ETHUSDT Potential Breakout TradeBTCUSD moving in range now wait for breakout to trade or place your buy stop and sell stop.
Manage risk according to your account size.
Cryptoanalysis
☁️ Trading Conditions; XRP Bucks the Trend & Shines 🌞Cloudy trading conditions loom over the global crypto market ☁️ , suggesting a slightly bearish outlook in the next 24 hours. But wait! Ripple's XRP defies the negative trend, and the predicted ☀️ signals additional upside potential.
Over a one-week horizon, the sun ☀️ should return to the crypto universe, with a slightly bullish market and upside potential for Bitcoin and Ether. However, both XRP and Litecoin may face downside risk.
Follow us for more crypto weather reports!
XRP: Bullish PennantRipple (XRP) technical analysis:
Trade setup : Price is in a clear uptrend. Price is consolidating in a Bullish Pennant pattern. We wait for a breakout. Bullish breakout could see price revisit $0.92 resistance while bearish breakout could be followed by a dip to $0.55 support. Previously, following a breakout from a Descending Triangle, price spiked up massively to $0.92 resistance on favorable legal ruling. This level acted as resistance way back in early 2022. However, it got very overbought (RSI > 80) and saw selling pressures from some profit taking.
Pattern : Bullish Pennant – forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $0.55 (previous resistance), then $0.45. The nearest Resistance Zone is $0.92.
COMP: Resistance BreakoutCompound (COMP) technical analysis:
Trade setup : Price broke above 200-day MA with huge volumes and confirmed a bullish trend reversal. It’s also broken above $70 to signal uptrend resumption, with upside potential to $93 resistance.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $60 (previous resistance), then $47. The nearest Resistance Zone is $70, which it broke, then $93.
DOGE: Falling Wedge BreakoutDogeCoin (DOGE) technical analysis:
Trade setup : Bullish breakout from Falling Wedge pattern, which could signal that buyers have finally absorbed the supply from sellers and the price could reverse trends. Confirmation came when price also broke above $0.07 resistance. The following resistance is 200-day moving average ($0.08).
Patterns : Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend : Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $0.055. The nearest Resistance Zone is $0.070, which it broke, then $0.100, $0.115.
SOL: Overbought at ResistanceSolana (SOL) technical analysis:
Trade setup : Price spiked up 50% into a stiff resistance zone ($25-30) and is very overbought (RSI > 80). We’re likely to see the price take a pause as traders take some profits (selling pressures). If it does clear this resistance zone, it could revisit $38 thereafter.
Trend : Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but extremely overbought . ( MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.
Support and Resistance : Nearest Support Zone is $20 (previous resistance), then $15. The nearest Resistance Zone is $25 – $30, then $38.
Why Penny Cryptos are LETHAL for TradersCryptocurrencies are often likened to the Wild West.
They are untamed, unregulated, and packed with potential riches.
However, they are also fraught with hidden dangers and potential pitfalls.
One such peril lies in the world of penny cryptos.
They’re cheap, super volatile, and they attract the minds of those who want a quick fortune.
This is similar to a gambling mentality. And You don’t want to go down this rabbit hole.
Once you get in, you find every reason to hold.
You build so much trust, prospects and hope with them.
You might as well marry them and expect the inevitable divorce which will rob you of your money.
Anyways, penny cryptos are lethal, and here’s why.
#1: Huge Volatility with Major Fluctuations
Imagine being on a roller coaster that has extreme highs and drastic lows.
One moment, you’re at the peak, enjoying a scenic view.
The next you’re plunging into a scary abyss.
That’s the world of penny cryptos.
Penny Cryptos are definitely like the wild wild west. They swing drastically in value. This is because of the low value of the currency.
#2: Issued by Small Companies with Little Experience and Knowledge
If the financial world was an ocean, penny cryptos would be the tiny, uncharted islands you might stumble upon.
The kind of islands that do not inhabit life and have erratic waves completely wash over it on a sporadic basis.
Well, in the deep ocean of crypto currencies, Penny Cryptos are these tiny pebbles.
Most times they’re issued by small, relatively unknown companies.
Sometimes they are issued by children in their parents basements.
Sometimes they are issued by gamers who don’t want to work for a living.
Sometimes they are issued by Only Fans sexy girls who flaunt their bits and believe their
currency will go up in value (amongst other things).
Anyways, Penny Cryptos (unlike Penny Stocks) lack the experience, credibility, intangible asset value and knowledge to navigate the tumultuous shitty penny cryptos.
In fact, they call many of these Penny Cryptos Shit Coins – No joke!
Such companies often struggle with regulatory hurdles, lack of funding, and poor management, making their cryptocurrencies extremely risky ventures.
#3: High Target of Scams and Fraud and Even Ponzi Schemes
Penny cryptos can sometimes be the financial equivalent of snake oil salesmen.
Their low cost and relative anonymity make them the perfect target for scams, fraud, and even Ponzi schemes.
And you know how messed up the world is and what kind of trash people there are.
And so, they are Penny Crypto con artists who try to sell their shitty coins only to lead to either a pump-and-dump scheme.
Or to fake an ICOs Initial Coin Offering) gather a whole bunch of money from investors, then make a run for it.
Please don’t fall for these scams!
#4: Illiquid and Low Volume Which Will be Difficult to Get in and Out
One of the most lethal attributes of penny cryptos is their lack of liquidity.
Liquidity, in the financial sense, is like the exit doors in a movie theater.
The more doors there are, the easier it is for people to leave when the movie is over.
In the world of penny cryptos, these exit doors are often few and far between.
Due to their low volume, buying and selling penny cryptos can be incredibly difficult.
If you’ve invested in a penny crypto and its value begins to plummet, you may find yourself trapped, unable to sell and cut your losses.
And you’ll just be stuck in your trade for years on end, while it gathers digital dust.
#5: More Likely to Hit 0 as They are Less Trusted by the Public
Trust is like the foundation of a house.
If it’s strong and solid, the house stands tall.
If it’s weak or non-existent, the house collapses.
Given the factors I mentioned above, should be enough to make you realise.
Any one of these weaknesses with a coin, can lead to a crash down to 0.
And believe you me, most of the millions of Penny Cryptos that are around today – will be nothing more than a remnant of a memory in the future.
BNB: Sideways ChannelBinance (BNB) technical analysis:
Trade setup : Following a big drawdown in June, price has stabilized in a Sideways Channel ($220 – $260). Swing Traders can trade the channel (Enter near $220 support and Exit near $260 resistance).
Pattern : Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Buy near Support and Sell near Resistance.
Trend : Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
Support and Resistance : Nearest Support Zone is $220. The nearest Resistance Zone is $260 (previous support), then $300.
TWT: Falling WedgeTrade setup : After it got very oversold (RSI ~ 20), price bounced from $0.75 support and reached $1.00 level, where it got rejected. Overall trend is still down and price is also trading in a Falling Wedge pattern. We wait for a breakout, ideally above $1.00 that would signal that buyers have absorbed all the supply from sellers and price is ready to resume an uptrend.
Patterns : Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Trend : Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance : Nearest Support Zone is $0.90, which it broke, then $0.75. The nearest Resistance Zone is $1.00, then $1.25.
Bitcoin- 35k could be nextSince the beginning of the year, Bitcoin is in an up trend contained in a nice rising channel, and after the break of the corrective falling wedge that followed the high of the year, the price rose again and for 3 weeks already is consolidating in this 30k zone.
This consolidation has formed a rectangle pattern which normally is a continuation pattern.
I expect this to be the case now and a new leg up will follow after the break above resistance.
35k is my target for BTC
MKR: Bullish PennantMaker (MKR) technical analysis:
Trade setup : Trends have reversed to uptrend but has reached our target of $1,000-$1,100 resistance zone, where it got rejected. Notice the long wicks on recent daily candles, indicating heavy selling. After a 100% gain from recent lows ($500) on June 10th, we expect some profit taking around the $1K resistance area. Now it’s consolidating in a Bullish Pennant pattern and we wait for a breakout. We highlighted MKR in our recent trading video “5 coins with big upside near-term”. Maker is a well established DeFi platform with real users and revenues , which forms a solid foundation for investors looking to trade it.
Pattern : Bullish Pennant – forms typically following a sharp advance, followed by a brief triangular shaped consolidation in price (a small change in direction), before the previous uptrend (bullish) typically resumes. The period of consolidation should have lower volume and the breakouts should occur on higher volume.
Trend : Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $800 (previous resistance), then $600 – $700. The nearest Resistance Zone is $1000 – $1100.
$FETNYSE:FET is currently trading in a range, GP/support at 0.2$.
it has a big resistance at 0.236$ which is POC,GP and may lows,
0.236$ needs to be reclaimed for continuation to the upside.
XRP: Descending TriangleRipple (XRP) technical analysis:
Trade setup : Price was rejected at $0.55 resistance again and is consolidating in a Descending Triangle, with $0.45 as triangle support level. We wait for a breakout. Bullish breakout could see the price revisit $0.55 while a bearish breakout below $0.45 could signal bearish reversal to downtrend with downside risk to $0.40 next.
Trend : Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance : Nearest Support Zone is $0.45 (previous resistance), then $0.40. The nearest Resistance Zone is $0.55, then $0.60.
SOL: Resistance BreakoutSolana (SOL) technical analysis:
Trade setup : After dipping as low as $12, price has rebounded and broken back above $15 and now $20 resistance and 200-day moving average. This could signal a trend reversal, with upside potential to $25-30 resistance zone.
Trend : Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting . MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $15, then $12. The nearest Resistance Zone is $20 (previous support), then $25 – $30.
ADA: Ascending TriangleCardano (ADA) technical analysis:
Trade setup : After a big drawdown to $0.25 support, price has been steadily recovering in an Ascending Triangle pattern. We wait for a breakout from the pattern, above $0.30 resistance, with upside to $0.35 (200-day MA) or even $0.40.
Trend : Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $0.25. The nearest Resistance Zone is $0.30 (previous support), then $0.40, and $0.50.
LINK: Approaching ResistanceChainLink (LINK) technical analysis:
Trade setup : Trends are improving. Price has bounced up from oversold levels (RSI < 30) near $5.00 support zone and above $6.00 resistance. However, it needs to break above 200-day moving average (~$6.70) to confirm trend reversal.
Trend : Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting . MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $6.00 (previous resistance) then $5.50 and $5.00. The nearest Resistance Zone is ~$6.70 (200-day moving average), then $8.50.
SOL: Approaching ResistanceSolana (SOL) technical analysis:
Trade setup : Price is in a downtrend and it dipped as low as $12 but got very oversold (RSI < 25) and bounced up. Now it’s approaching $20 resistance and 200-day moving average. We wait to see if price can break back above those key level ($20), which would signal a trend reversal. If it gets rejected there, then this was just a bounce from oversold levels in a downtrend.
Trend : Uptrend on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $15, then $12. The nearest Resistance Zone is $20 (previous support), then $25 – $30.
GRT: Resistance BreakoutTrade setup : Trend appears to be reversing to an Uptrend. Following a bearish breakout from a Descending Triangle , price dipped as low as $0.09 but rebounded above 200-day moving average ($0.12), which could signal a trend reversal. Price could revisit $0.18.
Trend : Uptrend on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $0.10, then $0.08. The nearest Resistance Zone is $0.18, then $0.23.
Bullish Reversal Potential on $FIL: Falling Wedge PatternGreetings, Traders! Today, I'm thrilled to share an intriguing technical analysis discovery on the stock of Filecoin ( TSX:FIL ). A falling wedge pattern has emerged, indicating the potential for a bullish reversal in the near future. Let's dive into the details!
📈 Ticker: TSX:FIL
📅 Timeframe: Daily Chart
📊 Pattern: Falling Wedge
📉 Understanding the Falling Wedge Pattern:
A falling wedge is a bullish chart pattern characterized by converging trendlines that slope downward. Typically formed during a downtrend, it suggests diminishing selling pressure and the potential for a reversal. This pattern indicates the possibility of an upward price movement.
🔍 Identifying the Falling Wedge on TSX:FIL :
Upon analyzing the daily chart of TSX:FIL , the following observations come to light:
1️⃣ Recent downtrend: TSX:FIL has experienced a decline in price over the past weeks.
2️⃣ Converging trendlines: The upper trendline connects the lower highs, while the lower trendline connects the lower lows.
3️⃣ Decreasing trading volume: As the falling wedge pattern forms, the trading volume has been declining, indicating a potential reduction in selling pressure.
📈 Price Targets and Trading Strategy:
If the falling wedge pattern on TSX:FIL plays out as expected, a potential bullish breakout above the upper trendline might occur, signaling a reversal and potential price appreciation. Consider the following price targets:
1️⃣ Target 1: Resistance level near $80.00
2️⃣ Target 2: Psychological resistance near $100.00
🛡️ Risk Management:
Implement the following risk management techniques to protect your capital and manage risk effectively:
1️⃣ Set a stop-loss order below the lower trendline to safeguard against unexpected price reversals.
2️⃣ Adjust position size based on your risk tolerance and overall portfolio management strategy.
🔔 Conclusion:
Stay watchful as Filecoin ( TSX:FIL ) continues to develop this falling wedge pattern. The formation suggests the potential for a bullish reversal in the near future. However, please remember that technical analysis has limitations, and market conditions can change. Consider incorporating additional analysis and fundamental factors before making any trading decisions.
Disclaimer: This post is for informational purposes only and should not be considered as financial advice. Always conduct your own research and consult with a qualified financial professional before making any investment decisions.
Happy Trading! 📈💰
#TradingView #TechnicalAnalysis #FallingWedge #BullishReversal #FIL #StockAnalysis #ChartPatterns #TradingStrategies #Investing #Finance #MarketAnalysis
LTC: Symmetrical Triangle BreakoutLitecoin (LTC) technical analysis:
Trade setup : Price is trading in a Symmetrical Triangle. Trend traders need to wait for a breakout. A bullish breakout could lead the price to revisit $105 resistance
Pattern : Symmetrical Triangle , which is a neutral pattern, suggesting indecision in the market. Although it could break either up or down, it usually breaks in the direction of the prevailing trend (i.e. continuation not reversal).
Trend : Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $80, then $65. The nearest Resistance Zone is $90, which it broke then $105.
MKR: Resistance BreakoutMaker (MKR) technical analysis:
Trade setup : Trends are reversing to uptrend. The $600-700 support zone once again acted as an attractive entry area. Now price broke above the 200-day moving average (~$676) and above $800 resistance, signaling potential trend reversal. Price could revisit $1K resistance. Maker is a well established DeFi platform with real users and revenues , which forms a solid foundation for investors looking to trade it.
Trend : Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $600 – $700, then $500. The nearest Resistance Zone is $800, which it broke, then $1000 – $1100.
SOL: Approaching ResistanceSolana (SOL) technical analysis:
Trade setup : Price is in a downtrend and it dipped as low as $12 but got very oversold (RSI < 25) and bounced up. Now it’s approaching $20 resistance and 200-day moving average. We wait to see if price can break back above those key level ($20), which would signal a trend reversal. If it gets rejected there, then this was just a bounce from oversold levels in a downtrend.
Trend : Neutral on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance : Nearest Support Zone is $15, then $12. The nearest Resistance Zone is $20 (previous support), then $25 – $30.
ETH: Pullback in UptrendEthereum (ETH) technical analysis:
Trade setup : Price remains in an Uptrend. Recently it had a bearish breakout from Descending Triangle pattern, dipped but rebounded from 200-day moving average (~$1,630) and a long-term up trendline (blue line in chart), which serves as a support area. Price reached $1,930 resistance where it has gotten rejected so far. Pullback to $1,800 support could be a swing entry opportunity in Uptrend.
Trend : Uptrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance : Nearest Support Zone is $1,800 (previous resistance), then $1,700. The nearest Resistance Zone is $1,930, then $2,000.
