Market Analysis May 12, 2024 ➖➖➖➖➖ ⚪️TECHNICAL (1D) BTC is currently exhibiting movement within a falling wedge pattern. After encountering resistance at the trendline, it appears to be heading towards the lower trendline support. This suggests a potential consolidation within the wedge, awaiting a definitive breakout.
⚪️WRAP-UP (VIP) BTC is in a falling wedge pattern, having rejected the trendline and now approaching lower support. Expect consolidation within the wedge until a breakout occurs.
$BTC DAILY RANGE: 📈Upper Limit: 61500 📉Lower Limit: 60500 (+-10% based on moving average volatility open/endpoints)
#DXY made a good retest back to the zone and still hovering over there itself. Price made few more test back to the zone and showing some sort of consolidation. Monday Market Open will more chances of #DXY pushing higher, which will tighten up the market a bit. Plan the alts trades accordingly, and a close below will be always good the crypto market.
#BITCOIN on Weekly TF, closed with the strong rejection candle and next candle tapped into the resistance by which its try to close below the support. If weekly candle closes below the $61,500 support, then we can expect some more correction in the coming weeks. The worst part is closing below $60,000 will start a new mid-term correction in the market.
IMX has broken out of the symmetrical triangle pattern. The Ichimoku cloud and the 100-day moving average indicate a bullish trend. An upward move is anticipated following a successful retest of the triangle.
#ETH still moving inside the falling wedge pattern but its moving closer to the apex point. Price still moving back and forth between the zones and currently, reaching the support. Anticipating a false break below for testing the supporting trendline and a decent push.
BTC.D is currently moving within a rising wedge, which technically constitutes a bearish pattern. The RSI has been rejected from the overbought region. A sustained breakdown of the rising wedge would confirm the bearish sentiment, while a bounce from current levels would suggest further consolidation within the wedge.
If BTC.D declines while BTC moves sideways or experiences bullish momentum, this could signal potential bullish momentum for altcoins. Conversely, if BTC.D pumps while BTC moves sideways or experiences bearish pressure, this might indicate a bearish outlook for altcoins.
Price is currently stuck in a narrow range and located at its centre. It is advisable to avoid trading at this point and wait for a retest of the support area before entering the market again.
🔥🔥The price action of $POWR is consolidating at its Horizontal Support level, marked between the $0.3018 to $0.3000 level, indicating a potential bounce back from this Support level. 📈
We can anticipate the price action to fulfill the FVG gap level after gaining momentum from its support level. 🚀🔥🔥
FTM is currently moving within a symmetrical triangle pattern. It is showing signs of rejection from the trendline and encountering resistance from the MA 200. Meanwhile, the Ichimoku cloud is serving as a support level. We need to patiently await a clear breakout or breakdown of the triangle to confirm its next direction.
The TOTAL crypto marketcap is currently in a downtrend channel on lower timeframes and may test the major support area before the next leg up. There is plenty of liquidity around this support area.
#BLZ is been rejected strong and moving lower from the resistance trendline. Currently, there's no key level nearby, only the major support zone area of $0.285 - $0.290. Better to wait for the pattern break and look for the opportunities on the breakout.
The price is currently testing the resistance area. A small uptrend line is acting as support. It is recommended to wait for a clear breakout above the resistance area before opening new long positions. Conversely, if the price breaks below the uptrend line then there may be an opportunity for short entries.
The price of #FET has bounced back from the expected support area. If you opened a long position as signalled, you would have made a profit of more than 34% from our entry. However, the price has once again been rejected from the resistance area, which may result in another test in the coming days. If you are still holding your long positions, it is advisable to increase your stop loss to the breakeven point and hold.
#JUP Price was rejected from the resistance area and now slowly moving towards the support area. This is no trade zone and better to wait for some time.
#1000SHIB/USDT has done CHoCH on 4H time frame and shifted in trend from bearish to bullish. Now as its in bullish trend so we will look for buying oppertunities. I have marked poi for buying oppertunity. Current price is very good but a agressive entry. Second poi is very clean which is also marked on chart.