$61,357 is the 2021 highest monthly candle closeMaintaining this on a closing basis for JUNE & JULY
is essential to ensure we haven't prematurely topped out
we did have some topping signals
namely the #bitcoin ETF approval and going live
and Andrew Tate destroying the #Solana network :)
It would not be entirely disastrous in BTC ends the calendar year around 50k but it would actually give fuel for a full 4 year cycle
I am still leaning into this being a Bear Trap
And a MASSIVE #Altcoin shakeout.
and the #MTGOX distribution not having much effect
(remember they got hacked for 700,000 coins and only have 140k to reimburse )
ALTS
BNB : NEW ATH !! What's NEXT FOR BNB ??BINANCE:BNBUSDT
Binance coin / BNB has recently made a new ATH 💥🚀 And the price doesn't seem to be ready to turn around just yet. How can we gauge the next possible targets AND retracements for BNB SHORT TERM?
1) Bollinger Bands
Bollinger Band Strategy is excellent to use on lower timeframes, especially when combined with Fibonacci zones. The yellow dot basis (20d Moving Averages) is a common zone to watch for retracements, as well as bounces. As long as the price is bullish, the basis will hold and act as support. The Fib lines up until the basis can be watches for bounce zones:
Notice that periods of contractions is followed by expansion - watch the upper red and purple lines for near term targets (price labels on the right).
2) Fibonacci
Trend based Fibonacci can be helpful to identify key zones that could likely act as resistance, for example:
If we can't close ABOVE the 2.618, we stand a risk to form a nasty M-Pattern, which could indicate the end of the bullish cycle.
3) Moving Averages
The price often corrects towards the moving averages in the daily timeframe. This could be a potential re-entry zone for a swing trade (not accumulation as the price is at the peak of the bullish cycle). Understand that you risk is HIGH if you're looking to buy here. If we lose the 50d (green trendline) that could mean the bullish cycle is coming to an end. You can see the bounce is slightly smaller every time it touches, indicating the end is potentially near:
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Update on BTC DominanceBTC dominance is currently around its resistance line on 4H timeframe and it recently bounced back from the support level.
if btc breaks this resistance level we can expect the btc price to pump and ALTs to bleed.
im expecting the dominance to get rejected from the resistance level and hit the support again.
Lets wait and see
What's next for altcoins ? TOTAL3 analysisAt present, the CRYPTOCAP:TOTAL3 , which excludes the Bitcoin and Ethereum Marketcap, is navigating through a critical phase. 'total3' has now come into contact with its short-term support level, a zone that has repeatedly demonstrated its strength and sturdiness, having successfully held up multiple times in the past.
This support zone is of paramount importance for the performance of alt-coins. In order for these alt-coins to see an uptick in their values, this support needs to prove its strength once again and hold firm. Moreover, the total market cap needs to experience a bounce back from its current position in the 600B zone. If these conditions are met, it could potentially lead to a significant price boost for the major alt-coins in the market.
However, there's always the possibility that this support fails to hold up. In such a scenario, the ensuing support is situated around the 500B mark, which is also a robust support level. Should the total market cap hit this support level, we can anticipate a bounce back. But it's crucial to note that if this support level is indeed tested, it could lead to a considerable number of alt-coins losing their value.
As of now, it remains to be seen which of these scenarios will play out. Personally, I am hoping for a rebound from the current support around the 600B mark, as it would bode well for the state of the market and the alt-coins in particular.
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Cheers,
GreenCrypto
SHIB - This Indicator says SELLSHIB has just flashed a dangerous "SELL" alert.
This indicator is highly accurate in higher timeframes, especially the weekly. Look at all the "SELL" signals and how far the price drops after:
From a trendline perspective, SHIB HAS to stay ABOVE the current support line (Fibonacci line 0.236). If it falls under, SHIBA will be at risk of falling to the dotted line, which is BEARISH.
In case you missed it, my take on Bitcoin for the SHORT TERM:
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BINANCE:SHIBUSDT
Not Dropped, Is it going to stop?If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment!
Could not break above the level identified, and it played as resistance before the drop.
With the sweep of the low, it could lead to lower lows.
I am keeping an eye on these levels, here and below the current PA, for support.
If it heads down to them, I will be watching for a reaction off of the levels in conjunction with other confluences.
If its going to turn up from here, the same levels could be key.
I would want to see a break above and a flip to support.
Trade Safe!
Trade Clarity!
ALTSEASON = A MONTHLY CLOSE above the previous ALL TIME HIGH...for Bitcoin
This is what has set off a general Altcoin season based on the previous two cycles.
We have not done that yet!
We might do it, this month.. and it seems likely
We wait till Sunday at midnight to see if it does.
However don't get too excited because we are running ahead of schedule.
And notice BTC dominance drops only for a few months before we start distributing out
when everyone is partying after waiting for 3.5 years holding their shit coins
Than the party basically comes to an end.
Basically Q4 2024 this crypto cycle is likely over and done with.
And you should have converted a good portion of your chips into #stablecoins.
best of luck
TOTAL 3 - Can do +30% move versus #BTC pre halving #ALT runThis chart Total 3 minus the 3 biggest stablecoins
OVER the price of #Bitcoin
If this number is going up so are your #altcoins
We have a clear double bottom forming
just a matter of clearing the neckline to confirm.
Also interesting to note how the 0.786 Fibonacci was front-run by eager investors looking for Risk assets.
A disappointing #Altcoin season? Maybe! OTHERS.d/BTC.dMaking gains in #Crypto has gotten harder and harder with each passing cycle for the vast majority of participants.
That is an unquestionable truth that I see and hear from people.
#Bitcoin itself is in it's 4th Hype cycle... which is bearish
2013 Mt Gox ponzi cycle top/collapse
2017 Eth/ICO craze, CME futures. CNBC XRP shill top.
2021 Uniswap/DEFI innovation , Elon doge /Coinbase IPO top.
2024/5 Memecoins craze --- topping signals are already appearing Andrew Tate / Iggy Azalea at NYSE. A Trump Election Win could be the final nail in the coffin whilst ppl celebrate the news and January 2025 Inauguration may seal crypto's fate.
The left translated 4 year cycle is a definite possibility as made popular by #BobLoukas
We know that retail investors are rejecting High valued VC backed projects and rather take high risk gambles on #Memecoins for a chance to be early... this is not bullish behaviour obviously!
As only a tiny percentage of people can win at that game and often it is not YOU!
Once that speculative capital & energy is rinsed many people will be left holding a worthless bag of tokens.
#Leverage trading destroys many people's lives
And a digital store of value whilst has obviously it's merits is unlikely to flip #Gold in marketcap imho
It cannot compete with a 5000 year history of storing wealth for generation to generation.
I can bury Gold coins in my garden and dig them up in 50 years knowing full well that they will have value.
Would you do that with a trezor? Lol.
So what do we do ... try to take advantage of the next 6 months and rotate S coin profits into
#Stablecoins and maybe a small allocation to #PAXG #XAUT (buyer beware on those gold backed #RWA coins obviously)
This should buy you enough time, to let you assess the fallout of any top that may occur this Christmas/new year.
Remember many people and especially the Bitcoin community will be partying and celebrating the 15 year journey of a $100k plus BTC.
You must avoid being sucked into that hype and cash in a good chunk of your crypto portfolio IMO
This is just a scenario I give to you ... and not a prediction ofc.
We are trying to predict the future irrational behaviour of humans, an almost impossible task. But as the wall St cheat sheet demonstrates speculative bubbles, generally do repeat often enough for us to try and capture profits from them.
So we watch and wait, place our bets and see where the chips may fall, one foot in and one foot out is my general kind of viewpoint of how most people should be thinking at this stage of the cycle.
ALTCOINS REQUESTS: Request YOUR Analysis HERE ! --\(˙<>˙)/--Request up to three alts that you'd like analyzed!
Here are some I've analyzed recently:
1) CRONOS / OKX:CROUSDT
2) BNB / BINANCE:BNBUSDT
3) PEPE and TOAD / BINANCE:PEPEUSDT MEXC:TOADUSDT
4) Solana / KUCOIN:SOLUSDT
💎 And just a bonus on how to trade NEWLY Released altcoins:
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LONG Bitcoin during RED days always!Morning lads,
Figured I'd share my view on BTC for the following weeks.
There's a chance that instead of a channel, its a descending triangle on the daily, bringing prices to 50k.
But Im gonna keep that in mind and hope we move up!
This trade would help alts tremendously as well..
Trade thirsty, my friends..
Slerf is poised to rebound hard...The large #memecoins on #Solana
Have provided a wealth of opportunities
We must appreciate their strength and wonderful gains they have brought people
Their is no use crying on the sidelines that your coins aren't pumping
When we see what #WIF , #BONK have been doing
Keep you core coins that you like
but also if you bringing in fresh FIAT into this casino
I like Slerf at these depressed levels
as it may rise up in sympathy as Solana takes aim at a new cycle high.
The bollinger bands are squeezed in
the slow stochastics are perky
and we have our higher lows in place.
TokenFi: June 10th, 2024Hello dear traders.
Considering that a weekly level (i.e. red) is being defended, I think this is a great longing opportunity. Having swept some lows, the structure at the lows is interesting as well. The FVG is holding the price for now, and I always like to long into fear-inducing candles if the bullish structure is defended.
I hope this idea is useful.
MOJO potential for an inverse head and shoulders ...As long as price remains in the right shoulder, new entries could be rewarded on this recently created memecoin.
* I am a buyer and holder *
Low marketcap but decent volume and liquidity
DYOR by following the twitter account to see if this coin fits into your investment style and risk tolerance.
But I like what I see so far and think it could make new highs ... at some point.
Altseason - are you seeing this?Others dominance may be wrapping up a right shoulder on he weekly. The right shoulder may take longer than the indicator has drawn, however so I've drawn my own next to it in white.
As confluence for this, the larger pattern began taking shape after a smaller one formed within its head.
The smaller inverted HS is already confirmed and is presently re-testing its neckline, pullbacks below failing so far. Its targets are 16% and then just slightly over 19% and just below ATH, should it hold after another test or pullback.
Targets for both:
The smaller HSi would confirm the larger one by reaching its TP 1 at 16%, and then holding above ~13.5% or so.
TP 1 as measured for the larger HSi on the non-log chart is 19.7%, or slightly above ATH.
Its logarithmic measured TP 1 is above ATH around 24.15%
Conclusion:
Altcoins may regain its prior ATH in market dominance, somewhere around 19.5%, and could approach 24-25%
Worried about holding Alts? Remember this chart!
The Alt market cap is currently showing strong support around the $1.112T mark. After a decisive breakout from the descending channel, we are now seeing a period of consolidation. This suggests a potential for further upside if support holds.
📈 Key Observations:
- Breakout from the descending channel indicates a bullish trend reversal.
- Support around $1.112T is crucial; maintaining above this level could lead to further gains.
- Watch the weekly close for confirmation of this trend.
Stay vigilant
Do hit the like button.
Thank you
#PEACE
These ALTS can still EXPLODE - ALTSEASON 2.0Missed the rallies? Don't worry! Here's a list of alts that still has BIG UPSIDE Potential!
1) CROUSDT / OKX:CROUSDT
2) LINK / BINANCE:LINKUSDT
LINK is 53% from the FIRST TP point... and still an incredible amount of upside beyond this point:
3) MATIC / BINANCE:MATICUSDT
MATIC is about to retest a very important support zone for the third time, and a triple bottom would be significantly bullish (IF it holds):
4) Fantom / BINANCE:FTMUSDT
FTM seems bearish for the short term, but it's over 400% away from the previous ATH! There great upside potential her is you have some patience. I'd be looking to buy in the yellow zone:
5) Litecoin / BINANCE:LTCUSDT
And last but not least, Litecoin as seen on the front chart. LTC is about to re-enter the accumulation zone, where it normally doesn't stay long - it could consolidate here for some time, but upside is usually the next logical step after Litecoin enters the accumulation zone.
Again, you may need some patience but if you're willing to hold you could score big time on these altcoins!
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'Inexperienced retail' 'Hodlr' playing with circles top guessJust playing with circles trying to find the alt market's geometrical blueprint and underlying framework it's going along.... From the first time I played around with the charts I became aware of some kinda pattern BTC was following by stacking parallel channels along certain trend lines. In doing this, i realize that there is probably several and more intricate geometrical shapes the overall charts are following. So, with me having no traditional TA experience, my whole approach to looking at the charts is just trying to find the underlying 'macro' geometrical framework that the price appears to be following. In this case, i'm just playing with circles and guessing a possible optimistic shape.... With that being said I could be totally wrong.... But, I'm guessing a July 25th top, then another Top around January 13th .... Just a guess tho, I reserve the right to change my prediction in the future. "The list is fluid" - Stephen A Smith lol