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Bitcoin & Ethereum - Morning Update Bitcoin and Ethereum Morning Update Good morning, we are back close to the MarchVWAP on ETH 🚨 Still needs to be flipped for the trend to reverse on the higher time frame, if we get this reclaim we are looking for scalps on some assets but thats for later. This setup on ETH with the multiple retests on the cluster reminds me of another setup on ETH just close before we saw the big increase before the ETF happening. On BTC things are looking good as we held the most important level for now the MarchVAL. But on BTC the MarchVWAP is getting problematic too. We are still thinking that ETH is going to outperforme BTC in the next months in either direction. The 4H close on BTC above the MayVWAP is important and not just a fakeout, if we get a reversal in the next 30min we could be in light troubles but as long the MarchVAL holds everything is fine. We are looking for possible setbacks before breaching the next key levels on Bitcoin and Ethereum.
COINBASE:ETHUSDLong
by stromm
Unveiling the Falling Wedge: XRP Short-Term Boon Unveiling the Falling Wedge: A Short-Term Boon on the 4-Hour Chart In the fast-paced world of day trading, identifying short-term opportunities is crucial. The falling wedge, a technical chart pattern, emerges as a valuable tool for traders seeking to capitalize on price movements within a specific timeframe. This article dives deep into the falling wedge, exploring its characteristics, how to identify it on a 4-hour chart, and strategies to leverage it for short-term gain. Understanding the Falling Wedge The falling wedge, as the name suggests, is a bullish reversal pattern. It's formed by two converging trendlines, with price action creating lower highs and lower lows, but at a decreasing rate. Imagine a wedge shape being squeezed from top to bottom, with the narrowing gap hinting at a potential price reversal to the upside. This pattern signifies a period of consolidation where bears (sellers) are gradually losing momentum. While the price continues to fall, the decreasing distance between the trendlines indicates diminishing selling pressure. Bulls (buyers) start to accumulate, anticipating a potential breakout and price increase. Identifying the Falling Wedge on a 4-Hour Chart The 4-hour timeframe offers a sweet spot for day traders, providing a balance between short-term volatility and clear trend direction. Here's how to identify a falling wedge on your 4-hour chart: 1. Trendline Construction: Draw two trendlines, one connecting the swing highs (peaks) and another connecting the swing lows (valleys). Ensure both lines are sloping downwards, forming the wedge shape. 2. Convergence: Observe how the trendlines converge as the price action progresses. The closer the trendlines get, the more likely a breakout becomes. 3. Volume Confirmation: While not a definitive indicator, an increase in trading volume accompanying the price move towards the wedge's apex (point of convergence) can strengthen the breakout signal. Key Points to Remember: • The duration of the wedge formation doesn't have a set timeframe, but longer wedges tend to have stronger breakout potential. • The tightness of the wedge (how close the trendlines are) also influences the potential force of the breakout. Tighter wedges generally suggest a more explosive move. • False breakouts can occur, where the price pierces the lower trendline only to fall back within the wedge. Proper risk management is crucial in such situations. Strategies for Short-Term Gain Once you've identified a valid falling wedge on your 4-hour chart, here are some strategies to exploit the potential short-term gain: 1. Breakout Entry: Enter a long position (buying) once the price decisively breaks above the upper trendline. This breakout signifies a reversal in bearish momentum and a potential price increase. 2. Price Target: Set your initial profit target at a level equal to the height of the wedge. Measure this distance from the breakout point and project it upwards. 3. Stop-Loss Placement: Place your stop-loss order below the lower trendline of the wedge. This limits potential losses if the price falls and breaks the support level. 4. Trailing Stop-Loss: Consider employing a trailing stop-loss as the price moves in your favor. This adjusts your stop-loss automatically, locking in profits while allowing for some price fluctuations. Additional Considerations for Success While the falling wedge offers a promising setup for short-term gains, remember that successful trading requires a holistic approach. Here are some additional factors to consider: • Market Context: Analyze the overall market sentiment and any relevant news events that might influence the price action. • Technical Indicators: Combine the falling wedge with other technical indicators like Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD) to confirm the breakout signal. • Risk Management: Always prioritize risk management by using appropriate stop-loss orders and position sizing. Understanding the falling wedge and the strategies discussed empowers you to identify potential short-term trading opportunities on the 4-hour chart. Remember, consistent practice, a balanced approach, and proper risk management are key ingredients for success in navigating the ever-evolving world of day trading.
BITSTAMP:XRPUSDLong
by bryandowningqln
Bitcoin: Navigating "The Dow of Cryptocurrencies"Approaching a Pivotal Moment: Bitcoin, often dubbed "The Dow of cryptocurrencies," is on the brink of a significant development. Symmetrical Triangle Formation: Recent price action has seen consolidation near the all-time highs within a symmetrical triangle formation. Bullish Trend Continuation: Consolidations near highs in bull trends tend to resolve upward. The current breakout above the upper trendline suggests the potential for another substantial upward move in Bitcoin. Price Targets: A rise to the $90,000-$92,000 range is anticipated, with potential resistance around $80,000-$82,000. Vigilance Required: While a false breakout remains a possibility, as long as prices stay above the May 1st low, the path of least resistance is upward. This critical period demands close monitoring to navigate the potential outcomes effectively. Stay informed and stay ahead in the Bitcoin market! 🚀📈 #Bitcoin #Crypto #BTC #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Blockchain #Trading
BITSTAMP:BTCUSD
by Richtv_official
$ONDO Bullish Pennant on daily and weekly TF ! 🔥@everyone Trading in a bullish pennant pattern involves recognizing the setup and then executing trades based on the pattern's characteristics. Here are three key points to consider: ### 1. Identify the Pattern - **Formation**: A bullish pennant forms after a strong upward movement (flagpole), followed by a brief consolidation period with converging trendlines that create a small symmetrical triangle. - **Volume**: The volume typically decreases during the consolidation phase and should increase upon breakout. - **Duration**: This pattern usually develops over a period of one to three weeks. ### 2. Confirm the Breakout - **Breakout Point**: Enter a trade when the price breaks above the upper trendline of the pennant with increased volume. - **Validation**: Ensure the breakout is supported by higher trading volumes, which confirms the strength and likelihood of continuation. - **Entry Strategy**: Place a buy order slightly above the breakout point to avoid false breakouts. ### 3. Manage the Trade - **Target Price**: Estimate the target price by measuring the length of the flagpole (the initial price increase) and adding it to the breakout point. - **Stop-Loss Order**: Place a stop-loss order below the lower trendline of the pennant to protect against downside risk. - **Monitor**: Continuously monitor the trade, adjusting stop-loss levels to lock in profits as the price moves in your favor. By following these steps, traders can effectively capitalize on the bullish pennant pattern and manage their risk appropriately.
Long
by Crypto-Adda_Official
Detailed Analysis and Investment RecommendationsPrice Movement Analysis Initial Stability (June 3 - June 4): The price of Bitcoin hovered around USD 67,000 to USD 68,000. This stability suggests a period of consolidation, where traders were accumulating positions. Significant Rise (June 4 - June 5): A noticeable increase in price occurred, moving Bitcoin above USD 69,000. This could be attributed to positive market sentiment, news, or an influx of buying pressure. Fluctuations and Volatility (June 5 - June 7): During these days, Bitcoin's price fluctuated between USD 68,000 and USD 70,000. This period indicates heightened volatility, possibly due to traders taking profits or reacting to short-term market developments. Peak and Sharp Drop (June 8): The price peaked near USD 71,000 before experiencing a sharp decline to below USD 69,000. Such a drop might indicate a strong resistance at the USD 71,000 level, causing a sell-off. Recovery Phase (June 9): Following the drop, the price began to recover, showing upward momentum. This recovery suggests buying interest and support at lower levels. Technical Indicators and Trends: Support Level: USD 68,000 has acted as a strong support level throughout the week. If the price dips below this level, it might indicate a bearish trend. Resistance Level: USD 71,000 is a critical resistance level. Breaking above this level could signal a bullish breakout and potential further gains. Moving Averages: If available, using moving averages (e.g., 50-day, 200-day) can provide additional insight into the trend direction. A crossover of short-term moving averages above long-term moving averages typically indicates bullish momentum. Investment Recommendations For Short-term Traders: Buy on Dips: Consider buying when the price approaches the USD 68,000 support level, as it has shown resilience and potential for recovery. Sell Near Resistance: Plan to sell or take profits if the price nears the USD 71,000 resistance level, as it has previously led to a sell-off. Stop-Loss Orders: Use stop-loss orders to protect against sharp declines, especially below the USD 68,000 support level. For Long-term Investors: Accumulate During Dips: Use price dips as opportunities to accumulate more Bitcoin. The recovery from the recent dip suggests underlying strength and investor confidence. Hold for Long-term Gains: Bitcoin's historical trend has shown substantial long-term growth despite short-term volatility. Holding through fluctuations can yield significant returns. Diversification: Consider diversifying your investment across different cryptocurrencies or asset classes to manage risk effectively. Monitoring and Strategy Adjustments: Stay informed about major news, regulatory changes, and events that could impact the cryptocurrency market. These factors can cause significant price movements. Regularly perform technical analysis to identify emerging trends, support, and resistance levels. Tools like RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) can provide additional insights into market momentum. Periodically review your portfolio and investment strategy. Adjust your holdings based on market conditions and your risk tolerance.
COINBASE:BTCUSD
by bbitar
SOLANA WHAT NOW??We have been following the trend of Solana for some time now. We are now seeing buyers trying to push prices higher this is after market made a high around 209.90 . After which the market moved lower to make a retest at a crucial low around 159.20 - 167.70 . Now that we are seeing some signs of the buyers coming back, I will be looking to see if we can get a break and close above 191.80 . for possibility of another push higher towards the previous high 209.90 . I still maintain interest of possibly seeing price move towards the ATH 260 level. I keep an eye out as price can push lower towards support range 1 59.20 - 167.70 .
COINBASE:SOLUSDLong
by geekyfxke
1
ETC ( Ethereum Classic ) tm:1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
TRX ( TRON ) tm:1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
HBAR ( Hedera ) tm :1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
1
UNI ( uniswap ) tm:1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
TON ( toncoin ) tm:1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
DOGE TM : 1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
by itsbluemorpho
BNB TM : 1hHello traders. I hope you doing well. These areas are based on my personal strategy and I will share it with you. Open a sell position on the supply area or open a buy position on the demand area. Your entry point, stop loss, and target point are based on money management and the amount of money in your trading account. But I promise you that by trading in the areas of my trading strategy, you will definitely make a profit, because these areas, although they seem simple, are my experience of 8 years of learning and trading. I hope you will achieve maximum continuous profit with me by using supply and demand areas. Good luck traders. Mohammad Goodarzi
Long
by itsbluemorpho
Near Protocol: Bullish Breakout or Bearish Signal? Near Protocol: Bullish Breakout or Bearish Signal? A Potential 37% Downturn Near Protocol (NEAR) has been a beacon of relative stability in the volatile cryptocurrency market of 2024. While other altcoins have plunged, NEAR has managed to hold its ground. However, a recent price movement has some analysts sounding the alarm, suggesting a potential 37% crash on the horizon. Wedge Pattern and the Analyst's Call In early May, NEAR formed a technical chart pattern known as a "wedge." This pattern is characterized by price fluctuations confined within a narrowing range, with trendlines converging towards a point. While breakouts from wedges can signal either bullish or bearish continuations, the specific characteristics of NEAR's breakout have a crypto analyst predicting a significant downturn. The analyst argues that the way NEAR broke out of the wedge is a bearish indicator. They believe the price may experience a period of consolidation around its current level ($7.30 as of May 31, 2024) before an "impulsive" downward movement. This movement could initially see the price drop by 8% to $6.78, followed by further declines to $6.00 and a potential bottom around $4.60. If this scenario plays out, NEAR would experience a total decline of 37%. Metrics Supporting the Downturn Theory The analyst's prediction finds some support in recent developments surrounding NEAR's market metrics. After a strong start to 2024, NEAR has seen a decline in price over the past month. This price drop coincides with a notable decrease in daily trading volume, suggesting a potential weakening of investor interest. While NEAR has outperformed many other altcoins, the overall bearish sentiment in the cryptocurrency market could also play a role in its future price movement. A broader market downturn could drag NEAR down even if its project fundamentals remain strong. Understanding Wedge Patterns and Analyst Predictions It's important to remember that technical analysis, including wedge patterns, is not an exact science. Past performance is not always indicative of future results. While the analyst's prediction offers a bearish perspective, it's just one voice in a crowded space. Here are some additional factors to consider: • Positive News and Developments: News about partnerships, project developments, or upcoming upgrades could trigger renewed investor interest and push the price upwards. • Market Sentiment Shift: A broader shift in market sentiment towards optimism could buoy NEAR's price regardless of the technical indicators. • Unforeseen Events: Unexpected events, both positive and negative, can significantly impact the cryptocurrency market. Investor Takeaway: Research and Diversification The potential for a 37% decline in NEAR price should be a wake-up call for investors. It underscores the inherent volatility of the cryptocurrency market. Investors should thoroughly research NEAR's project fundamentals, roadmap, and broader market outlook before making any investment decisions. Diversification is also crucial. Spreading investments across various cryptocurrencies and asset classes can help mitigate risk. Conclusion Near Protocol's recent breakout from a wedge pattern has sparked debate among analysts. While some see a potential 37% crash on the horizon, others remain cautiously optimistic. Ultimately, the future price movement of NEAR will depend on a combination of technical factors, project developments, and broader market sentiment. Investors should carefully consider all available information before entering or exiting any NEAR positions.
Short
by bryandowningqln
1