ππ Breakout or Breakdown? THESE are the CRUCIAL Levels to Watch!
PLUS: THIS is One of the Strongest Charts in Crypto Right Now!
Overview
Chart #1 - Crypto Total Market Cap (TOTAL) Daily
Chart #2 - Bitcoin (BTCUSD) Daily
Chart #3 - Kaspa (KASUSDT) Daily
Chart #4 - Fantom (FTMUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Crypto Total Market Cap (TOTAL) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last five days, the $1.24T - $1.265T area has been acting as resistance for the TOTAL, and there are signs that the market might retrace from here to test the next levels of support.
This current major area of resistance is the same area that was tested both in April and in July this year, and on both occasions, the market was rejected. It is healthy for the market to correct after such a big run, and if the market retraces from here, the next area of support is at $1.18T - $1.2T.
This could possibly set the market up for the next leg up. With a breakthrough the $1.265T level of resistance, the next area of resistance is higher up at $1.4T - $1.45T.
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Chart #2 - Bitcoin (BTCUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin is consolidating in a range between $32,800 and $35,157.
It continues to hold above the pivot level, which means the RSI is still trending up.
A break above $35,157 will confirm a breakout, and a break and hold below $32,851 could point to a major breakdown.
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Chart #3 - Kaspa (KASUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
KAS continues to be bullish; this is one of the strongest charts in crypto.
Any time the price dips below the red 50 MA, it has been a short-lived buying opportunity before the price ends up rallying higher again.
If the price enters the pink box but holds above the white line at 0.041, that would be a buy opportunity.
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Chart #4 - Fantom (FTMUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
FTM rallied by over 40% in the last two weeks, from $0.17 to $0.24.
It has since retraced to $0.22, within the $0.21 - $0.225 area of support. If it can stabilize and find support here, there is a good chance of the next area of support being tested at $0.2450 - $0.2650.
Bitcoin Dominance (BTC.D) is due for a pullback soon, which will give even more relief to the alts, including FTM.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 70 today, indicating Greed.
The highest the index has been over the past seven days is 72, and the lowest is 53.
Banterβs Take
The market looks decent so far; the price is consolidating following a major move, which is entirely normal. As the market digests what happened this week, we will likely get some decent trading opportunities next week.
Stay safe my friends!