ππ ETH Long Setup + Potential BTC Bull Trap
Overview
Chart #1 - Dogecoin (DOGEUSDT) Daily Chart
Chart #2 - Bitcoin (BTCUSD) Hourly Chart
Chart #3 - Ethereum (ETHUSD) Daily Chart
Chart #4 - Cardano (ADAUSDT) 12-Hour Chart
Chart #5 - Fear and Greed Index
Chart #1 - Dogecoin (DOGEUSDT) Daily Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
With a meme coin surge over the last 24hrs, DOGE stands as one of the coins that might still make a positive move to the upside.Β
DOGE is currently testing the upper range support at $0.076 and appears to be oversold on higher time frames. A break above the $0.076 level could potentially push the price to test the next resistance area at $0.08 - $0.085.Β
However, if DOGE drops from its current position, we might see a drop to the current support range low at $0.072. Should that level break, DOGE could drop as low as $0.06 - $0.065, an area last tested in July.
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Chart #2 - Bitcoin (BTCUSD) Hourly Chart
Chartist: Kyle
(For the chart screenshot, click here.)
BTC has broken out of the falling wedge pattern on the hourly chart, reaching our intended target at $30,000. In fact, it surpassed this target, hitting $30,235.Β
Moving forward, I'll be monitoring any pullback into the 0.5 Fib retracement level of the overall range, which may act as potential support. If the price tests the $29,454 level as support, we can expect it to establish the next higher low, setting the stage for a continued upward trend.Β
However, if that level fails to hold, there's a risk that this recent move was merely a bull trap.
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Chart #3 - Ethereum (ETHUSD) Daily Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Should ETH enter this zone, it presents a compelling long trade setup - a sweep into both the 200-day MA and the 200-day EMA, with stops positioned below.Β
Subsequently, targets can be set back up to the mid-range of the rising channel and the range high, which coincidentally sits at $2,180.Β
However, given that prices have reclaimed the pivot level, there's a possibility ETH will commence its upward trajectory without testing the 200-day MA & EMA.
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Chart #4 - Cardano (ADAUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
ADA has reached the top of the range support at $0.30.Β
I am now looking for a possible breakout through both the $0.30 level and the descending resistance line from mid-July. A positive breakout could take the price up to test $0.33 - $0.35.Β
A rejection at $0.30 will take ADA down to test the lower range support at $0.28.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 50 today, Neutral.
The highest the index has been over the past seven days is 54, and the lowest is 49.
Banterβs Take
The low timeframe witnessed a break of structure to the upside, signaling it's time to monitor for a higher low. If prices establish a higher low, there's a strong chance the trend will revert upwards, shifting the overall momentum back up.
Stay safe my friends!
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