Magic has formed a gigantic triangle than can lead it to $3BINANCE:MAGICUSDT is days away from breaking above this gigantic triangle pattern. It pumped back up quicker than most of the altcoins and I would definitely put this one in my altcoin basket. The price target for magic is $3 when the break out happens. Don't miss out!
It can go even higher than that but I would play it safe and probably cash out at $3 just to be safe.
MAGICUSD trade ideas
MAGIC LOOKS BEARISHMAGIC seems to have formed a large diametric which is now in the middle of wave D of this diametric.
The green range is expected to support and pump to form wave E.
Closing a daily candle above the invalidation level will violate the analysis
TP 1 is also an important support.
For risk management, please don't forget stop loss and capital management
When we reach the first target, save some profit and then change the stop to entry
Comment if you have any questions
Thank You
MAGICUSD Nearing August Resistance, may be last buy opportunityThe Magic token (MAGICUSD) is living up to its name and is rising aggressively within a Channel Up. That pattern was formed after it made a Double Bottom on November 09 2022. It has turned the 1D MA50 (blue trend-line) into Support, which was successfully tested but right now is approaching the first important Resistance of this uptrend, nearing the 1.6100 level (August 10 High).
A pull-back there to re-test the 1D MA50 could be the last buy opportunity before the 3.500 - 4.200 range, which is Resistance 2 (and April 02 High). We can determine price highs when the 1D RSI forms Lower Highs (Bearish Divergence), in contrast to the price's Higher Highs.
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