#MAGIC/USDT is trying to break the Diagonal Trendline in 4-Hour #MAGIC/USDT is trying to break the Diagonal Trendline in 4-Hour TF!
OMXTSE:MAGIC needs to clear the trendline to turn bullish. Wait for BO/retest to long it. The local resistance level is PML $0.5265, and the support level is PWL $0.405.
MAGICUSDT trade ideas
#MAGICUSDT#MAGICUSDT
OMXTSE:MAGIC
Expecting some bullish continuation from the POI below at $0.8743, will be targeting the high at $1.10118
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MAGIC returns to be madeOn the above daily chart price action has corrected 80%. A number of reasons now exist to be long, including:
1) Price action and RSI resistance breakouts.
2) Support and resistance. Look left. See where price action is now testing for support?
3) The bull flag breakout + back test. The flagpole measures a 300% return.
Is it possible for price action to correct further? Sure.
Is it probable? No.
Ww
Type: Trade
Risk: <6%
Timeframe for long: Hours, yes you read that correct.
Return: 300%
15% correction MAGIC ?The price action around the 0.67 cents level seems to be weakening, indicating a possible break of this support area. This could lead to a correction to the level of 0.57 cents, representing a 15% decline.
And if the downtrend line is broken, this analysis was inconclusive and you can wait for a buy position to enter.
This analysis is based on technical indicators and price patterns and should not be considered as financial advice. Please do your research and consult with a financial advisor before making any investment decisions.
MAGIC/USDT is need to bounce and break the resistance for upward๐ The recent market dynamics surrounding #MAGIC have indeed been quite notable. Presently, MAGIC has bounced from the support level area, but there's a possibility it may undergo another round of testing at the support.
๐ For MAGIC to regain bullish momentum, it needs to successfully bounce and breach the resistance level around $0.95.
๐ Should MAGIC manage to bounce effectively and break above the resistance, it could pave the way for further upward movement, potentially leading to a test of our target strong resistance area.
๐ Conversely, if MAGIC fails to bounce convincingly from the support, it could signal bearish sentiment. In such a scenario, the price may break below support and continue its downward trajectory, potentially reaching lower levels.
MyCryptoParadise
iFeel the success๐ด
MAGIC/USDT it requires to bounce and break the resistance!๐ Paradisers, #MAGIC has recently undergone notable market dynamics. Currently situated at a critical support area, #MAGIC awaits validation through a bounce, which could set the stage for a breakout above the key resistance level at 1.195.
๐ Breaking above this resistance is pivotal for the next phase of the movement. If #MAGIC successfully breaches the resistance, it could signal further upward momentum, potentially leading to a retest of stronger resistance zones.
๐ However, should #MAGIC fail to break above the resistance, it may retreat to the support area to gather momentum for another attempt.
๐ If #MAGIC breaks below the support area, it would likely confirm a bearish sentiment, especially considering its prior breach of the ascending support trendline. Such a breakdown could lead to sustained downward movement, potentially testing lower support levels.
MAGIC/USDT bullish momentum from demand ? ๐๐Magic Analysis๐ Paradisers, it's time to cast our focus on #MAGICUSDT, as it's currently displaying indications of a bullish continuation from its present demand zone.
๐ From our previous observations, #Magic has shown a pattern of making an equal high trajectory followed by a decline. Currently, it's showing an increased likelihood of a bullish move from the demand level at $1.0557. If the price sustains its momentum at this level, we might witness a bullish climb towards the bearish Order Block (OB).
๐ However, as astute traders, we always keep an eye out for alternative scenarios. If #MAGIC fails to hold the demand level at $1.0557, we should be prepared for a potential bullish rebound from a lower demand level at $0.9363. Be aware that breaking below this level could trigger a substantial downward trend.
Magic Stalls at Resistance: Bearish RSI, Potential Retest LoMagic is on the cusp of a critical resistance level at $1.4973. While the price recently established a new high, a potential bearish signal is emerging from the Relative Strength Index (RSI).
Technical Analysis:
Resistance: $1.4973
Support: $1.2646 (Daily: $1.2613, Monthly: $1.0208)
Relative Strength Index (RSI): Bearish Divergence (New price high, lower/same RSI level)
Volume: Recent price test at $1.4973 coincided with decent buying pressure
Key Observations:
The RSI is indicating a bearish divergence. This suggests that the uptrend momentum might be weakening despite the recent price increase.
A significant support level exists at $1.2646 if the price breaks below $1.4973. Additional support levels lie at $1.2613 (daily chart) and $1.0208 (monthly chart).
If the price manages to overcome $1.4973, the next key resistance level on the monthly chart is $1.8231.
Volume Analysis:
The recent price test at $1.4973 was accompanied by decent buying pressure, but the price ultimately faced rejection. This suggests a potential struggle for the bulls to break through this resistance zone.
Conclusion:
The bearish divergence on the RSI, coupled with the price rejection at $1.4973 despite buying pressure, increases the chances of a pullback. Traders should closely monitor the price action around this resistance level. A break above could signal further gains towards $1.8231, while a break below could lead to a decline towards $1.2646 support, with additional support at $1.2613 (daily) and $1.0208 (monthly).
This information is for educational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.
MAGIC // Bullish Momentum on 15m Timeframe // Potential LONGMAGICUSDT: Bullish Potential on the 15m Timeframe
TP1: 1.3081
TP2: 1.3166
TP3: 1.3660
Technical Analysis Summary:
My technical analysis of MAGICUSDT on the 15-minute timeframe suggests a bullish bias, indicating the potential for price increases.
Supporting Indicators
Mixed Signals with Bullish Lean: While some indicators are neutral, a majority lean towards potential upward movement.
Key Indicators:
Stochastic RSI: Buy signal (60.811)
Ultimate Oscillator: Buy signal (55.316)
Williams %R: Although overbought (-43.038), this can indicate bullish continuation within an uptrend.
Moving Averages (MA): Simple MA5 shows a 'Buy' signal.
Important Considerations
Volatility: ATR indicates high volatility (0.0169). Expect potential price swings.
Mixed Indicators: Some indicators, like the RSI and MACD, show bearish signals. Be mindful of potential pullbacks within the broader uptrend.
MAGIC will fluctuate a lotOn MAGIC, we have a diamond diametric, and it seems that we are now in the F wave of this diametric.
On the green box, it is expected that the F wave will end and we will enter the bullish G wave.
The target is a red box.
Closing a daily candle below the invalidation level will violate the analysis.
For risk management, please don't forget stop loss and capital management
Comment if you have any questions
Thank You