ππ TOTAL2 Bullish Move! Next Alt Leg Up Incoming?
Chart #1 - U.S. Dollar (DXY) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the past week, the DXY has increased from approximately 101.50 to 103.10.Β
This rise has led to a breach of its two-month trading range, which had a support level at 101.00 and resistance at 102.50. This movement may imply a shift of cash out of riskier assets back into the US Dollar.
The next significant resistance level is at 103.50. That is where we could get a reversal, followed by the DXY retesting the former resistance level of 102.50. If the DXY manages to surpass the 103.50 resistance level, the next resistance is at 105.00. It should be noted that a continued rise in the DXY could mean negative implications for the markets.
π£πΏπΆπΊπ² π«ππ§
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Chart #2 - Bitcoin (BTCUSDT) 1-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
In the short term, BTC has been trading within a large range. For traders operating in these lower timeframes, it's prudent to consider this as a range.Β
The range's low is at $26,296, while the high stands at $28,324. Weβll aim to purchase in the discount zones, which are located in the lower half of the range, and sell within the premium zones, in the upper half.Β
By overlaying a heat map chart to identify where liquidity is most concentrated, it's evident that it's heavily stacked within the lower rectangle box at the base of the range. As such, we should anticipate a potential sell-off into this zone at some point.
π£πΏπΆπΊπ² π«ππ§
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Chart #3 - TOTAL2 3-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
On the 3-day timeframe, the TOTAL2 has perfectly tagged both its diagonal trend line and the mid-range.Β
Provided that it holds above $558 billion, this area could establish the next higher low, paving the way for the TOTAL2 to continue its upward trend. The range high at $703 billion would act as significant resistance. Even though this level is still quite distant, it's worth noting.
If there is a break below the diagonal trend line and subsequent candle closes beneath that level, the next target would be the range low of $428 billion.
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Chart #4 - Fantom (FTMUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
This week, FTMβs price saw a rise from the support level at $0.36, and it is currently sitting within the resistance range of $0.38 - $0.4050.Β
If the price can overcome the resistance at $0.4050, it could meet the next resistance around $0.4250. This level also aligns with the previous daily ascending support line, which will now serve as resistance.
If FTM gets rejected anywhere between $0.4050 and $0.4250, we could see a further drop in its value. The price could retest the $0.36 level, or possibly even reach the major support area between $0.2950 - $0.33.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 51 today, Neutral.
The highest the index has been over the past seven days is 54, and the lowest is 48.
Banterβs Take
The market has been pretty uneventful lately, as it continues to consolidate. The best approach right now is to treat price action as within a range, playing the chop by buying the range lows of respective coins and selling the range highs.
Stay safe my friends!
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