ππ Can the pump sustain? NEAR is forming an insane trade setup!
Bitget winner - 2691846618
Chart #1 - Ethereum (ETHUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
ETH made a massive recovery over the weekend.
On Friday, it found support at $1,370, started rallying up and is now retesting the previous ascending daily support line - from December - as resistance. If it can break through the $1,600 resistance level, the next one is around $1,700.Β
However, if the price gets rejected here, with a bearish retest of the previous daily support line, the next areas of support lie between $1,500 - $1,550, and at $1,400.
Check our Crypto Banter Discord here for updates!
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Chart #2 - NEAR Protocol (NEARUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
NEAR has tested its range low and bounced. And it did the exact same thing in December.
If it can convincingly hold above $1.66, we could be presented with an opportunity for a swing long spot trade. If it goes back down below that level, I would just wait for a reclaim of the pink horizontal area (range-low).
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Chart #3 - Bitcoin (BTCUSD) 12-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
BTC had a massive pump over the weekend following the USDC de-peg and re-peg.Β
It had a strong daily close above its mid-range level, but the current candle is pulling back. We'll watch for a bounce off the mid-range at $21,715. Falling below that could mean this was a bull trap.
But the bulls' defense at that level will definitely be strong.
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Chart #4 - DXY 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
The DXY had been trading within a rising channel structure since the beginning of February, but on Friday broke down and out of that structure.Β
If it continues moving down - which will be good for the markets - its next support levels are at 103.50 and 102.50. A move back higher from here would take the DXY to its next resistance zone at 104.50 - 105.00, followed by the 106.00 level.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 49 today, Neutral.
The highest the index has been over the past seven days is 50, and the lowest is 33.
Overall Market Sentiment (Banterβs Take)
Expect massive volatility across the board today as traditional markets open after the weekend. If they open positively, a massive short squeeze might begin. And if they open in the negative, a big bull trap is possible.Β
This week inflation results come out too, which will be critical in determining the direction the markets take.
Stay safe my friends!
Bybit winner - 45565451