Overview
Chart #1 - Gala (GALAUSDT) Daily
Chart #2 - Manta Network (MANTAUSDT) 8-Hour
Chart #3 - Magic (MAGICUSDT) 12-Hour
Chart #4 - PancakeSwap (CAKEUSDT) 12-Hour
Chart #5 - Fear and Greed Index
Chart #1 - Gala (GALAUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
GALA is currently testing the $0.035 - $0.0385 support area, which has held nicely over the last three days.
With BTC's price currently overbought, a correction could happen at any time. Therefore, my strategy is to reduce risk by taking spot trades only.
Additionally, I plan to ladder into the trade on Bybit within the support zone. It's crucial to manage our trades tightly in the coming days.
Entry: Ladder in around $0.035 - $0.0385
Take Profit (TP) β Next Areas of Resistance:
TP1 - $0.043 - $0.045 (23% - 25%)
TP2 - $0.048 - $0.052 (37% - 45%)
Stop-Loss: Just below $0.034
Chart #2 - Manta Network (MANTAUSDT) 8-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Following the wick we saw yesterday, MANTA returned to its support level at $2.73.
As the market trends upward, the next target resistance is at $3.48. Itβs crucial it clears and holds above $3.10.
The next resistance is at $3.82.
The lower support level, where the wick stopped, is at $2.31.
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Chart #3 - Magic (MAGICUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
MAGIC is at support at $1.23.
Like many others, MAGIC briefly wicked down to previous support. For MAGIC this was to $1.10.
My next targets are at $1.45 and $1.57. Ideally, we're looking for confirmation from the price to break and hold above $1.36.
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Chart #4 - PancakeSwap (CAKEUSDT) 12-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
CAKE is testing the $3.00 - $3.15 support area, which has already proven to be strong.
As mentioned, spot trades are safe for now, since Bitcoin could correct at any time.
I plan to ladder my entry within this support zone on Bitget. These are the levels:
Entry: Ladder in between $3.00 - $3.15
Take Profit (TP) β Next Areas of Resistance:
TP1 - Around $3.45 (10%)
TP2 - $3.65 - $3.80 (20% - 25%)
Stop-Loss: Just below $2.80
Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 80 today, indicating Extreme Greed.
The highest the index has been over the past seven days is 82, and the lowest is 72.
Banterβs Take
Coinbase had technical difficulties yesterday, leading to market-wide panic and extreme volatility.
This cleared out high-leverage traders, but the market has since rebounded, with Bitcoin now exceeding $62,500.
Many traders are likely puzzled and wondering about what comes next! Is this a warning? The market has indeed moved upward, leaving many fearful traders behind. With dominance dropping today, we can expect to see some action from altcoins.
Stay safe my friends!
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