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MAGICUSDT trade ideas

MAGICUSDT wants the breakout?MAGICUSDT is currently exhibiting a falling wedge pattern above the key weekly level at $0.4496. This pattern suggests a period of consolidation and potential trend reversal. According to the trading principles associated with Plancton's strategy, a potential long trade could be considered if the following conditions are met: Breakout from Resistance: The first condition involves a breakout from the $0.5313 resistance level. A clear and decisive move above this resistance would signify a significant upward movement in the price. Confirmation of Support: After the breakout, it's crucial to see the former resistance level at $0.5313 hold as new support. This confirmation would indicate that the price is likely to continue its upward trajectory. Falling Wedge Pattern: The falling wedge pattern itself is a bullish pattern. It often precedes a bullish breakout when the price narrows within the wedge and eventually breaks out to the upside. If the price of MAGICUSDT satisfies these conditions, it would align with the rules outlined by Plancton's trading strategy. Traders who follow this approach may consider opening a new long position, anticipating further price appreciation. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
21
#MAGICUSDT Trading Setup! 6-2023 #MAGICUSDT (Mid-term Setup) RISKY Buy: 0.84000000 - 0.75600000 Take-Profit Targets: Target 1: 0.98700000 Potential Profit: 17.50% Target 2: 1.15500000 Potential Profit: 37.50% Target 3: 1.63800000 Potential Profit: 95.00% Stop-Loss: 0.63000000 Signal Risk/Reward: 25.00% / 95.00% R:R = 2:1 Potential ROI: 50% Risk Percentage / Position size: 1% Exchange: Binance, KuCoin, ByBit, Duration: 7-45 days Confidence in Trade: Low Technical Analysis: we ask Allah reconcile and repay. Disclaimer: The analysis and trading setups provided are based on our interpretation of market data and should not be considered as financial advice. Trading involves risk, and past performance is not indicative of future results. It is essential to conduct your own research and consider your individual financial circumstances before making any trading decisions. We do not guarantee the accuracy or completeness of the information provided. By using our analysis and trading setups, you acknowledge that you are solely responsible for your trades and investments, and we are not liable for any losses or damages incurred. It is recommended to consult with a qualified financial advisor before engaging in any trading activities. we ask Allah reconcile and repay
Long
by HamadaMark
3
IS Magic feeling magical?This technical analysis reviews the digital asset MAGICUSDT on the OKX platform. I've performed an analysis using a three-hour (3H) and a forty-five-minute (45M) timeframe, and the crucial findings are presented here. In the subsequent sections, the methodology, detailed analysis, and results will be expanded upon. GENERAL INFORMATION: MAGICUSDT has recently shown considerable volatility, with a significant 17% pump in one trading day and substantial transaction volumes. This report aims to analyze its recent performance, assess the market sentiment, and provide insights into its near-term price movements. Moreover, given the significant influence of Bitcoin (BTC) on the broader cryptocurrency market, a brief analysis of BTC's performance is also provided. Methodology: The analysis utilizes various technical indicators, including candlestick patterns, trading volumes, key resistance and support levels, and an assessment of overbought (OB) conditions. Robo advisors (ROBOs) are also used to provide trading signals, forming part of our interpretation. Analysis and Interpretation 3H Review The following six hours could be pivotal for MAGICUSDT. The asset needs to open and close above $1.0690 to foster more bullish momentum. An overbought warning has been in place since the 28th, suggesting potential price exhaustion. Interestingly, there are still two out of three bullish ROBOs indicating that profit-taking could be an option for those currently in trade. Despite the recent rally, the overall sentiment appears neutral, tending towards bearish considering the current performance of BTC. 45M Timeframe A strong candle formation was observed on the 30th, confirmed by ROBOs. MAGICUSDT managed to open and close above the critical $1.0433 level, which served as a support. However, it rapidly reverted to a resistance zone, as seen by the repeated strong rejection. The current location is a "hammer head" in the trading squeeze, indicating an imminent decision on the asset's next move. Ideally, an open-close above $1.0430 could suggest a more bullish sentiment or potential squeeze target. However, all three ROBOs are currently indicating buy signals, suggesting a bullish stance. Yet, this could potentially be a trap leading to a short opportunity, warranting caution for traders. The overall sentiment leans bullish, but it is recommended to wait for the support box to break before initiating a short to the point of interest (POI). BTC Performance: The performance of BTC presents a bearish signal on a 45M timeframe. It is currently hovering between the 50/25 level, which is usually considered a bearish indication. Also, it is hovering around the POI, with a rejection at the $28k level observed. An entry suggestion on the 30th was at $27621. Conclusion In conclusion, the next few hours will be decisive for MAGICUSDT, with the possibility of significant price movements. Traders should pay close attention to the asset's price behavior around the key levels highlighted in this analysis. Considering the market's prevailing volatility, careful consideration of risk management strategies is recommended. Disclaimer This analysis is based on the current market situation and historical data. It does not guarantee future performance. Cryptocurrency trading involves substantial risk, and each investor should consider their risk tolerance level before making decisions.
by AXiVenture
MAGIC Possible Playout ChartThe price of Magic has successfully broken through its resistance level at $0.746. The presence of a bullish flag pattern also indicates that Magic has the potential to continue its upward momentum. The observed potential for an increase has a nearest target at $0.8725, with a potential profit opportunity of 17.13%. Currently, the market situation provides a favorable opportunity for engaging in swing trading or scalping. Moreover, the market capitalization of Magic has reached $169,260,206, and it holds the 153rd position on CoinMarketCap (CMC). With a relatively high market capitalization rank, Magic is considered a fairly popular asset for trading. The total trading volume for Magic has reached $51 million USD.
Long
by Cozybanana78
2
MAGIC ANALYSIS (4H)Hi, dear traders. how are you ? Today we have a viewpoint to BUY/LONG the MAGIC symbol. This analysis is the diametric F wave of the big D wave of the previous analysis. In fact, this is a zoomed-in analysis of the previous analysis Wave F from D, which is a diametric, has not finished yet, and I think we should move towards two announced targets from SWAP or OB. Note: The structure of the previous analysis, which is 1D time frame, is valid 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
Long
by behdark
2
📉 MAGIC/USDT Falling Wedge Setup! 📉📈 #MAGICUSDT is currently forming an intriguing Falling Wedge pattern on the chart, suggesting a potential bullish turnaround! 🚀 📉 The price action has been establishing lower highs and lower lows, outlining the falling wedge pattern. This pattern often implies a period of consolidation and declining selling pressure. 🧩 Falling wedges are renowned for their tendency to precede upward breakouts, which could indicate a forthcoming trend reversal and the initiation of a new bullish phase. 💡 Keep a close eye on the wedge's resistance and support levels to determine the possible direction of the breakout. 📊 Technical indicators are displaying hints of a potential reversal, lending further support to the bullish outlook. 🔔 Be on high alert for a breakout above the upper trendline, as it might serve as a signal for the start of a bullish trend. Plan your profit targets and stop-loss levels accordingly. 📅 Always practice prudent risk management and responsible trading. Conduct your own research before making any trading decisions. 🚨 Exciting possibilities await for #MAGIC! 🚨 Let's see how this Falling Wedge unfolds! 🤞 (Note: This post is for informational purposes only and should not be considered as financial advice. Trading carries risks, and past performance is not indicative of future results. Always conduct your due diligence and seek professional advice when needed.) #CryptoTrading #TechnicalAnalysis #BullishSetup #TradeSmart #DYOR #CryptoMarket #ChartAnalysis #EmbraceTheWedge #BullishTrend 🚀📈💹
Long
by STP_MrNodeItAll
#MAGIC USDTWhat Is Magic (MAGIC)? MAGIC is the utility token that connects gaming communities in the Treasure Metaverse: a decentralized NFT ecosystem which sits on Arbitrum, one of Ethereum’s Layer 2 scaling solutions. MAGIC is a cross-game currency that connects games, players, metaverses, and communities, all within Web 3.0. The token was launched in September 2021 so its community could buy and sell in-game NFTs on Treasure. It also acts as a reserve currency for Treasure’s metaverse. Players can earn MAGIC tokens by gaming, mining, and participating in Bridgeworld, Treasure’s flagship game. Treasure now hosts twelve other games on its platform, some of which allow you to use and generate MAGIC tokens like in Bridgeworld. These include Beacon, a free-to-play fantasy action rogue-lite RPG; and Realm, a world-building and exploration game. Who Are the Founders of Magic?
Long
by aytekus
1
MAGICUSDT is testing the key levelMAGICUSDT is currently displaying a Falling Wedge pattern. The Falling Wedge is a bullish chart pattern that often suggests a potential trend reversal from a downtrend to an uptrend. It is formed by connecting lower highs and lower lows with two converging trendlines, creating a wedge-like shape. Given that the price is currently testing the key level at $0.8, this level is critical as it could potentially act as a resistance within the Falling Wedge pattern. According to Plancton's rules, traders will closely monitor the price action as the market tests this key level. If the price successfully breaks out above $0.8 with a decisive and substantial increase in trading volume, it would be considered a breakout signal. Should the breakout occur, Plancton's rules would suggest a "new long" trade. This means that traders would consider opening a long position on MAGICUSDT, anticipating a continued upward movement in the price. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
10