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Trendline Flip: Bullish Setup for SUI/USDTSUI/USDT is finding strong support at the trendline, which has now flipped from resistance to support. This trendline, previously acting as a key resistance, has been successfully retested after the breakout, confirming its role as a new support level. Additionally, the price is holding above the key supply and demand zone, further strengthening the bullish outlook. If this support holds, we could see a potential upward move as bullish momentum builds from this critical level. DYOR, NFA
Long
by unichartz
Phemex Analysis #57: How to Trade XRP Like A ProXRP has been on a wild ride. Following our last analysis on December 11th , XRP peaked at $3.40, only to plummet nearly 50% to $1.76 after forming a third higher top with RSI divergence. Recently, we've seen a resurgence, with XRP climbing back up to around $2.36 – a 34% rebound. But where does it go from here? Is this a prime "buy the dip" opportunity for long-term holders, or is further downside on the horizon? Let's explore some potential scenarios. Scenario 1: Building a Base for a Comeback Imagine XRP consolidating its recent gains. Instead of another sharp drop, it finds a footing, establishing a base around $2, or even down to $1.80 if current support falters. This scenario would be characterized by: Accumulation signs near these levels, with higher RSI values and lower trading volume compared to the previous declines. This could indicate renewed buying interest. Pro Tips: Closely monitor volume and RSI. If they align with base-building conditions (higher RSI and lower volume), consider gradually entering long positions. Crucially, set stop-losses below key support levels to manage risk. Scenario 2: The Bear's Grip Tightens Now, picture this: The recent rally loses steam, and XRP breaks below critical support. A sharp drop below $2, accompanied by high trading volume and lower RSI compared to the fall from $3.40, could signal further trouble. In this bearish scenario, traders should brace for potentially deeper declines towards support zones around $1.3, $1.0 or even historical lows seen in past bear markets. Pro Tips: Exercise caution. Avoid entering trades until a clear direction emerges. Consider shorting opportunities if the price breaks below key supports (e.g., near or below current lows) with higher volume and lower RSI than previous drops. Scenario 3: A Period of Calm – Consolidation Another possibility is that XRP enters a period of consolidation, fluctuating between resistance around $3 and support near $2. During this period of reduced volatility: Traders can capitalize using Phemex Grid trading bots to capitalize profits from these small price fluctuations. Pro Tips: Set up long grid bots near the lower boundary (support) to buy as prices rebound. Position short grid bots near the upper boundary (resistance) to sell as prices approach. Remember, stop-losses are essential to manage risk if the price breaks out above resistance or falls below support. The Big Picture: Staying Ahead of the Curve Trading XRP requires a keen awareness of both broader cryptocurrency market trends and Ripple-specific news, such as regulatory developments that could impact investor confidence. Whether you're navigating a sharp drop (Scenario 2), capitalizing on consolidation (Scenario 3), or preparing for other potential scenarios, discipline and adaptability are paramount. By staying informed, managing risk, and adapting to changing conditions, you can trade XRP Like A Pro! Final Tips: Trade Smarter, Not Harder with Phemex. Benefit from cutting-edge features like multiple watchlists, basket orders, and real-time strategy adjustments. Our unique scaled order system and iceberg order functionality give you a competitive edge. Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
by Phemex
2
Don't say "I didn't know" and miss 75% return A massive cup-and-handle pattern is forming in CRYPTO:ETHUSD (yellow), with the handle currently in the process of forming. An interesting observation is that the handle itself contains a smaller cup-and-handle pattern (purple), which has already successfully broken out. Beyond the technical analysis, applying the Dynamic Time Warping (DTW) algorithm combined with cubic splines to evaluate the similarity between the two cup-and-handle patterns results in a value of 0.66, indicating a significant resemblance between them. This notable similarity, along with the breakout of the smaller cup-and-handle pattern, supports the potential breakout of the larger cup-and-handle pattern, which may occur in the near future.
BITSTAMP:ETHUSDLong
by ravivhe94
Bitcoin Supercycle theory - bottom inBull theory – Bottom is already in for Bitcoin INDEX:BTCUSD There are severeal technical indicators and measurements that suggest it could be. Firstly, the 50-week MA already crossed the 100-week MA. Each time this occured, the bottom was already in, both times as the weekly RSI dipped into oversold conditions. The price behavior has also been similar to the 2014 bear market for months with a drawdown of -53% below the 50-100WMA. (-But there is more time for that special fractal in another post.) Secondly, this current level happens to be a 0.786 Fibonacci Retracement of our entire run up from Covid-19 to the November top in addition as it is the support oft he previous all time high(2017). Furthermore sitting right now on the weekly 300MA. The Fear and Greed Index has only registered prolonged periods in Extreme Fear(below 10) as we have witnessed at the 2018 capitulation bottom and the 2020 Covid-19 selloff. Therefore the capitulation happened in June, with Luna (+UST), the depegging of USDT, 3AC, blockfi, Celsius… which are all max fear events. But everyone is now expecting 13-15k thinking we are in the middle of a bear market rally. While the GBTC Grayscale Bitcoin Trust value sitting already at chart comparable 11k. From technical analysis we couldn’t have bottomed more. Even on chain indicators signal the bottom is near. NUPL, RHODL Ratio, Puell Multipli, Entity adjusted Dormancy-Flow, MVRV-Z Score, 2Year MA Multiplier, CBBI-Bull Run Index. We have already seen arguably the most extreme network capitulation in Bitcoin‘s history, with now also a Hash Ribbons blue ball on the daily timeframe. Bitcoin is trading at a fair value. I am still hoping for an expanding flat 3-3-5 elliot wave correction, a double three WXY pattern, or even a simple overshooting B of an ABC. But if that 17,6k gets structural taken out we are not talking about recession but deflationary depression and just the start of a longer bear market. Fortunately the global narrative is shifting. People are now saying we are going into a deep recession. CNBC‘s Cramer saying to avoid all speculative investments like crypto, while the worst is priced in already. It starts to look like the main worry is becoming recession with deflation and not inflation now. That idea gets strengthened by US-CPI showing a second month of decline. Based on the 5-year break-even inflation rate, a leading indicator, it can already be said with certainty that we have seen the short-term peak in inflation. And that inflation is expected to recover further through 2023. Keep in mind every time inflation tops - Stock market rallies! Once the consumer price index print comes in significantly lower (September~7,9% but October ~7%) the stage will be set for a Powell flip flop. FED pivots systematically lead to strong rallies. So November FOMC potentially for a midterm or year-end Christmas rally. This means that the Fed will step back on better CPI-data and inflation will eventually start running again in 2023. Nobody does see a fruitful future for investments right now. To trick the retail there is no need for a positive narrative so everyone keeps being bearish. Only technical analysis matters. Afterwards we will see what the news catalyst was. Btc may range more than equities first, then rotation into more risk happens later. Hence Bitcoin Dominance will rise and Altcoins will pump after Bitcoin. But Btc is not yet in a multi-year bear market within its 4 year cycle because BTC.D would be at that point much higher while we are seeing new 4 year lows. Something is different. As a trader you have to adapt the possibilities. Invalidation of that bull scenario if we set a new low in Bitcoin. Then there will be much bigger problems in the market. So all eyes on the DXY and the behavior oft he FED, because Btc is at this time just the risk-taking follower of Nasdaq and SPX. Special greetings to Blockchain Backer, following him for almost a year.
INDEX:BTCUSDLong
by derJessie
3
Possible BTC playout...Hello fellow traders, today i would like to share my idea on the next possible move of BTC . Since I'm new to trading and not qualified to give any sort of financial advice take this as a general outlook of the current situation and my personal thought. I'm not a native english speaker so excuse me if i make any sort of grammatical errors. For starters i would say that on 21st of November 2022 we successfully completed wave 5 of the BTC's downtrend and now should follow an ABC corrective move. As you can see from the chart above wave A (yellow line path) should be already in place. This idea should be confirmed and backed up by the fact that wave A is composed of 5 other minor waves count which in my opinion wave 5 ended on 21st of Feb 2023 when we touched the 25k level resistance. Now we should see a minor ABC correction that could bring us to the lower levels such as the Fib 0.618 that sits around 20.5k and this should be the wave B (yellow line path) of the major correction. If this level doesn't hold we most likely end up testing the 19k level where for sure will trigger some reaction from the bulls. Once the minor ABC correction is done we should see the last major wave C (yellow line) which could take us around the 30k level. Generally speaking i'm quite bullish on mid/long term, but for the moment being i'm more bearish on short term mainly because of the traditional markets and inflation, i think we should wait for more positive data about the macroeconomics aspects to really change our insight. Thank you for reading and please leave a comment if you have some suggestions or ideas. Have a good day!
by FoxyK_
1
Bitcoin can Escape from 🎪Descending Channels Festival🎪❗️❓Bitcoin is moving in a main descending channel in the 4-hour time frame, and as I expected, the descending Scallop pattern worked well.👇✅ But if you look a little more at the Bitcoin chart in the 1-hour time frame, you will notice that Bitcoin was able to create a smaller descending channel inside the main descending channel. I expect Bitcoin to break out of the minor descending channel soon and reach the support line. Bitcoin Analyze ( BTCUSDT ), 1-hour Time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Long
by pejman_zwin
6
Bitcoin Prediction? Can we use the past to predict the future? Hello everyone, today I will answer the question: Can we use the past to predict the future? Like many questions in finance, it is difficult to give a yes or no answer. On the one hand, yes we can say that in practice and historically we can predict, or at least get a good approximation of the future of an asset by looking at how it has performed in the past. For example, we can use US returns to predict or anticipate global economic downturns. However, no, we cannot predict the future with certainty based on the past because, in finance, many counter-examples show that just because it happened in the past does not mean it will happen again in the future. The question we now ask ourselves is: Is it possible to predict the future bull run using the cycles plotted on the graph? Many would have liked me to answer this question in the affirmative, but in practice I don't think it is possible to predict the next up-cycle with certainty with the above data. I don't think it is possible for several reasons: First of all, $BTC and crypto-currencies are a very young market (less than 20 years old), so it is not rigorous with so little data to be assertive about the next bull run. Secondly we have several counter examples that show that the bearmarket has no clock, so it can last 1 year, 5 years, 10 years ... We do not know and we can not do otherwise. And last but not least the macroeconomic context. Today we can't say that the financial markets are at their best. We know that BTC is highly correlated to the S&P500 or more globally to the stock market. And given the various events that the world is going through at the moment, it is not necessarily the best time for investors to invest in highly risky products. Conclusion: Yes, in finance we can use the past to predict the future, but this implies some rules that are not, at least for now, compatible with BTC. Bitcoin and all other crypto-currencies do not have the necessary hindsight and power to differentiate themselves from traditional markets. As a result, it is subject to the bear market like many other assets, and cannot escape it alone. THIS IS NOT INVESTMENT ADVICE. Written by @maxencechachuat on 12 January 2023.
INDEX:BTCUSD
by UnknownUnicorn46586981
4