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MAGIC / TetherUS

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MAGICUSDT trade ideas

MAGIC go downThere is a downtrend on the instrument, a decrease in trading volumes, the buyer cannot update local highs, all this indicates the presence of its weakness. In view of the above, a short breakout level was formed with several touches, as well as a downward slope. I expect that the further inability to update the highs and the price tightening to the level of $ 1.49 will lead to its breakdown into the short. I plan to enter the deal in case of a smooth approach to the level, trading in its area and an impulse breakdown down to the next support zone around $ 1.40.
Short
by CScalp_EN
magic analysis 1Hanalysis magic/usdt/perpetual/bybit/1H In this time frame, the price chart has an ascending bullish flag pattern. As you can see, the price is moving in a downward channel, and due to the price hitting the ceiling of the channel, we will expect the price to correct to the support floor of the channel, i.e., the range of 0.786, and after hitting this level, expect the impulsive movement first up to The ceiling of the channel means the 0.5 Fibonacci level, and if we cross this level, we will expect a further rise to the 0.236 Fibonacci level. Price targets: 1.6118 - 1.8454 - 2.1068
by DanelloNZ
Shockingly effective way of catching crypto peaksHello friends. We have evolved our understanding of open interest by looking through hundreds of different altcoin charts and ultimately came to the conclusion that everything we thought we knew was a lie. We had thought that open interest functioned like this: Rising open interest means the current trend is strong, and falling open interest means the current trend is weak. This could make sense because let's say the price is rising and open interest is rising, that means more people are shorting and the shorts will fuel a move up, right? We learned this idea from Bitcoin Trading Challenge. But in this case, he was dead wrong, and the charts demonstrate this clearly. Go on Coinalyze right now and pull up a chart of Dogecoin. Scroll back to a time when Dogecoin pumped. Literally, any time when it pumped. Then add the aggregated open interest onto that chart. What you will find is that when this coin pumps sharply, and open interest also increases sharply, the move almost always leads to an equally sharp crash which causes open interest to fall. How do we explain this occurrence? coinalyze.net I have a new theory that I came up with myself this time. Sharply rising open interest means that retail traders have become very exuberant and are opening lots of highly leveraged long positions. Since these positions are high leverage, the open interest also falls when prices start to tick down, as their positions are closed off at a loss. It's true that shorts are also opening, but this is not very relevant since retail is crowding the long trade and the market thoroughly enjoys punishing retail exuberance. The strategy: Look for an altcoin that rises sharply in both price and open interest and then ticks down sharply to show a change of trend. Short with a stop clean above the local high, and ride the crash down to the base of the pump. Notes: This strategy should not be used on heavily illiquid shitcoins. These should not be traded at all, in our view. They present too much risk that the trade may have high slippage for an exit. Additionally, if there has been a strongly positive news event like the Elon Musk Twitter buyout for Dogecoin, you will see that this strategy is not effective.
Short
by bowtrix
3
Magic Coin Price Prediction 0.87 Key LevelThis is a chart of the price of the Magic coin, presented on a weekly time scale. We've been tracking the Magic coin's price movements over the past few weeks, and have identified a key level of resistance that the price has recently broken through. Based on our analysis, the Magic coin appears to have broken through a key level of resistance on the weekly chart, indicating that the market sentiment towards this coin is bullish. However, as with all investments, there are no guarantees and it is important to be aware of the risks involved. Given this, if we see a dip in the price of the Magic coin back to the 0.87 level, it would present a good buying opportunity for those looking to invest in this coin. However, it's important to keep in mind that this analysis is based on past price movements and should not be used as a sole basis for making investment decisions. Other market indicators, economic and political events, and fundamental analysis should also be considered when trying to predict future movements of the Magic coin's price.
by SuperTradeish