Overview
Chart #1 - Scallop (SCLPUSDT) 8-Hour
Chart #2 - Avalanche (AVAXUSDT) 12-Hour
Chart #3 -ย Bittensor (TAOUSDT) 8-Hour
Chart #4 - The Sandbox (SANDUSDT) 8-Hour
Chart #5 - Fear and Greed Index
Chart #1 - Scallop (SCLPUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
SCLP is trading in the $0.2650 - $0.2750 area of support, where Iโm looking at taking a trade.
Entry: The plan is to ladder into a trade in the current $0.2650 - $0.2750 area of support.
Take Profits (TPs): The plan is taking profits at the next areas of resistance.
TP1 - $0.33 - $0.34 (25% - 28%)
TP2 - $0.36 - $0.3750 (36% - 42%)
Stop Loss: Just below $0.2525
Be aware that BTC is at resistance and starting to show weakness. Please manage your trades closely.
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Chart #2 - Avalanche (AVAXUSDT) 12-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
AVAX has found local support at $34.45 and is slowly moving towards $42.45.
In the unlikely event that it loses this level, the next major support is at $28.
As long as it is holding and building structure at $35.45, it is safe to ladder into positions. You can do that on Bitget.
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Chart #3 -ย Bittensor (TAOUSDT) 8-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
TAO is gradually moving up from its local support at $561, heading towards the next resistance level at $617.
In the long run, I expect it to reach $670, which is a significant resistance level.
Get set up now for the move up before itโs too late.
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Chart #4 - The Sandbox (SANDUSDT) 8-Hour
Chartist: Sheldon
(For the chart screenshot, click here.)
This morning the gaming sector started to move, SAND included!
So, itโs time to trade it on Bitget!
Entry
I am looking at two options for an entry, either a retest of the lower range support level of $0.52, or the second option is a break and a retest of the $0.5525 top of the range support.
Take Profit (TP)
Plan to take profits at the next areas of resistance.
TP1 - $0.60 - $0.6250 (9% - 20%).
TP2 - $0.68 - $0.7250 (23% - 39%).
Stop Loss
For an entry at $0.52 this should be just below $0.47.
For an entry at $0.5525 it is just below $0.52.
Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 72 today, indicating Greed.
The highest the index has been over the past seven days is 78, and the lowest is 72.
Banterโs Take
In the early hours of this morning, we saw Bitcoin targeting the $50,500 area again, while Bitcoin Dominance was also dropping and hence the altcoins, especially in the gaming sector, are on the move.
We shall see how the US reacts later today; it is advisable to monitor Bitcoin's bottom range levels.
Stay safe my friends!
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