockchains.
Polygon reported all-time high network revenue for November and reached over 300,000 active addresses. Polygon also saw record monthly volume of nearly $60 million on non-fungible token (NFT) marketplace OpenSea last month.
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ETH; copy-paste from MAY crash?Ethereum dipped along with overall market but quickly recovered some of the losses. It started a major decline after it broke the $4,250 support from falling wedge formation. ETH also broke the $3,960 support levels and traded as low as $3,327 intraday.
I expect some range trading on these levels, same as we have seen back in May and June. I marked the green area. In May crash, market needed 3 months to digest the wild move and start moving bullish again. I expect recent correction will take shorter time as we are already in deep Fear zone (16 according to Fear & Greed Index).
A clear move above the $4,250 and $4,350 levels could send the price further higher. Any more gains could lift the price towards the $4,650 resistance zone in the near term. On the other side, if ETH fails to start a fresh increase above the $4,250 level, it could start another decline to fill the gap from to the wick low. In the stated case, the price may perhaps decline towards the $3,550 level. The next major breakdown support is $3,960 on Daily chart.
BTC is NOT over and it will move higher from hereIt was a brutal week of trading in the digital asset markets with Bitcoin and much of the altcoin market heavily in the red. Bitcoin is down 15% in December currently trades around $47,000. On Friday, December 3rd, the daily high for the asset was around $57,000. Overnight the price collapsed to a low of $43,000. In less than a day, the price of BTC dropped by more than 25%.
A key factor in the weekend price drop was the flushing out of leveraged Bitcoin derivative positions. Glassnode reports that over $5.4B in Futures open interest closed on Saturday. This was over 24% of the market. Data from Coinglass indicates that most of this OI was long positions and this means that a long squeeze contributed to the severity of the price drop on Saturday.
The price dropped below falling wedge and it will be moving in range between the $46,500 and $52,000 zone with lots of volatility till it finally finds a support and starts moving bullish again. It could take a few weeks to recover from a crash like this. Fear & Greed index stands at 18, indicating extreme fear, which is usually a level where new buyers enter the market.
In recent weeks the correlation between the stock market and Bitcoin has been growing. In the last week, the 90-day Pearson correlation coefficient of Bitcoin and the S&P 500 reached 0.356, a high for the year. While BTC has been touted by advocates as an uncorrelated safe-haven asset, in the last few weeks, it has been dragged down by negative macro headwinds, and its reputation as a risk asset.
While Bitcoin’s correlation with the S&P 500 has been rising in the last two weeks, Ethereum’s has fallen. The price of ETH against BTC is approaching three and a half year highs. In a bearish market, ETHBTC would’ve seen a massive sell-off, which is not the case ATM. The change in market direction usually happens with massive greed across the board and with prices on extreme levels, which was also not the case in recent crash. The market should go higher from here, but it will need time to adjust and find support. I think BTC will top out at levels 70k+ and not before.
FTT back to ATHFTT, native token of FTX exchange is trading in accumulation zone. The area close to $48 proved to be strong support in the past. RSI is picking up and is in positive territory, MACD is also getting momentum. I’m looking to take long position here; the first target being doted yellow line as a top of descending triangle. Second; a break out from triangle would take FTT to new all-time high + $84. For that, BTC has to stay positive.
LONG ADA, new ATH soonADA printed - out of the book - falling wedge formation which yesterday broke out to the upside. This is very bullish sign which could trigger more buy orders. Given the positive momentum and overall crypto sentiment, ADA could reach new all-time high very soon. RSI is back above 50, looking healthy and positive. MACD is also getting to positive territory, indicating, bulls are eager to buy at these levels. After the breakout ADA tested the support on upper trendline on daily chart, which is a very good entry level. First resistance is $2.3, followed by $2.8 and $2.96.
SUSHI joinig the partySUSHIUSD pair is trying to break from ascending triangle with RSI moving above 50 on daily and also MACD picking up in positive territory. SUSHI tested the trendline many times and its now ready to move up towards $14, $18, $23 levels. It can test the trendline again, which would be great to add some more coins. I will post my full target later as we need to observe BTC movement to squeeze max profit out of this trade. BTC needs to stay on the same level, or slightly negative for alts to gain value in Satoshi.
ETH in falling wedge wating for breakoutEthereum is following Bitcoin and forming a falling wedge as well. It has touched support at $2770 and its now trying to reach upper resistance trendline at around $3200. Any bearish price action would take ETH back down. I'll be looking for short opportunities. A breakout from falling wedge would take ETH to new ATH, which will happen eventually.
We need to be patient on this level and for the wedge to play out. Wedges are bullish patterns and I expect ETH to reach back ATH very soon. October should be a very good month as the higher time frame is still bullish.
VIDEO ON BTC WITH VICYooo whattup y'all I did a new analysis on bitcoin and it's next possible move so you guys should go check it out just the same we are bullish currently I might post it on YouTube
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GRT on the way back to the top GRT price broke out from falling wedge pattern, made a retest at $0.62 and continued to grind higher to first major resistance at $1. Daily chart is bullish and I’m looking forward to next major resistance at $1.45 followed by $2.4 as my final target for now. Supports are at $0.755 and $0.627.
As always, for such a bullish movement ETH and BTC should stay bullish or at least trade in range for GRT to outperform.
LINK will lots of room to the upsideZooming out to a seven-day period, most altcoins in the top 20 by market cap had outstanding returns and most of them outperformed Bitcoin. BTC.D dropped some 5% in last week, hinting a trend of swapping BTC for altcoins. LINK was one of them with massive 100% gain since 21st of July. The price skyrocketed at a breakout from falling wedge (red doted line).
The falling wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a zone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs.
LINK is bullish in higher time frame but needs to break above major resistance at $30.20, after that the price will accelerate.
On daily and weekly chart, the price is forming a large wedge, which could play out somewhere around $80-$100 level (green box). It’s still too soon to call it, but that’s something I’m looking at in higher time frame.
Lower time frame is choppy, but still bullish. If BTC stays bullish or flat (just not sudden drop), then LINK should outperform. $30 is my fist TP, followed by $35 and $52. Ultimate target would be green box; 80$ - 100$, which could be reached in next several months. Supports are at $23, $15, and $13.350
ADA Cardano Touch and GOOOCardano is moving bullish and despite overall correction in May, it is still holding above long term trendline. ADA touched support for multiple times and always showed firm in place. All dips are being bought which is probably due to anticipation of final deployment of the Alonzo upgrade on the main net which is planned to be in this month. On July 15 Alonzo test net has hard forked from the Alonzo Blue to the Alonzo White node, which is the last stage before final launch.
The ongoing phase of the protocol’s roadmap is the Goguen phase, which is the third phase after Byron and Shelley. The Goguen phase was split into three stages, Allegra, Mary, and Alonzo. This leaves the Alonzo upgrade, which was further split into three different phases, named Blue, White and Purple. The completion of this phase will bring much anticipated smart contracts to the network.
ADA is one of the most stable tokens among all cryptocurrencies, mostly as around 72% of all ADA tokens are staked on the network, amounting to around €25 billion. In June Grayscale added ADA to its Digital Large Cap fund, making it the third-largest component after Bitcoin and Ethereum.
ADA has a lot of room to the upside. As longer the price stays above trendline, dips should be bought. My first targets are $1,8 and $2,3, but I’m anticipating higher numbers on longer term.
AUDIO bullish, "Touch and Go"The trading channel is a powerful yet often overlooked chart pattern and combines several forms of technical analysis to provide traders with potential points for entering and exiting trades, as well as controlling risk. The first step is to learn how to identify channels. The next steps include determining where and when to enter a trade, where to place stop-loss orders, and where to take profits.
I attached AUDIO daily chart as example as it is forming a channel since last November. I traded this crypto pair a lot of times during this run with different indicators, but one could simply follow the support and resistance levels to indicate entry/exit points. Trading channels are a quite useful in graphically depicting support and resistance levels and traders often rely on them in identifying optimal levels to buy or sell a specified security. I marked a couple of entry points and as long as AUDIO keeps moving inside of channel and above support line, any touch of the line can be a good buy. “Touch and go” strategy, leaving position run to the upside resistance, selling on top, buying back lower.
AUDIO is moving inside of an ascending channel, which is drawn from two positive sloping lines at the resistance and support levels of a price series chart. This channel shows a bullish trend. As longer we are in trend, there is nothing to worry about. Trend is your friend. (Not FA)
Bitcoin rallies to its 200-Day SMA.Bitcoin traded above its 200-day simple moving average at around $45,000. The weekly chart for BTC has been super bullish since the week of Aug. 1 and the last weekly closure was bullish, suggesting more positive moves can be expected. If Bitcoin can stay above its 200-day, the next target is $53,000, if not, the downside risk is to its support levels at $43,500, $40,500, $38,750, and $36,950
From its June 22 low of around $29,000, BTC is up some 60%, the highest in almost 3 months. A pullback is necessary for healthy move forward. RSI is a bit stretched on these levels since the breakout from falling wedge (red lines) has been very explosive.
Looking back on daily chart we can see the price movement was very predictable. Bitcoin confirmed a death cross (red box) on June 20 when its 50-day simple moving average fell below its 200-day simple moving average. It’s been above its 50-day SMA since July 26 and tested its 200-day SMA at $44,800 on August 8. Its 50-day SMA is now rising at $35,200, acting as support level on lower time frames.
The weekly chart for Bitcoin is positive with BTC above its five-week modified moving average and above its 200-week simple moving average. The trading strategy is very simple. Buy Bitcoin on weakness and reduce holdings on strength all the way to its monthly high at $63,800. (not FA)
FTT with inverse H&S bullishAn inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends.
This pattern is identified when the price action meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs.
I’m waiting for the breakout from the neckline which should be followed by increased volume. An inverse head and shoulders pattern, upon completion, signals a bull market. I’ll go long on the breakout and target $63 level. If Bitcoin stays in range, FTT should move to the upside.
XRP ready to tackle 1$ XRP chart is looking very lit.
HH, and HL formed in higher time frame and breakout of falling wedge on lower time frame. XRP is ready to tackle 1$ mark once again. For that to happen, Bitcoin needs to be bullish also. Any good news form SEC case will drive XRP even higher.
DOT touch & go I think DOT completed the correction when it has returned to bottom of the long-term trend line at $10.5. The bounce was followed by increased volume which is indicator buyers took over control. RSI is stepping up and has moved beyond 50 level. Chart is looking good and every price that is close to support trendline (red line) is good buy (NFA). If Bitcoin stay stable and continue to rally, DOT should move up in price as well and return to ATH and beyond.
On a Weekly time frame DOT closed as bullish hammer which is very positive sign. Over the weekend monthly candle will be formed which will be important indicator for future price development.
AVAX bullish breakout coming AVAX reached my bottom target and turned to move bullish. I marked green area as accumulation zone. This is strong support zone from beginning of the year and buyers should take control over the price movement here. Sellers mostly left the market, meaning its buyers’ market now.
The accumulation area on a price and volume chart is characterized by mostly sideways movement, which is seen by investors or technical analysts as indicative of large investors buying, or accumulating, a large number coin of over time. Identifying this area could help investors spot good entry points into an investment before its price begins to rise.
AVAX is on my long-term hold list, I’m targeting $21, and a breakout should take the price to red trendline around $28.
BTC retesting falling wedgeBitcoin price stayed range-bound in falling wedge formation with a wick low at $29.000. Its currently retesting the support on falling wedge. It should get bullish from here and move to $36.900 and $43.000 as my final target for now.
ETH in falling wedge turning bullishThe price of ETH is moving on support line of falling wedge on daily chart, simply following Bitcoin price. Any reaction from big brother will move the price of Ethereum as well.
Despite the drop from all time high reached in May, ETH is still up some 160 percent from beginning of the year.
The price is sitting on 200 MA ready to test the upper ressistance in wedge formation, once it goes over it, it will become even more bullish. My target is $2850 and $3150.
Ethereum correlation with Bitcoin saw a drop in early May to the sub 0.6 levels due to completely independent price movements that Ethereum made during that period. The one-month correlation was between 0.7 and 0.8 in April before dropping to 0.5–0.6 in early May, but it rebounded drastically to 0.9 in early June, holding high levels since.
LITUSD on a breakout from sym triangleLITUSD on a breakout from triangle pattern. Symmetrical triangles are thought as continuation patterns on a breakout. LIT performed a nice retest of support line (red) and its now heading upward. This should be followed by a bullish move in size of a difference between higher high a lowest low at the beginning of a triangle.
Targets marked in yellow.
Watch out! ETHUSD with negative divergence on 1DWe are witnessing first major bump in this bull market. ETH topped just under $1500 and created major gap down to support zone at $1050. That was also break down from rising wedge which is very bearish sign. Additional to that, ETH technical picture could turn very negative if ETH closes below next support at $1120. RSI is showing negative divergence on daily chart which could create a down move to the next major support of $620. I marked $620 as there was very strong volume/momentum support (5x retest, 1 major break up) + also 0.618 fib support. There is also the last red weekly candle we have seen from the beginning of DEC 20.
We are going to witness some more scalps on the way, so don’t get carried away, but keep an eye on the big picture.
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XRP still very bullishFollow up on my previous analysis, where I correctly anticipated breakout from long lasting bearish triangle, I'm posting my next targets. XRP still looks very bullish and given the fact BTC is on ATH, XRP has some more room to the upside. As you all know, XRP can move exponential, be very cautious as it will get wild once the price goes over $0.75 region. This is also the next mayor resistance level; my next targets are however $0.93 and $1.05 respectively.
On chart, I marked green double lines which can be used for day trading as they are acting as supports and resistance levels, while blue channel is trend. Once price breaks the channel the price will escalade very quickly. The same goes if XRP breaks the channel to the downside, but currently the trend is still very positive. Follow the trend.
