โ ๏ธ CAUTION DEGENS! โ ๏ธ
Tonight's FOMC decision could send the market up OR down, swiftly. It's a risky day to trade, but if we do, weโll tighten our Stop Losses as much as possible!
Overview
Chart #1 - Bonk (BONKUSDT) 8-Hour
Chart #2 - Avalanche (AVAXUSDT) 4-Hour
Chart #3 - Decimated (DIOUSDT) Daily
Chart #4 - Nakamoto Games (NAKAUSDT) 8-Hour
Chart #5 - Fear and Greed Index
Chart #1 - Bonk (BONKUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
BONK is consolidating in a support area at around $0.00001.
There is a tight range between the current support and the descending resistance line that comes from mid-December.
My strategy is to accumulate a long position in this support area, allocating 30% of my intended funds for the trade. I would then deploy another 30% at the break of the resistance line, and the remaining 40% at a retest of the breakout.
My stop loss would be set at around $0.0000088, with a targeted take profit at the next area of resistance, at around $0.0000175.
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Chart #2 - Avalanche (AVAXUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Is AVAX printing a Head & Shoulder pattern?
Possibly, however, it's looking weak and currently breaking its uptrend. Today, we may see some movement to the upside to retest, but most probably will continue to the downside.
If it breaks the support and resistance at $34.30, and the target will be between $32 and $30.
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Chart #3 - Decimated (DIOUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
DIO appears strong and wants to test the resistance at $0.04 again, where I expect it to face rejection.
The next support can be found at $0.029.
Later today, there may be a good short-term opportunity for a short position. On a larger timeframe, DIO is on a downtrend and has not yet reversed.
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Chart #4 - Nakamoto Games (NAKAUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
NAKA is trading in the $1.18 - $1.30 area of major support.
I am looking at longing, allocating 30% of my trade funds here. Only after the price breaks the descending resistance line that originates from the beginning of December would I allocate a further 30%, and the remainder on a positive retest of the resistance line.
My stop loss will be set at $1.12, with take profit areas at $1.58 and $2.10.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 60 today, indicating Greed.
The highest the index has been over the past seven days is 61, and the lowest is 49.
Banterโs Take
Today is FOMC day, so expect volatility, potentially ruining any trades.
It is advisable to stay out of trades today, even though they may seem promising for high returns. Remember, if the market catches you on the wrong side, it can wipe out profits in the blink of an eye.
Stay safe my friends!
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