ππ ORDI Trade Setup! BTC Heading to $32K?
PLUS: Is BTC Shifting Risk to the Downside again?
Overview
Chart #1 - Bitcoin Dominance (BTC.D) Daily
Chart #2 - Bitcoin (BTCUSD) Daily
Chart #3 - ORDI (ORDIUSDT) 4-Hour
Chart #4 - Fantom (FTMUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - Bitcoin Dominance (BTC.D) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin Dominance is currently at 53.35%.
I believe it could range here or reverse its trend to move higher.
However, if it breaks through 53%, the next support is the weekly ascending support line.
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Chart #2 - Bitcoin (BTCUSD) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin has major support at two specific levels: $37,600 and $31,700.Β
The 9 and 18 EMAs are starting to compress into one another, which shows that risk could very well start to shift towards the downside again.
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Chart #3 - ORDI (ORDIUSDT) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Ordi is starting to hold a range low at $43.
A hard stop would be placed at $36.88.
If the price holds this range low, then it could be a great spot to accumulate.
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Chart #4 - Fantom (FTMUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
After a massive run-up, FTM has started to range between the $0.35 and $0.40.
I think the market might retrace further over the next week or so, which could bring down FTM with it, to test $0.32 - $0.33.
After a correction, FTM could head as high as $0.45 - $0.48.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 65 today, indicating Greed.
The highest the index has been over the past seven days is 74, and the lowest is 65.
Banterβs Take
The pullback could take Bitcoin down to anywhere between $32,000 and $38,000. That will all be a buy-the-dip opportunity for the longer run.
Stay safe my friends!
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