Interpretation of cryptocurrency market on May 10th, 2023Mainstream tokens continued to trade sideways yesterday as altcoins bottomed out. ETH pledges continued to rise at an accelerating rate. Since the Shanghai upgrade, there has been a net inflow of over 100,000 tokens. With Memecoins continuing to heat up, the rise in gas fees has also seen a significant surge in pledge earnings. Favorable for ETH and the pledging circuit, but the market is still not speculating on this.
The pressure and washout can also be seen yesterday in LDO's extreme trend. After a quick breakdown to smash out the panic market, it rallied back to the weekend price. ARB was slightly larger than 1 USDT, but the derivatives pins smashed through 1 USDT. This also means that users who stopped out and blew their positions at the derivatives round number mark have been cleared.
We can tell that the adjustment in altcoins is in place. The issue of exchange rates was also mentioned earlier. High-value altcoins have now reached the bottom range, both technically and fundamentally. Unless systemic risks bring down the overall valuation, the subsequent sustained rise is a probable event. And all that needs to be added to start this leg of the market is an opportunity. It could be a specific message or a significant rise in one of the leading tokens.
But the follow-up, whether it's an exchange rate fix or favorable cashing in, is still seen as the last leg of the year's rally. The position reduction should still be done in batches during the rally.
ARBUSDT trade ideas
ARBITRUM (ARB) CRYPTOCURRENCY SHORT | 50% DOWNSIDE | SWING TRADEArbitrum cryptocurrency or the ARB coin was trading in a range from past few weeks. The price has recently broken down the support and currently going up for a retest.
I expect a bearish continuation.
A short can be initiated.
Entry- 1.14
Stop loss- 1.25.
But if a daily closes back above the broken support turned resistance, exit the trade. No need to wait for stop loss to hit.
Target- 0.5. However, keep booking profits as price goes down and trail your stop losses.
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE.
L2 Hype Wave Coming?So we're getting close to the point where this correction should be near over/over and we resume the bull trend on BTC and some alts - I'm of strong belief L2's are the strongest narrative in crypto currently and for a while ahead from a fundamental perspective and future hype - These 3 are the best L2 picks to capitalize on this trend - also keep an eye on ZKSync when it goes public.
$ARB- NO CLEAR PATHWAY YET!First- I love this project, so i keep buying every dip but the chart is still looking fuzzy with no clear pathway.
It could go below $1 to cc; it could continue to a $ and above. There is a lot of sentiments, expectations surrounding this layer zero token.. mine included
Looking like a flag pole but all indicators saying otherwise
RSIs and MACD on the available tfs clearly showing bearish sentiments
Volume looking uncertain like it is waiting for something..
Not gonna trade this for a scalp at the moment
Arb usdt 4H bay or short?!arb usdt
Time 4 hours
Should we buy or sell? We have two scenarios ahead of us, scenario 1: sell and scenario 2: if the market is in a good condition, we will buy.
The strong prz is in the area of 1.1680 to 1.09, which is a very important area for ARB
What is your opinion? Scenario 1 or Scenario 2?!
ARB WHAT'S NEXT! SHORT TERM PERSPECTIVEHello Traders and everyone, I am Hadi Karaali, Known as SNIPERS_FX
If you like the idea, do not forget to support with a like and follow.
QUICK UPDATE ON ARB,
As we can see previously price broke above our major swing high and traded higher.
However, price now is retesting our zone again, where we will be looking for new longs as a new bullish movement.
Meanwhile, price is trading inside this falling channel, and for the bulls to kick in we need a break above the marked swing high,
Then a further bullish movement would be expected.
Until that happens price is still overall bearish and price can still trade lower before reversal.
If you like this kind of analysis don't forget to like and follow
and as usual follow your trading plan and manage your risk.
Be patient and good luck!