๐๐ Major Litecoin Gains Ahead? S&P 500 Trade Inside!
Chart #1 - Bitcoin (BTCUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last five days, bitcoin has rallied from $25,800, up to this morningโs high of $28,450, as the bulls not only trapped the short sellers but also broke the two-week range high of $27,500.ย
This morning, BTC was rejected at the daily descending resistance line, which stems from mid-April, and there's a possibility that the price may now fall to test the previous range high resistance of $27,500. This will now be acting as support. If support is found in that area, then there's a possibility of bitcoin once again testing the next area of resistance at $28,800 - $30,500.
If the $27,500 level does not hold as support, the next support level is at $26,650, at the weekly 200 moving average. The major support level of $23,800 - $25,300 is below that, a level most buyers are eagerly waiting for the price to test, but for now, hasnโt.
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Chart #2 - Solana (SOLUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
SOL has spent several weeks above the 200-day moving average (MA), using it as support and in turn resetting the angle of its 200-day MA upwards.
The price is currently above the $19 support level.ย
All that together means that long positions can now be activated. As long as the price remains above the 200-day MA, we have an opportunity for a long trade with a target of $26.50.
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Chart #3 - S&P 500 Futures 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The S&P 500 futures chart has recently seen a reasonable upward move, but it has encountered a pivot level at 4,243. Consequently, I am considering a short position here!
The trade would only be invalidated if a daily candle closes above the high of the previous candle.
My first take-profit point would be at 4,120, and my second would be at 4,050.
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Chart #4 - Litecoin (LTCUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
LTC's halving event is scheduled for the first week of August. Typically, prices tend to rally a few weeks prior to such big events before witnessing a sell-off. So, I suspect that LTC may still have a few more weeks of upward movement before a substantial price crash.
In the past week, LTC's price rallied from around $82.50 to yesterday's high of $92.00, where it met resistance. If LTC can establish support here, it could retest the $92.00 - $93.00 resistance area and the daily descending resistance line (originating from the middle of last month). If the price manages to break through this resistance, the next target will be the range high of $100 - $102.
Over the next four weeks, I'll be observing LTC closely. If the price breaks the $102 resistance, the next major resistance to watch out for would be at $140.
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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 52, and the lowest is 48.
Banterโs Take
The market received an unexpected pump off the news of the debt ceiling being raised yet again. This means a more than likely interest rate hike at the next FOMC meeting, which is not necessarily good for markets.ย
At the end of the day, the trend trumps all. Stick with the trend.
Stay safe my friends!
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