ππ Big Secret Trade Opportunity - Don't Miss Out on the Action!
Chart #1 - Injective (INJUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
INJ is currently trading at $7.70, and if it manages to find support in this region, there's potential for it to rise and test the next resistance zone between $9.00 - $9.30. Beyond that, the major resistance area lies between $10.00 - $10.50.
However, if INJ breaks through both its current support level and the daily support line, it would signal a bearish outlook, with the next support zone found between $6.00 - $6.50.
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Chart #2 - Cosmos Hub (ATOMUSDT) 12-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
ATOM remains above its supporting trend line, which is crucial for maintaining its current momentum.Β
We talked about an ATOM trade in a previous issue of The Daily Candle newsletter. We will now be moving our stop-loss to $10.67 for risk management purposes.
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Chart #3 - Secret (SCRTUSDT) 12-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
SCRT is currently rebounding from a key support level, presenting an attractive long trade opportunity with a well-defined invalidation point. To capitalize on this, weβll enter a long position with a stop-loss set below $0.56.
However, be aware that there is a chance the price could dip further, potentially triggering multiple stop-loss orders. If this occurs, weβll wait for a swing failure pattern and ensure the price reclaims the $0.60 level before re-entering the trade.
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Chart #4 - Bitcoin (BTCUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Following the US FOMC meeting last night, Bitcoin's price experienced a positive reaction, climbing from around $28,300 to its current price of approximately $29,100. Although BTC reached a high of $31,000 mid-last month, it has not succeeded in establishing a bullish higher high yet.
Currently, Bitcoin's price is situated within the significant resistance zone of $29,000 - $30,500. To establish a bullish case, the price must first break through the $30,500 level, which should lead it to test the next resistance zone between $32,000 - $34,000.
However, if Bitcoin's price is rejected within the current resistance area, it could test any of the following support levels: $27,800, $27,200, or $26,650. The most critical support area to watch for lies between $24,200 - $25,200.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 64 today, indicating Greed.
The highest the index has been over the past seven days is 64, and the lowest is 55.
π₯ Trade to Triumph π₯
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Banterβs Take
With the FOMC meeting concluded and the anticipated 25 basis point rate hike implemented, traders can now re-enter the market without the uncertainty caused by potential Fed comments. However, it's essential to note that current market liquidity and volume are significantly low, so trading within a range may be the most effective strategy.
To navigate these market conditions, weβll identify the range highs and lows and trade from one end to the other, as prices are likely to gravitate between areas of liquidity.
Stay safe my friends!
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