ππ Weekend altcoin breakout highly likely! Is FTM heading to $.60?
Bitget winner - 2618811125
Chart #1 - Fantom (FTMUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
FTM has been rallying strongly.
It is currently trading at $0.46, near the daily resistance line that began forming in February. If FTM can breach that line, it could test resistance at $0.50 followed by $0.55, and potentially even reach the critical $0.60 resistance level.
Even though it has had a strong last three months, we still need to consider the bad scenario, which could send FTM down to support between $0.38 - $0.40.
π£πΏπΆπΊπ² π«ππ§
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Launch of DVOL Futures (27 March 2023 @ 12 noon UTC)
Deribit is launching the industry's first Bitcoin Implied Volatility Futures on March 27th.Β
BTC DVOL futures are built on DVOL (the Deribit Bitcoin Volatility Index) which is a measure of the expected or implied volatility of the BTC market, providing insight into investor price expectations and the overall health of the market.
BTC DVOL futures can help traders hedge their positions and take advantage of market volatility while also serving as a tool for additional risk management, alpha generation and portfolio diversification. This product is particularly useful for those who want exposure to volatility but do not want to trade complex options strategies.
Have a great weekend and trade safely!
Chart #2 - TOTAL3 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
This chart represents the altcoins but excludes ETH.
As long as bitcoin closes the week positively, I expect this chart to follow the path I have outlined by the white squiggly lines. The reason is that speculators who missed the bitcoin pump will try to get into alts.
So essentially, that means the alts may catch a bid over the weekend.
π£πΏπΆπΊπ² π«ππ§
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Chart #3 - Bitcoin (BTCUSD) 1-Week Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Bitcoin has had a very strong week, as we can see from its powerful weekly expansive candle.
The crucially important thing now is for bitcoin to close that candle above its 200 weekly moving average, seen in the chart as an orange line. If that happens, the market sentiment will likely switch bullish super fast, and participants will likely start FOMO-ing in.
So, if bitcoin closes here or higher, expect continuation next week.
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Chart #4 - Ethereum/Bitcoin (ETH/BTC) 3-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Today we look at the ETH/BTC chart for clues as to where the cash will flow next. When the ETH/BTC chart is trending to the downside, BTC is outperforming ETH.
As the ETH/ BTC ratio is now at 0.065 - a critical weekly support level - I expect a bounce and trend reversal, which will see cash flow out of BTC and into ETH and the other major altcoins.Β
The trend reversal could see it reach the 0.07 level, followed by the 0.0725 level where the weekly descending resistance line from September intersects. And if it breaches even that level, it may head to 0.0775.
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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 56, and the lowest is 33.
Overall Market Sentiment (Banterβs Take)
The recent market move should not be taken lightly. If it continues like this and closes the week positively it could be extremely bullish.
But until it does close, sadly the breakout is not fully confirmed and a deviation could still take place. So anyone entering a long trade at this late stage should be incredibly cautious.Β
Stay safe my friends!
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Bybit winner - 2741431