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Overview
Chart #1 - Gigachad (GIGAUSDT) 1-Day
Chart #2 - Mog Coin (MOGUSDT) 3-Day
Market Update: Can Crypto Follow Traditional Markets into Price Discovery?
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Chart #1 - Gigachad (GIGAUSDT) 1-Day
Chartist: Kyle
(For the chart screenshot, click here.)
GIGACHAD remains one of the strongest meme coins in the market, having retraced only 25% from its all-time high. However, a recent sweep of its highs trapped traders, and if market conditions allow, a deeper retracement into the mid-range could bring maximum pain before the next move higher.
Iβm looking for a sweep of the $0.06 low to establish a higher low within the mid-range and align with the higher timeframe trend.
Entry: $0.05 zone
Stop Loss: Daily close below $0.045
Take Profit Targets:
TP1: $0.071
TP2: $0.095 90%
TP3: Moonshot
Patience is key with this setup, as we wait for a confirmed higher low in this range.
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Chart #2 - Mog Coin (MOGUSDT) 3-Day
Chartist: Kyle
(For the chart screenshot, click here.)
MOG has retraced over 60% from its all-time high amid broader market downturns but remains one of the few meme coins holding an upward trend. Price is now approaching a key area of interest, offering us a strong risk-to-reward opportunity.
Iβm looking for a sweep into the $0.0000012 zone to establish a higher low and reclaim support above the 0.786 Fibonacci level. A loss of the $0.0000010 level (0.886 Fib) would invalidate the trade.
Entry: $0.0000012 zone
Stop Loss: Daily close below $0.0000010
Take Profit Targets:
TP1: $0.0000025
TP2: $0.0000030
TP3: $0.0000035
Iβll monitor price action closely within this zone for potential accumulation before the next leg higher.
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Banterβs Take
Market Update: Can Crypto Follow Traditional Markets into Price Discovery?
Gold and the S&P 500 have surged to all-time highs, raising the questionβcan crypto follow suit? Bitcoin continues to hold above the key $100K psychological level, maintaining a bullish structure. As long as this level remains intact, the expectation is for an upside breakout in alignment with broader market trends.
Key Event: Japan's Interest Rate Decision
Today's rate decision from Japan came in lower at 0.25%, below the expected 0.5%. While the previous hike in August triggered a BTC drop to $49K due to it being the first increase in decades, this time around, the move was largely anticipated and priced in. The lower-than-expected rate could provide bullish sentiment for crypto markets.
With the potential for short-term volatility, caution is advised.
BTC Price Action & Key Levels
Bitcoinβs daily exchange volume is trending upward, signaling growing momentum. However, price action needs to confirm a breakout soon. The key upside level to watch remains $106K; multiple daily closes above this could solidify a bullish reversal. Failure to push higher may give bears another opportunity to test the lows.
As traditional markets enter price discovery, all eyes are on Bitcoin to see if it can capitalize on the momentum.
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