ππ What the stock market does next is pivotal! Can bitcoin hold?
Bitget winner - 2179546516
Chart #1 - S&P 500 (SPX) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the past two weeks, the S&P 500 has trended down, from around 4,200 to 4,000.Β
It is oversold on the daily chart, and is also trading in a major area of support. If this support can hold, there is a chance of the SPX testing the next resistance area around 4,100 - 4,150.Β
But, if the SPX continues dropping, the next support is at 3,900 - at the previous weekly resistance line from January 2022. The SPX broke that line at the beginning of the month, so it may now retest it.
Check our Crypto Banter Discord here for updates!
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Chart #2 - Ethereum (ETHUSD) 8-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
ETH is currently caught within a range, with the high at $1,740 and the low at $1,460.Β
Now, it is approaching $1,600 - aka the middle of the range - a level I suspect it to bounce from. If it does bounce at (or before) $1,600, it's possible a crucial higher low will form, which will foretell higher prices for ETH.
Check our Crypto Banter Discord here for updates!
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Sniper School
Sniper School kicks off a new cohort next week on Monday! What is Sniper School? Free 3-week trading course with Sheldon. You will learn how to trade like a pro in 3 short weeks and capitalize on the change in the markets.Β
There are only 3k seats and the waitlist is filling up fast! We still have some spots left for those that complete the entrance requirements of signing up for a fee exchange account and funding it. Youβll use it to trade live during the course.
The course includes weekly live workshops hosted by Sheldon, Mama Sniper, and special guests, plus daily live trading and market analysis sessions with our team of Sniper Mentors!
Itβs not just a school. It really is the start of an incredible journey with our family of degens! Reserve your spot now by clicking here.
Chart #3 - Chainlink (LINKUSD) 8-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
LINK is caught within a range between $6.50 and $8.40.Β
It is currently attempting to bounce from its mid-range. If it can successfully do so, a higher low will form, and it can start moving back toward its range high.
Check our Crypto Banter Discord here for updates!
Make sure to follow me on Twitter, where I will post updates on my trades as they unfold!
Claim your Bitget sign-up bonuses here (details below).
Chart #4 - Bitcoin (BTCUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the past week, bitcoin has attempted to break the $25,000 area of resistance six times, but has failed every time!Β
Overnight, BTC has retraced down to $24,000, and - for now - the minor support level at $23,900 seems to be holding, with the daily stochastic RSI overbought. If it retraces further from here, the next big support zone is at $22,800 - $23,300, followed by the $21,800 level of support.Β
If the price moves higher again and breaches the $25,000 level of resistance, the next one is between $26,800 - $28,000.
Check our Crypto Banter Discord here for updates!
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 59 today, indicating Greed.
The highest the index has been over the past seven days is 62, and the lowest is 58.
Overall Market Sentiment (Banterβs Take)
This pullback - which has been aggressive - remains at the mercy of the stock market. If the stock market bounces today, bitcoin could quickly be back above $25,000. But failure to do so could be quite brutal for crypto.
Crypto has held up well in comparison to the stock market. But expecting that to happen two days in a row is not very realistic.
Stay safe my friends!
Bybit winner - 7735194