ππ Warning! Volatility incoming! But SOL and GALA look too good to not trade!
Chart #1 - Solana (SOLUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Jerome Powell's speech today at 10 am EST is sure to bring volatility with it. So whatever you do, trade with caution. But, even with the expected volatility, SOL seems to be in a very nice setup.
The chart shows that we are in a buy zone at the moment. But I suspect we will get an aggressive buy at the stop loss level at $20.19, or possibly $19.61, which will create a double-bottom formation.
So given the potential volatility, I will look for buys in these areas. I will however be monitoring the market action closely during the speech, and if we lose the bottom stop loss level, at $19.61, I will not be buying.
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Chart #2 - S&P 500 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Here's an update on our S&P 500 short trade from yesterday.Β
So far we got the spike up we were looking for and the price has come back down below the resistance line, confirming a deviation. So now we will lower our stop losses to just above the previous wick, coming in at 4,083.
In order to confirm the short trade, we need today's candle to close below yesterday's candle. So traders are not too late to enter this trade today.
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Chart #3 - Bitcoin (BTCUSD) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin is currently in a broadening wedge pattern, and coming right into support at its mid-range level.
Though there is pressure to the downside on the low timeframes, this chart suggests that as long as the price doesn't break and close below the mid-range level, the broadening wedge pattern - which should result in a bullish outcome - is still in play.Β
For it to play out, bulls would need to see the price bounce within the next day or two. The target would be the top of the wedge at $27,000 - $28,000.
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Chart #4 - GALA (GALAUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
GALA is also set up nicely.Β
It has already broken the downtrend line and is making its way back to retest it. We are currently in a buy zone, but due to the potential volatility today caused by Jerome Powell's speech, I'll be patient.Β
The stop loss level at $0.03676 could be a nice aggressive trade entry. If we lose that level though, I will not be buying and will re-evaluate the trade later.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 49 today, Neutral.
The highest the index has been over the past seven days is 51, and the lowest is 47.
Overall Market Sentiment (Banterβs Take)
The market is likely to experience lots of volatility this week, and today all eyes will be on Jerome Powell making his speech. It's purely speculation as to how it will go, so all we can do as traders is drastically reduce our position size - mitigating our risk - before it, and react once it's finished.
Stay safe my friends!
Bybit winner - 7741703