Update to the previous chart " Idea of the Bitcoin Bull Market Channel "
The third pullback (started in April) is currently down from 23% to 54%.
At this chart we can see first signs of recovery after 16 days of downtrend continuation.
Key levels of resistance marked.
ETHERIUM, similar to Bitcoin, and most other cryptos, is currently in the descending channel.
For the first recovery signs to be in place, we would need to
1. hold the major support around 2200 area.
2. break from the channel to the upside and ideally to confirm (to make sure it's not a dead cat bounce).
As Bitcoin is recovering from the last 27% drop (April 25th), there are some important price actions to watch.
There is currently a bearish formation (Ascending wedge pattern) on the 4 hr BTCUSDT chart to be aware of. Its apex is at 60k area.
As we are in the bull market, there is always a possibility for it to break to the upside as well.
However, it would be key...
Similar situation to SUSHI:
SNX / USDT is looking to break up from the descending channel.
If it succeeds, the 1st target would be previous ath of $26.
As always, we should be watching BTC and be careful.
Happy trading everyone!
Trendline to keep an eye on to confirm we are back to the uptrend.
Also, the key resistance is still at psychological 60s.
I am not into any trades with BTC at the moment, especially not with leverage.
Update on my previous idea for DOT.
Polkadot has broken up from the Descending Channel and confirmed.
Right now it is facing major resistance at 39-40 USD area.
This might be key moment for DOT's move as we will either see it breaking up and confirming, or going back down.
In the first scenario, it should be heading to retest previous ath.
In case of the second...
Just an analysis for the key trendline, support and resistance areas for VeChain (VET) against USD.
Intersting, how Fib retracement lines coincide with key points of the former support.
Will be following the price. If BTC continues its correction - support levels are here to keep an eye on.
If not - VET will be looking to break up from the channel and go for the new ath.
SXP (SWIPE) cup and handle pattern forming on the weekly chart. Mid to long term pattern - up to 46 USD.
With CZ invested and all the positive news, will be DCAing, waiting for the altcoin season. Learn term investment for myself.
Obviously, not a financial advise.
* mid market cap project.
as of Apr. 28, 2021 - market cap $410,620,889 USD
LINK is building a symmetrical triangle pattern on the 4 hr chart.
Depending on the overall market mood and BTC movement, can break to the upside or break down to continue the bearish trend.
Hoping for the upside.
Picked up some CHAINLINK for the mid-term during the dip at 31 USD.
*A symmetrical triangl e chart patter n represents a period of consolidation...
DOT (Polkadot) is fighting to defend the major support area, established since February 22nd - 26 USD level.
Failure to stay above it can take DOT to the next weaker level of 20 USD, following by 16 USD main support area.
In case of breaking up from the bearish channel, DOT would need to confirm by closing daily above 32 USD.
As always, lots will depend on BTC...
BAKE is going to make a move. Watching if it can hold the support line (prior resistance) at around 1.25.
If this breaks to the downside, next stop would be 1$ area.
If it breaks to the upside - 1st stop - 1.90s, 2nd - 2.25, 3rd - 3$.
A lot will depend on the BTC situation as well.
BTC trendline revised.
Taking the day when the new ATH was reached in December as a starting point.
If we are to go to test this support line at the moment, it would take us to roughly 50500 USD which also coincides with the 90 MA (moving average).
And it would be only 23% pull back.
So far, we had 4 main pull backs:
- 30% - Jan. 7 - Jan. 27
- 27% - Feb. 20 -...
UMA has broken strong resistance at 30 USDT area.
At this moment it's having a pull-back to reconfirm. Either resistance becomes a support, or it tests the previous trend line.
Oracles are popular right now, so should be a nice long if market conditions are favourable.
CAKE is off the 21.5 support and moving up.
Forming Cup and Handle on the 4 hr and 1 day charts.
Major resistance would be at 30$ (previous ath, also a psychological level).
Potentially targeting 40$ area.
COTI / USDT: Technically, we are still in the downtrend here.
Coti just had some positive news, and looks like the project is developing pretty fast: with the debit cards, partnership with Cardano (ADA Pay) and so on.
However, after the previous massive move, correction is still in place.
We need to make sure we have really broken out of the trendline and the down...