TOTAL Market Cap Faces Rejection at $2TCurrent Market Activity: This morning, the TOTAL market cap was rejected at the $2T level, the top of the range, and has begun retracing, potentially testing the bottom of the range at $1.85T once again.
Key Levels:
Top of Range: $2T (Rejected)
Bottom of Range: $1.85T (Potential test)
Previous High: $2.25T (Late August)
Bearish Signals: TOTAL has not created a higher high since reaching $2.25T, suggesting that the higher timeframe trend remains to the downside. A break below $1.85T could lead to a retest of the $1.7T level, which was last tested in early August.
Market Outlook: Watch for a decisive move at $1.85T for clues on the next direction.
#CryptoMarketCap #TOTAL #MarketAnalysis #SupportAndResistance #Downtrend #Bearish #Crypto #PriceAction #TechnicalAnalysis
Marketanalysis
S&P recovers; bulls maintain long-term controlThe last week of August was sluggish, despite several exciting events. First, NVDA’s earnings, although very strong, failed to boost the market beyond its daily trading range. The GDP and inflation data (positive) released later also didn’t provide sufficient momentum, and the market continued to bracket. The week closed at the high, but buyers didn’t manage to break out of the trading range and confirm control of the daily timeframe. We can conclude that the market has reached a temporary balance—both bulls and bears seem content with the current price and lack the conviction to initiate strong moves.
Zooming out to the monthly view, August closed green, near the historical high. The long lower wick signifies a bullish rally that brought the price up from the low, indicating the strength and conviction of the bulls. Although the bulls didn’t manage to achieve a new high, they still maintain long-term control.
Overall, the market is still in a monthly and weekly uptrend. Even if sellers manage to set a weekly lower high in September, it is unlikely to mark the start of a trend reversal. Buyers have created enough space for potential weekly consolidation that will not threaten their long-term control.
Important levels:
Last major weekly trend high (565). If buyers manage to move above and hold they will confirm continuation of monthly uptrend.
Last major weekly trend low (510). Buyers must protect this level if they want to keep long term control
Short Term Trading range (555-564). Breaking out from the range in either direction will mark gaining of a short-term control.
Nifty Short, Medium & Long Term : 02-Sep-24 to 06-Sep-24Nifty Short, Medium & Long Term : 02-Sep-24 to 06-Sep-24
Nifty closed at 25235 ( Last week 24823 ) and touched low & high of 24899-25263 ( all time high)
As suggested for past two weeks, market bounced back and moved up and achieved the first Medium term target 25224.
Caution to be emphasized on Nifty as nifty PE is in high level with high valuation especially in Mid cap & Small Cap.
Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800. This is the best period to start SIP MF when the valuation is high.
Deploy stop loss of upto 7%-8% which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart.
RSI and stochastics levels moved up last week (69% and 97% respectively). MACD level crossed cross the signal two weeks before and sustaining. Expecting market to move up further in short term.
Nifty 25235 Short term (Short term up)
Nifty short term resistance 25540 as shown in chart.
Support around 25000(last month high) & 24676 ( trend line support and recent low).
Medium Term 25235, next target is 25800 ( Fib Resistance). if it moves above decisively next target is 26250.
Medium term Support - 24000
Long Term : Nifty have a target of 27000 ( Fibonacci Resistance). If market close above 25540 decisively. Support at 22800
Post Indian Elections, reduction of interest rate by RBI is expected on a staggered manner till it reaches 5% ( in span of 2-3 years ) in line with US fed rate reduction expected in Sep 2024. US President Election scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Nifty bank 51368 (Last week 50933 ) - Index have target of 54000 in medium term and support at 49900
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Newly added stocks to buy are PI Ind, PNC Infra and Ashoka Buildcon. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for ICICI Bank, HDFC Bank, Indian Bank & Punjab National Bank.
Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Tanla & persistent Sys can add these stocks to portfolio. There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis.
Nifty IT 42760 (Last week 41089 ) indices dipped to 37848 in Jun month, bounced back and all time high last week. Recovery of US stock market and awaiting FED rate cute decision pushed the US stocks up and followed by Nifty IT Index.
Bitcoin Faces Setback After Failed Attempt to Reclaim Key LevelsRecent Market Activity: Last night, $Bitcoin experienced a sell-off, dropping to the next support level after attempting to reclaim both the Daily 200 Moving Average (MA) and the $64,000 resistance level at the end of last week.
Key Levels:
Daily 200 MA: A reclaim of this level would have been very bullish, but the drop below it in the last two days indicates that the bulls are not ready to push higher.
Resistance at $64,000: BTC’s failure to reclaim this level signals continued weakness.
Bearish Signals: With this being the second lower high on the Daily time frame since June, Bitcoin is clearly indicating that it is not yet ready to move higher.
Short-Term Outlook:
Possible Move Up: A short-term move back up to retest the top of the range at around $61,000 is possible.
Bearish Scenario: If Bitcoin is rejected at $61,000, further downside is expected, with potential support levels at $56,500 and the lower range around $54,000.
Trading Strategy: Traders should remain cautious and monitor the key levels closely for signs of rejection or strength.
#Bitcoin #BTC #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #SupportAndResistance #Bearish #Rejection #MovingAverage #PriceAction
Bitcoin at Crucial Resistance Level with Doji Candle FormationDaily Chart Overview: $Bitcoin is currently facing strong resistance around the $65,000 level, as indicated by the formation of a Doji candle on the daily chart. This pattern often signals market indecision and suggests that the recent bullish momentum may be weakening.
Technical Indicators:
Relative Strength Index (RSI): 57.25 – While buying pressure has moderated, it remains at a healthy level.
Supply Dynamics: With 19.75 million BTC in circulation out of the 21 million maximum supply, Bitcoin is testing a crucial price point.
Market Outlook: How Bitcoin reacts to this $65,000 level will be pivotal in determining its short-term direction:
Bullish Scenario: A breakout above this resistance could signal further gains.
Bearish Scenario: A rejection could lead to a potential pullback.
Trading Strategy: Traders should monitor this level closely for a decisive move, which will provide clarity on the next phase of Bitcoin's price action.
#Bitcoin #BTC #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Resistance #DojiCandle #RSI #SupplyDynamics #PriceAction
S&P bulls are strong; new historical high?Last week was marked by an increase in selling pressure, which, despite all efforts, has not had a significant impact. As we can see on the daily chart, the stairstep pattern remained intact—even a powerful attack on Thursday was unable to break the previous day's low. The bulls maintained control, leading to a small rally the following day (I highlighted the importance of the stairstep pattern in my previous review).
As we approach the end of the month, there are a few things to keep an eye on:
1. The price is in a weekly uptrend, which has not been seriously threatened so far. Buyers maintain long-term control over the price.
2. The daily timeframe is also under buyers' control.
3. All major S&P sectors are moving in the same direction.
Price is approaching previous major high ( 565 ), which can act as a resistance but there is no guaranty that it will hold for long. The last consolidation, which began on July 17th, was triggered more by bullish exhaustion than by strong selling at this level. This suggests that there may be little to safeguard it.
Given all the above, there is no reason to believe that market is currently under threat. For the trend to shift to the bearish side, three things must happen (from the TA perspective):
1. Daily Sellers must take down the previous day low, breaking stairstep pattern
2. Weekly Sellers must take down the previous week low ( 553.8 ), setting weekly lower high
3. Month should close red (below 552 )
Until then we’re in a bull market.
Nifty Short, Medium & Long Term view 26-Aug-24 to 30-Aug-24Nifty Short, Medium & Long Term view 26-Aug-24 to 30-Aug-24
Nifty closed at 24823 ( Last week 24413 ) and touched low & high of 24524-24866
As suggested last week, market bounced back and moved up and near to the initial line target of 24900 as shown in the chart.
Post Indian Elections, reduction of interest rate by RBI is expected on a staggered manner till it reaches 5% ( in span of 2-3 years ) in line with US fed rate reduction expected in Sep 2024. US President Election scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
RSI and stochastics levels moved up last week (60% and 90% respectively). MACD level crossed cross the signal last week. Expecting market to move up in short term.
Market have high potential to touch psychological 25000 Mark/ 25200 ( Fib Resistance)
Nifty 24823 Short term (Short term up)
Nifty short term resistance 25075 ( New Peak) and 25224.
Support around 23850 ( trend line support and recent low).
Medium Term 25224( Fib Resistance) as mentioned above, if it crosses then next target is 25542 ( Fib Resistance) which is % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line. Caution to be emphasized once market reached medium term target.
Medium term Support - 22700 to 22800
Caution was emphasized on Nifty for the past 2 month as nifty PE is in record high level with high valuation and very less potential to grow further.
Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800.
Deploy stop loss of upto 7%-8% ( i.e Nifty 22800 level) which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart.
Long Term (1-3 years) Nifty have a target of 27000 ( Fibonacci Resistance). If market close above 25580 decisively. Support at 21750 ( Trend line support)/ 20800 ( Fib & Trend Line Support) 20225 / 20000 ( Fib Resistance),19500
Nifty bank 50933 (Last week 50494) - Index have target of 54000 in medium term and support at 49900
Stock Picking is needed at current scenario in Bank, auto, Pharma stocks.
Newly added stocks to buy are PI Ind, PNC Infra and Ashoka Buildcon. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for ICICI Bank, HDFC Bank, Indian Bank & Punjab National Bank.
Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as Manappuram Finance, suryoday small fin, Motilal Fin, Chola Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Tanla & persistent Sys can add these stocks to portfolio. There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis.
Nifty IT 41089 (40878) indices dipped 37848 in last month, bounced back and reached 41830 last week. Recovery of US stock market and awaiting FED rate cute decision pushed the US stocks up and followed by Nifty IT Index.
S&P bulls amazing coming backLast week, buyers continued to surprise by maintaining the impressive rally that began on Monday, the 5th. Observing the daily chart, we can see that for 10 consecutive days, the price has been setting new highs, never falling below the previous day's low. As of today (Monday, the 19th), the bulls have retraced 80% of the last bearish wave. It's also notable that buying occurred across all major S&P sectors, not just in a few big names.
Here is the current market disposition:
1. The market is in a weekly uptrend, with a new major low officially confirmed at 510 .
2. On the daily chart, we see a beautiful stairstep pattern.
3. The only technical resistance above is July’s high of 565 , but given the rally's momentum, it is likely to be surpassed.
The long-term outlook is unequivocally bullish. The short-term outlook is also bullish, as long as the daily stairstep pattern remains intact.
For short traders, it is advisable to refrain from trying to catch the top. The current momentum is so strong that it could easily break all technical resistances. The only situation where I would consider cautious shorting is at the daily stairstep pattern break.
Ethereum (ETH) Faces Critical Resistance After Market DownturnMarket Sentiment:
Last week started with a sharp downturn across various markets, including cryptocurrencies, leading to some of the most negative sentiment for Ethereum in years.
Key Challenge:
Ethereum CRYPTOCAP:ETH has broken below the crucial support zone of $2,600-$2,900, which has now turned into a major technical resistance. Closing below this level could allow the bears to maintain their technical edge.
Signs of Optimism:
Despite the negative sentiment, last Monday's candlestick showed a strong retracement from the October 2023 lows. Ethereum briefly dipped below the downside target of $2,300-$2,400 but quickly rebounded, suggesting this area might have been a temporary bottom.
Looking Ahead:
For Ethereum to regain bullish momentum, it needs to reclaim and close above the $2,600-$2,900 resistance zone. Until then, the bears still hold a slight advantage, but the recent market reaction offers hope for a potential recovery.
Key Levels:
Resistance: $2,600 - $2,900
Support: $2,300 - $2,400
#Ethereum #ETH #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #SupportAndResistance #Bearish #Bullish #Rebound #MarketSentiment
S&P bulls return in the game; still some work to doLast week, buyers regained control on the daily timeframe, filling the gap from Monday, August 5th, and closing the week at the high. While this was a strong display of power, I would approach it with caution for the following reasons:
1. The market is currently in a weekly consolidation phase. We've already seen how strongly the bears defend their control on the weekly timeframe (as evidenced by the last week of July), so this should not be disregarded.
2. The magnitude of Wednesday’s bearish candle demonstrates how easily the bears can move the price when they feel weakness
3. While all major sectors closed week green, none has managed to close above previous week high. Most of them are in a weekly consolidation, which signifies genuine market weakness.
To sum it up, while it's highly likely that the bulls will be able to confirm a weekly low ( 510.3 ) in the next days, it's uncertain whether they will be able to maintain their position for long. I would definitely wait to see the week’s close before considering a “buy.” Ideally, the bulls should fill the gap from Friday, August 2nd, and establish some value above 534 . If this doesn't happen and we see a strong price rejection, it would confirm bearish control.
The upcoming week is packed with economic data, which could fuel momentum for either side.
Double bottom Pattern set upBitcoin's recent pullback presents a calculated opportunity. The 200 EMA is acting as a key resistance on the hourly chart, with an Optimal Trading Zone just below. The play here is simple: wait for the price to retest the zone without breaking below it. If it holds, we've confirmed a double bottom. Entry's at $50,650 with a stop at $47,622. This is a move that maximizes upside while managing risk—just the way I like it.
WIF Trade SetupWIF has recently shown strong performance, rising over 65% from its bottom at $1.08. Currently, the price is pulling back towards a key support zone at $1.50, which also represents a significant psychological level and a potential demand zone. This pullback offers an opportunity to enter a trade, with the expectation of a bounce from support.
Trade Plan:
Entry: Around the $1.50 support zone.
Take Profit: Targets set at $2.2 and $2.8.
Stop Loss: Placed at $1.36 to minimize downside risk.
This setup leverages the strong recent momentum of WIF while managing risk effectively. The trade is designed to capitalize on a potential bounce from the $1.50 support level, which has shown to be a key area of interest.
Bitcoin (BTC) in No-Trade Zone, Approaching Critical LevelsCurrent Market Situation:
Bitcoin (BTC) appears unstoppable as it heads towards the crucial $60,000 zone.
No-Trade Zone:
BTC remains in a no-trade zone, with potential triggers only occurring at key extremes.
Key Levels to Watch:
Upper Extreme: $60,000
Lower Extreme: $53,500
Trading Strategy:
Wait for BTC to reach either the $60,000 upper extreme or the $53,500 lower extreme before considering any trades.
Stay patient and watch these levels closely! 📈🚨
#Bitcoin #BTC #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Trading #SupportAndResistance #NoTradeZone #KeyLevels
Kaspa (KAS) Long-Term Spot Trade SetupMarket Correction Impact:
Kaspa has retraced 40% following the market correction this weekend, breaking back into its range.
Historical Significance:
Historically, such retracements with KAS have marked local bottoms on the chart.
Price Action to Watch:
If the price pulls back this week to fill 50% of the wick left behind on yesterday's daily candle and retests the mid-range support area along with the 200-day EMA, this will offer a great zone to DCA (Dollar Cost Average) into a long-term trade on KAS.
Trade Strategy:
DCA Entry Zones:
Primary DCA Entry: $0.14
Secondary DCA Entry: $0.10 (in case BTC pulls back further)
Summary:
Keep an eye on Kaspa's price action, especially around the mid-range support area and the 200-day EMA. Prepare to DCA into long-term positions at $0.14 and $0.10 to capitalize on potential market recoveries.
#Kaspa #KAS #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Trading #SupportAndResistance #LongTermTrade #DCA #200DayEMA #MarketCorrection
Nifty Short, Medium & Long Term view 05-Aug-24 to 9-Aug-24Nifty Short, Medium & Long Term view 05-Aug-24 to 9-Aug-24
Nifty closed at 24717 ( 2 weeks before 24509) and touched low & high of 24094-25082 ( all time High) in a span of 2 weeks.
World Market Outlook, sudden drop in US market especially in Tech Stocks, Europe and Asian market lead to impact Nifty. Volatility to continue till fed rate reduction (expected in Sep 24), US Presidential election till Oct end/ Nov 24.
RSI and stochastics levels was marginally down last week (61 % & 66% Respectively). Stochastic dropped to 66% from 90%.
Caution was emphasized on Nifty for the past 1-1.5 month as nifty PE is in record high level with high valuation and very less potential to grow further.
Strong tax imposition on speculative STCG, increase in tax for LTCG and removal of Indexation benefits for Properties and Gold will have impact on such investments, Loans and the demand. Which may affect the Bank Loans. Also With scrap in Indexation benefit illegal cash handling will raise.
Those with lesser risk can sell partial portfolio ( 20-30%) stocks which have less valuation and can wait for opportunity to buy when nifty dips upto 22800.
Deploy stop loss of upto 7%-8% ( i.e Nifty 22800 level) which is crucial. More Risky players can have stop loss of trend line resistance of 23750 as shown in the chart.
Market have high potential to touch Psychological 25000 Mark/ 25200 ( Fib Resistance)/ 25500 ( Fib Resistance).
Nifty 24717- Short term (Neutral to Down)
Nifty short term resistance 25075 ( New Peak) and 25224.
Support around 23740.
Medium Term 25224( Fib Resistance), 25542 ( Fib Resistance) which is % of difference between Mar 23 low and Sep 23 high low from Sep23 high shown as vertical line
Medium term Support - 22800 /22300
Long Term (1-3 years) Nifty have strong resistance at 27000 ( Fibonacci Resistance). If market close above 25580 decisively. Support at 20800 ( Fib Support) 20225 / 20000 ( Fib Resistance),19500 expected in 2024.
Nifty bank 51350 (2 weeks before 52296 )- Index went upto 53400 ( Resistance) and came down as proposed from 47250 level nifty bank jumped more than 10%. Caution was emphasised as nifty bank reached critical resistance. It need to cross and move up decisively this current zone. Advised to consider to book partial profits in Nifty Bank on every rise. Investment decision in Nifty bank, bank stocks helped in portfolio.
Stock Picking is needed at this crucial nifty, Nifty Bank, Nifty auto, Nifty Pharma stocks. As insisted for last 3 months Banks & Finanace Stocks are really good and will give good results, as expected Q4 results are good especially for ICICI Bank, HDFC Bank, Indian Bank & Punjab National Bank.
Fundamentally good stocks can be added as it posted good results on every dip in finance stocks such as Manappuram Finance, suryoday small fin,Motilal Fin, Chola Finance, Other stocks like Dr Reddys, Natco Pharma, Cipla, JK Cements, Biocon, Tanla & persistent Sys can add these stocks to portfolio. There is a possibility of dip to 21000-22000, hence please buy in parcels and every dip of Index and every dip of individual stocks (2-5% of portfolio on each purchase for long term) The above stocks mentioned are based on analysis of top line & Bottom line performance, hence based on the risk and portfolio mix one can add after analysis.
Comments : Post Elections, if Market need to grow higher by reduction of interest rate by RBI on a staggered manner till it reaches 5% ( in span of 2-3 years ). US fed rate reduction also expected from Aug/ Sep 2024. US President Election scheduled in Nov 24. Until then Market may correct if any global news upto19500 as there is strong multiple fib support in this range.
Nifty IT 39730 ( 2 weeks before 39251), indices broke the Major support at 33350 and went down upto 32420.
Currently Nifty up and crossed resistance 41300. Muted results with meeting the market expectaion driven the index to bounce back. However Caution to be empahsised as US Economy still in bad condition and awaiting for rate cut.
S&P500 Index Breaks Through Long-Term Resistance on Weekly andAre you ready for some exciting news from the stock market? The S&P500 index is breaking out of a long-term resistance that has been forming since late 2021! That's right, the bulls are charging ahead and the bears are retreating as the market prepares to breach this significant and durable resistance.
What makes this breakout even more exciting is that the S&P500 is currently retesting the previous resistance level as a potential new support level. This retest is a critical step towards confirming the legitimacy of the breakout and signaling further upside for the index.
Technical analysis plays a significant role in identifying the market trend and the right time to make investment decisions. A breakout, when an index or stock crosses a critical resistance level, is a major signal of a bullish trend. Additionally, the support and resistance levels play a crucial role in determining the entry and exit points of a trade. With the S&P500 breaking out of its long-term resistance, investors should use technical analysis to identify potential entry points and exit points.
The bulls have been in control for the past few weeks, with the S&P500 trading strongly above its long-term support. Recent corrections have been shallow, indicating that the market is ready to make a big move. And with trading volume remaining above average, the breakout appears legitimate and not just a fakeout.
The Relative Strength Index (RSI) is also giving us good news. Currently sitting in the bullish zone, the RSI shows an upward trend line that suggests the bullish trend is becoming even stronger.
So what's the next target for the S&P500? It could be around the 4,800 level, but there may be some fluctuations and retesting before the market reaches this point. It's important to remember that technical indicators should be used in conjunction with other forms of analysis to make well-informed investment decisions.
Get ready for exciting times ahead in the stock market as the S&P500 index breaks out of its long-term resistance and retests it as a new support level. Stay vigilant and use technical analysis to make well-informed investment decisions during this exciting period!
Chachain
KEYWORDS
stock market, market analysis, market trend, index, technical analysis, breakout, support, resistance, trading strategy, bullish, bearish, trading indicators, RSI, trading volume, investment, investment strategy, investment decision, financial market, market performance, economic growth, market outlook, market forecast, market news, market update, market sentiment, market volatility, market movement, market prediction, market opportunity, market risk, market chart, market data, market insights, market commentary.
Bitcoin Analysis: Bearish Outlook Despite Recent RallyAlright, ladies and gentlemen, don't get too excited just yet. There was a small rally this afternoon for Bitcoin, but it is still showing bullish tendencies. Bitcoin encountered resistance once again at the Fibonacci 0.236 level. We expect it to come back down to retest the Fibonacci 0.382 level, and if that doesn't hold, the next support will be at the 0.618 level. So, folks, I'm still bearish on Bitcoin.
BTC UPDATE - 29.07.2024 / Will the growth continue?1d: I observe repeated liquidity manipulation of the lower accumulation boundary, followed by aggressive movement to the first target in the form of 69198.7
On 1h Tf: we see an aggressive and balanced order flow.
I want to see the continuation of this upward movement from current through reaction to local imbalance and change of structure on lower tf.
There is also an option of leaving through liquidity overshift in the imbalance zone (69273.9 - 68800).
Buyer's next target on bitcoin: high at 72132.8
Ethereum (ETH) at a Major Inflection Point Amid ETF ApprovalVolatile Market Action:
The crypto market's volatile price action continued last week, with much of the previous week’s gains being retraced.
Focus on Ethereum:
This week, Ethereum CRYPTOCAP:ETH is at a major inflection point given the approval of ETFs by the SEC.
Trend-Following Concerns:
From a pure trend-following standpoint, a potential lower-high was completed last week. Following the low from July 5, which exceeded the low from May, this could indicate a short-term downtrend for Ethereum.
Key Support Levels:
Support: $2,900-$3,100
Ethereum is still given the benefit of the doubt as long as prices hold above this support range.
If this support holds, Ethereum could be considered in a broader consolidation within the broadening wedge formation.
Maintaining this support is crucial to avoid further downside.
Key Resistance Levels:
Resistance: $3,400-$3,600
For Ethereum to look bullish again, it needs to clear this resistance range.
Breaking through this resistance would negate the bearish scenario and potentially set the stage for a bullish run, bolstered by the positive sentiment from the ETF approval.
Stay informed and monitor these key levels as Ethereum navigates this critical period! ⚠️📈
#Ethereum #ETH #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #Trading #SupportAndResistance #ETFApproval #Bullish #Bearish #Volatility
POWRUSDT | UP THIS WEEK!I’m feeling bullish about this week for crypto, and POWRUSDT is looking primed for an upward move. Here’s why:
Market Momentum
• ETH ETF Launch: With the ETH ETF trading this week, we’re expecting a ripple effect across the altcoin market. 🚀
• Crypto Sentiment: The market is buzzing with optimism, and altcoins like POWR could ride this wave.
Technical Setup
• CHoCH Formation: POWRUSDT recently created a Change of Character (CHoCH), signaling a potential reversal and bullish momentum. 📈
Strategy
I’m aiming for a solid 1.78:1 Risk-Reward ratio, which is quite promising given the current setup.
Action Plan
Long on POWRUSDT, leveraging the positive market sentiment and technical signals. With the ETF launch potentially sparking a broader market rally, this could be a golden opportunity.
Let’s ride the wave and see how high we can go! 🚀✨
Good luck, everyone!
ETHUSDT | UP WITH ETF?Big news is on the horizon! The ETH ETF starts trading tomorrow, and this week could be monumental for crypto. Let’s dive into why ETH might be headed for a new all-time high.
Market Catalyst
• ETH ETF Launch: The launch of an ETH ETF is a major event, bringing fresh attention and potential inflows to Ethereum.
Bullish Indicators
• Market Sentiment: The anticipation around the ETF has already stirred excitement in the market.
• Historical Context: Similar to BTC ETFs in the past, major asset launches often lead to price surges.
Strategy
Given the hype and potential inflows, I’m betting on ETHUSDT making a significant move upwards.
Risk-Reward
With a solid 3.28:1 RR, this trade offers a compelling opportunity to capitalize on the momentum.
Action Plan
Long on ETHUSDT, targeting a new ATH as the market absorbs the ETF news. The excitement is palpable, and this could be the catalyst ETH needs to break through.
Let’s see if this ETF launch propels ETH to new heights! 🚀💥
Good luck, everyone!
#minno #ETHUSDT #CryptoTrading #ETFLaunch #NewATH #MarketAnalysis #Bullish #CryptoNews #StayTuned