๐๐ We Are Trading DOGE and NEAR and Our Targets Areโฆ
Chart #1 - Ethereum (ETHUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
In the last two weeks of May, ETH consolidated in the $1,800 - $1,850 support area before successfully breaking and retesting the $1,850 level this week.ย
ETH has been holding up very well in the current market, even outperforming Bitcoin in recent weeks.ย
With the price currently trading at $1,885, there's a potential for it to rise and test the next major resistance level at $1,950 - $2,000. If the $1,850 support level is breached, the next support area is at $1,800, followed closely by the daily ascending support line at $1,775.
๐ฃ๐ฟ๐ถ๐บ๐ฒ ๐ซ๐๐ง
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 - Dogecoin (DOGEUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
DOGE has completed its ABCD pattern, as seen in the chart, and entered a demand zone.ย
I am planning to take a long swing trade based on this, which I anticipate to hold for approximately a week.
My entry price is $0.07207, my stop loss is set at $0.06390, and my take profit level is $0.10671.
๐ฃ๐ฟ๐ถ๐บ๐ฒ ๐ซ๐๐ง
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 - Near (NEARUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
NEAR, on its daily chart, has also completed an ABCD pattern, coming directly into a major support area at the swing lows.ย
I am expecting a reaction and bounce off this zone and will be establishing a long swing position that I plan to hold over the coming weeks.ย
My entry price is $1.590, with my stop loss set at $1.273, and a take profit level of $2.610.
Claim your Bitget sign-up bonuses here (details below).
Chart #4 - Fantom (FTMUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last three days, the price of FTM has consolidated around $0.31. With the price currently oversold on higher time frames, there's potential for an upward move back to test the next resistance areas.ย
First is the descending resistance line, originating from the start of May, at around $0.33. If that level is broken, the next resistance area will be at around $0.36. That was the same level that briefly held as support during the middle two weeks of May.ย
The current $0.2950 - $0.3280 area is acting as significant support for FTM, which I anticipate will continue to hold for the time being.
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 50 today, Neutral.
The highest the index has been over the past seven days is 52, and the lowest is 48.
Banterโs Take
The market has cleared liquidity at the lows and appears to be preparing for a powerful upward move. The current liquidity target on the upside for Bitcoin is $28,200.ย
Watch closely for any signs of rejection at this level. Confirmation of the next trend shift can be identified by paying attention to Bitcoin's high and low from yesterday. Whichever of these marks is surpassed first will likely trigger the next significant move.
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!