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Chart #1 - Ethereum/Bitcoin Ratio (ETH/BTC) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
On its weekly chart, ETH/BTC is in a massive bullish structure, and also a month or two away from a crucial decision time, as the candles reach the end of that structure. The move will decide whether it breaks the weekly resistance line to the upside, or whether the lower weekly support line gets breached to the downside.Β
Around the 18th of April, there was a failed attempt to break through the weekly descending resistance line, at 0.071. Furthermore, over the last ten days, the ratio has been in a decline, with bitcoin outperforming ETH.Β
The daily STOCH RSI is approaching the bottom, indicating that ETH/BTC is almost oversold, and is also getting very close to support at 0.061 - 0.064. If that support holds, the ratio should reverse its trend over the next few weeks.
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Chart #2 - Cosmos Hub (ATOMUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
As mentioned earlier in the week in an issue of The Daily Candle, we were looking for ATOM to bounce and react off of the trend line at $10.50. That was our long entry.
The move now would be to place our stop loss just below the daily wick, at $10.08. We'll allow the trade a bit of time to develop on the long side.
Once we start getting some momentum and price action, we will analyze our next steps, which likely entail taking some profit around $12.58 and raising our stop losses into break even to allow the rest of the position to run.
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Chart #3 - Bitcoin (BTCUSDT) 3-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
After bitcoin printed a 3-day dragonfly doji candle with low volume at the highs, the probability has become high that this is a major local top.
The recent price action, which squeezed the price up, could easily be a trap since it's being met with very low volume. For a healthy market that suggests strength and continuation, we need full-bodied candles near the highs matched up with high volume. That isn't yet the case. Rallies can still be played to the upside, but they should be treated with extreme caution.
The horizontal line marked at $27,244 is a major zone that if lost will cause aggressive distribution to the downside. If BTC continues to trek upward, it will likely get capped and find critical resistance again at $32,573. That will likely occur as a result of a short squeeze based on traders' stops being placed above the dragonfly doji candle.
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Chart #4 - Theta Network (THETAUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
THETA has been consolidating around $1.00 for about a week now, and its STOCH RSI on higher time frames is showing that the price is oversold.
THETA could now reverse its trend, moving back up, to test the next area of resistance between $1.10 - $1.14, where the daily descending resistance line intersects. If THETA can breach that line, it will continue strong.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 59 today, indicating Greed.
The highest the index has been over the past seven days is 59, and the lowest is 50.
Overall Market Sentiment (Banterβs Take)
The recent upside price action in crypto is not supported by volume, full-bodied candles, or strength derived from the US stock market. That is uncharacteristic and diminishes the probability of upside continuation since the crypto and stock market correlation is strong and the decoupling narrative is likely too early to confirm.
Therefore, as traders, we must be wary of trap scenarios in our analysis and trade execution.
Stay safe my friends!
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