Overview
Chart #1 - USDT Dominance (USDT.D) Weekly
Chart #2 - Bitcoin (BTCUSD) 4-Hour
Chart #3 - Vulcan Forged (PYRUSDT) Daily
Chart #4 - Near (NEARUSDT) Daily
Chart #5 - Fear and Greed Index
Chart #1 - USDT Dominance (USDT.D) Weekly
Chartist: Sheldon
(For the chart screenshot, click here.)
USDT.D is currently in its fourth week of being in a downtrend and has also reached the bottom of the support range at 6.50%.
Over the last year, this area has held as very strong support.
If it bounces again, the first resistance is at the range high of 6.75%.
If the 6.50% level of support does not hold, the next one is at 5.75%, an area last tested in May & August 2022.
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Chart #2 - Bitcoin (BTCUSD) 4-Hour
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin continues to hold its 50 EMA (red line) as support.
Every test of it since the initial impulsive move up from the $25,000 level has held the price up.
If this 50 EMA cross gets lost, then a deeper pullback into the 200 EMA is likely the next major support, which should bounce the price.
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Chart #3 - Vulcan Forged (PYRUSDT) Daily
Chartist: Kyle
(For the chart screenshot, click here.)
PYR on the daily continues to show signs of strength and has broken out of the range high at $5.50.
If the price holds this $5.50 level, then the next target is $7.77, and after that, weβre looking at $10.65.
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Chart #4 - Near (NEARUSDT) Daily
Chartist: Sheldon
(For the chart screenshot, click here.)
NEAR got rejected at $1.66 earlier in the week
It has now retraced down to the $1.37 - $1.44 area of support. If it holds, it could set up a long trade, for the price to once again test the $1.65 - $1.72 area of resistance, or even test the next area of resistance at $1.80 - $1.87.
If the market retraces from here, and NEAR loses the $1.37 level of support, it could visit $1.25 - $1.30.
NEAR has made a massive 65% move over the last three weeks, and a retrace to test lower areas of support would be healthy.
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Chart #5 - Fear and Greed Index
The Fear and Greed Index is sitting at 66 today, indicating Greed.
The highest the index has been over the past seven days is 72, and the lowest is 65.
Banterβs Take
Don't fade the trend; a strong uptrend is in play, and people are rotating into other coins, which is why we're seeing these altcoins rally.
Stay safe my friends!
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