ππ Long Trade Setups for JOE and Fantom!
Overview
Chart #1 - Bitcoin Dominance
Chart #2 - JOE
Chart #3 - Fantom
Chart #4 - Cosmos
Chart #5 - Bitcoin Fear and Greed Index
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Chart #1 - Bitcoin Dominance (BTC.D) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin dominance is just below the 50% resistance level, so it might resume its downward trend to test both the 100-day Moving Average (blue line) and the major support area between 48% - 49%.Β
The 100-day MA has been tested three times this year, and I anticipate it to once again provide support if BTC.D revisits it.Β
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Chart #2 - JOE (JOEUSD) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Hereβs a Trader Joe long opportunity with a 10.47:1 risk to reward ratio.Β
My stop loss would be placed at $0.31, with take-profit (TP) levels set at $0.51 and $0.68.
The price continues to hold above the 200-day Moving Average (MA).
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Chart #3 - Fantom (FTMUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
FTM presents a long setup with a risk-to-reward ratio of 3.39:1.Β
The price is bouncing off the diagonal trend line, and the 200 MA could be the next major resistance.Β
So, Iβll set my stop loss at $0.20, with a take-profit (TP) level at $0.40.
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Chart #4 - Cosmos (ATOMUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
ATOM is trading within the $9.00 - $9.50 support zone.Β
With the Stoch RSI on the daily having reset, it appears that the price is gearing up to test the next resistance areas of $10.25 - $10.50 and $12.00 - $12.50 (last tested in April).Β
As Bitcoin's price has stabilized above the crucial $30,000 level, and Bitcoin dominance continues to trend downwards, it suggests funds are flowing out of BTC and into altcoins. This could potentially set the stage for another altcoin rally over the next few weeks.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 56 today, indicating Greed.
The highest the index has been over the past seven days is 60, and the lowest is 50.
Banterβs Take
Expect the short squeeze to continue slightly higher for Bitcoin, but exercise caution if the price starts stalling at $30,500. If it fails to maintain that level, it may sweep the range lows at $29,200 again.
Stay safe my friends!
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