ππ Money about to shift to alts? We found two great trades!
Bitget winner - 6745066313
Chart #1 - Cardano (ADAUSDT) 4-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
ADAβs currently retesting the previous resistance it broke out of at $0.32 - a move that took it from $0.30 - $0.37 - as support.
Its medium time frame indicators are oversold, so it could head to the next resistance at $0.34 or possibly even the $0.37 level.Β
The current $0.30 - $0.32 support zone has held up well over the past five months, and I believe it will continue doing so for the time being.
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Chart #2 - GALA (GALAUSDT) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
As long as bitcoin plays ball, GALA looks ripe and ready for a move up, bringing us a potential long trade setup.Β
The price has broken its downtrend diagonal and found support at the 0.618 Fib level. That means there is an entry opportunity.Β
Weβll place our stop losses below the prior swing lows and set our next target at $0.057.
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Chart #3 - Optimism (OPUSDT) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
I have also identified a nice trade setup on OP.
It has just tagged the mid-range level, which also coincidentally happens to be the 0.618 Fib level. So, as long as OP continues respecting its range, we have the opportunity to enter a long trade right back up to its range high.Β
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Chart #4 - Bitcoin Dominance (BTC.D) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the past week, bitcoin went from $20,000 to $26,000, while its dominance increased from 43% to 45.65%. Bitcoin dominance is currently at resistance and has its indicators on high time frames overbought, so it might start making its way back down, which will result in money leaving bitcoin and entering the altcoin market.
The next support level that may get tested is 45%, followed by the 44% level. But if BTC.D keeps making its way up, 48% is the next resistance level.
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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 56, and the lowest is 33.
Overall Market Sentiment (Banterβs Take)
Although not the popular belief with all markets melting down, charts still show decent long opportunities, with prices holding at key levels.Β
If bitcoin keeps consolidating, a bull flag could form, leading to higher prices.
Stay safe my friends!
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