ππ MANA Long and BNB Short Setups!!!
Chart #1 - Gala (GALAUSDT) 4-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
GALA is on the verge of breaking out of a descending daily and 12-hour resistance line that has been there since the end of June, around $0.025.Β
This might present an opportunity for a long trade, targeting the next resistance zones at $0.02575 - $0.02625 and $0.02750 - $0.02825.Β
I would set my stop-loss just below the daily resistance line, around $0.0245.Β
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Chart #2 - Decentraland (MANAUSDT) 1-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
MANA is currently providing the opportunity for a long trade.Β
This is an intraday trade strategy, which fundamentally suggests that as long as the price stays above the weekly open, we go long.Β
Ideally, we're looking for the price to hit $0.4023, with a stop loss set at $0.3797.
π£πΏπΆπΊπ² π«ππ§
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Chart #3 - BNB (BNBUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
There's a potential short opportunity here: we can short any retest of the resistance line at $255.5.Β
BNB is basically forming a bear flag, with the pole having a measured move down to $132.Β
However, note that Binance is exerting its utmost effort to defend the crucial $225 level. They know thatβs a psychological level that if lost will cause a dump.
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Chart #4 - Avalanche (AVAXUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
AVAX is consolidating within the $13 - $14 resistance zone.Β
While the Stoch RSI is overbought on higher time frames, I still anticipate the price to continue consolidating in this area for the next few days before a potential push towards the next resistance zone.Β
We had a significant move from SOL in the past week, and I expect other Layer-1 coins like AVAX to follow. If it can pass the $14 mark, it will probably reach $16.50 - $18.00, a level last tested in April.Β
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 57 today, indicating Greed.
The highest the index has been over the past seven days is 61, and the lowest is 55.
Banterβs Take
Bitcoin is consolidating, and will likely continue until the economic data is out on Thursday. Until then, it's going to be chop after chop. Therefore the best trades are range trades.
Stay safe my friends!
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