ππ ETH long trade is in play! Rebound trade for bitcoin?
Bitget winner - 3144777970
Chart #1 - BNB (BNBUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
BNB rallied up to $350 where it got rejected, forming a double top in the process. It has dropped to $320 (support), where the daily ascending support line intersects.Β
If BNB rallies up from here, it could test resistance at $340 - $350, but if the daily support line breaks, the next support is around $300 - $310.
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Chart #2 - Bitcoin (BTCUSD) 1-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin, on its 1-hour chart, is consolidating at the bottom of a downward channel. As long as this level holds, it creates a short-term long-trade set-up.Β
It's important to understand that pressure is to the downside, but bitcoin could potentially still leg up first to set in another lower high.
I'll take some profits off the table at the mid-part of the channel and tighten my stops there (as it could reject once there).
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Chart #3 - Ethereum (ETHUSD) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
A potential bounce is in play!
The price is holding its diagonal trend line, and as long as it doesn't come back down and close below the current wick lows, the long trade is active.
The massive inefficiency candle on the left-hand side, which led to the bulk of the sell-off, likely gets somewhat filled.
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Chart #4 - Bitcoin Dominance (BTC.D) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Compared to two weeks ago, BTC Dominance is down from around 49% to 47%. There have been some decent price rallies in some alts over that time, but with yesterday's market dump, most of the alts have retraced quite a bit.Β
For a week now, BTC.D has been moving sideways, just below the major 48% - 49% area of resistance. If BTC.D can once again start trending lower, it will be very bullish for the alts, with its next big support much lower at 45%.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 52 today, Neutral.
The highest the index has been over the past seven days is 69, and the lowest is 52.
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Banterβs Take
Yesterday's sell-off was brutal, and price action broke the structure of certain coins.Β
We'll watch for a lower high on the next bitcoin bounce. Many will likely short into that level.
Stay safe my friends!
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Bybit winner - 52450552