Overview
Chart #1 - Avalanche (AVAXUSDT) 8-Hour
Chart #2 - Bitcoin (BTCUSD) 4-Hour
Chart #3 - Bittensor (TAOUSDT) 4-Hour
Chart #4 - Gala (GALAUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Avalanche (AVAXUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
Last night, AVAX retraced along with the rest of the market, reaching a major support level at around $29.50.
It seems that the market is approaching a short-term bottom, which should favor altcoins. The bottom may take another day or so to form, so avoid rushing into your entry. Instead, consider a ladder-in strategy to enter.
I plan to ladder into a spot trade in this area, with the intention of allocating the majority of my funds once a trend reversal is confirmed.
A suggested stoploss would be around $27.40, with the intention of taking profits at the major resistance levels around $40 - $42 and $50 - $53.
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Chart #2 - Bitcoin (BTCUSD) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Yesterday, we witnessed Bitcoin breaking below $40,135 and later retesting it, but failing to get above.
Today, we see the continuation, and there may be a cascade effect, potentially reaching the $38,000 region. If it doesn't stop there, the next support level is around $35,000, with $32,000 being a significant key area.
Please exercise caution with your entries and ensure you enter at support and resistance levels.
Remember that FOMO has no place in trading.
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Chart #3 - Bittensor (TAOUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Is TAO broken? The market is bleeding, and TAO has only retraced by 7%!
The local support is found at $235, and it may reach that level if the market continues to drop. The next support is at $216, providing a significant opportunity for futures profits above 50%.
The key resistance is at $316. Patience will pay off; wait for the right moment at the right price level.
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Chart #4 - Gala (GALAUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
The next altcoin I am looking at is GALA, with the current price at the $0.022 support level.
I will apply the same strategy by laddering into a long spot position in this area, with a tight stoploss just below $0.02.
Take profit areas will be at the next major resistance levels of $0.0265 - $0.029 and $0.035 - $0.038.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 50 today, Neutral.
The highest the index has been over the past seven days is 63, and the lowest is 50.
Banterβs Take
While Bitcoin and Ethereum are dropping by over 6% and 10%, alts are accelerating, providing shorts opportunities via the perpetual markets. It's advisable to follow price action and refrain from trying to guess the bottom.
Stay safe my friends!
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