ππ Unleash Your Inner Trader: Enter the Crypto Trading Competition of a Lifetime!
π₯ Trade to Triumph π₯
Win a Tesla, Rolex & $10,000 Cash!
Don't miss this extraordinary ByBit trading competition by Crypto Banter & Gareth Soloway which begins today! Unleash your trading skills for a chance to win a Tesla, Rolex, and $10,000 cash prizes. Secure your spot in this unrivaled contest now and elevate your crypto trading journey.Β
Register here to join the elite trader's league!
Bitget winner - 8565790022
Chart #1 - BNB (BNBUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
BNB's STOCH RSI on the medium time frames is showing that the price is oversold, allowing a chance for it to find support and reverse its trend and test $338 - $350.Β
If support between $320 - $330 as well as the daily support line don't hold, BNB will test support at $300 - $305.Β
Should Bitcoin Dominance reverse its trend (going down) in the next few days, cash will flow out of BTC and into the large caps, providing BNB with a bullish possibility.
π£πΏπΆπΊπ² π«ππ§
Sign up for a new Trading Account on Prime XBT!
Receive a deposit bonus of up to $7,000 with promo code: SheldonSniper
Chart #2 - Bitcoin (BTCUSDT) 1-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
There's a potential swing short trade playing out on bitcoin!
I'm looking for the price to capture the upside liquidity at around $30,300, and then close back below the key horizontal level at $30,045. Once that happens the trade will be active.Β
The short trade target is all the way back down at the prior liquidity levels as seen in the chart.
π£πΏπΆπΊπ² π«ππ§
Sign up for a new Trading Account on Prime XBT!
Receive a deposit bonus of up to $7,000 with promo code: KyleDoops
Chart #3 - Bitcoin Dominance (BTC.D) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin dominance has closed back above its range high.
But for it to showcase real strength, we need to see a daily close above 48.87% (the prior daily high). If we don't get that, this could turn out to be just another fakeout to the upside, and dominance could easily break back down into its range again, providing altcoins with some relief along the way.
Claim your Bitget sign-up bonuses here (details below).
Chart #4 - S&P 500 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
For four months, the S&P 500 has been ranging between 3,800 and 4,200.Β
Earlier this week it got rejected from 4,120 - 4,200 and reversed its trend to test 4,000 - 4,050. The rejection has created a double top, so the SPX needs to get above 4,200 again soon. Right now, its daily STOCH RSI is oversold, and things looked good for it when last night it moved up to test the 4,120 - 4,200 area of resistance. If that area can be broken, the SPX should head to 4,300 - 4,350.
A break to the downside though, through 4,000 - 4,050, could take the SPX as low as 3,900.Β
Over the next week or two, I'll be paying close attention to the SPX, as if it starts losing important areas of support, it will bring crypto down with it.
Claim your Bitget sign-up bonuses here (details below).
Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 64 today, indicating Greed.
The highest the index has been over the past seven days is 64, and the lowest is 53.
Deribit is the leading Bitcoin and Ethereum Options Exchange for crypto traders.Β
Deribit offers a robust, reliable, and lighting-fast options platform for high-performance trading.Β
Sign up for a Deribit account here.
Overall Market Sentiment (Banterβs Take)
We got the bounce we were hoping for. Now it's time to look for weakness at the range high in the event of a lower high.Β
The bounce caught many by surprise, and consequently, a lot of late longs are jumping into the market. But that means they will likely get squeezed back out sooner or later. So anyone who missed the long when we initially outlined the bounce scenario is probably a bit late now, and better off waiting for the next trade.Β
And the next trade will probably be a short.
Stay safe my friends!
Go to our Crypto Banter Discord here where Sheldon and Kyle give updates on the charts and trades from The Daily Candle newsletter!
Bybit winner - 27141355