The bearish trend continues with lower highs and lows, signaling caution. We're seeing strong support around $53,500, while resistance looms at $68,500. A recent bounce from $56K-$57K hints at potential movement, but a break below $56K could lead to a test of $51K-$53K support.
โ ๏ธ Short-Term Outlook: Resistance zones to watch are $60K-$61K, $63K, $64.5K, and $67K-$68.3K. Despite the bearish outlook, a bullish divergence on the 2-hour chart suggests a possible short-term relief rally in the next day or two.
In the last 24 hours, not much has happened on the crypto market. However, the 4-day Supertrend on $BTC is still bearish!๐
We are currently witnessing an enormous declining and broadening Wedge pattern, with resistance at 68.5k thousand dollars and support at 53.5k. If Bitcoin does not exceed that resistance, it will continue making higher lows and lower highs as usual.โ ๏ธ
A breakout above this resistance could trigger a major bullish move!๐ฅ Nevertheless, until we witness such a movement, one should remain cautious and watch these levels closely! ๐
๐จ $NOT is forming a Symmetrical Triangle Pattern on the 4H chart, which is typically a continuation pattern.
๐ Entry Point: CMP and Accumulating up to $0.013
๐ฏ Targets:
Midterm Goal: $0.020 Long-Term Goal: $0.074
Trading Options: $NOT is available for trading in both the spot and futures markets. You can purchase it on the spot market, or if you prefer to go long on futures, consider setting a stop-loss at $0.012.
๐ About $NOT : NOT is a promising project in the crypto space, aiming to revolutionize transactions with its innovative technology. Their mission is to provide seamless and secure transactions across different networks.
๐จ $SAGA is forming a Symmetrical Triangle Pattern on the 1H chart, which is typically a continuation pattern.
๐ Entry Point: CMP and Accumulating up to $1.4
๐ฏ Targets:
Midterm Goal: $1.80 Long Term Goal: $2.20 ๐ Trading Options: $SAGA is available for trading in both spot and futures markets. You can purchase it on the spot market, or if you prefer to go long on futures, consider setting a stop-loss at $1.32.
๐ About $SAGA :
SAGA is a promising project in the crypto space, aiming to revolutionize transactions with its innovative technology. Their mission is to provide seamless and secure transactions across different networks.
๐จ $NFP forms a Bullish Reversal Pattern on the 2H chart, confirmed by a breakout above the trendline.
๐ Entry Point: Consider entering the trade around $0.2728.
๐ฏ Targets:
Midterm Goal: $0.3400 (approx. 24.6% increase)
Stop-loss at $0.2502
๐ About $NFP :
NFP is showing strong potential with its recent price action. It's a noteworthy project in the DeFi space, focusing on enhancing the efficiency and security of perpetual contracts on the Binance platform.
BTC closed the daily candle at $58,216, just below the resistance level.
A 20-30% drop is normal during a bull market. Handling these corrections can lead to a substantial rise soon. However, $58,300 and $60,000 are important resistance levels that need to be cleared.
Bitcoin has broken a crucial support level of around $56,500, now heading towards $54,400. ๐ A further drop might be imminent if it doesn't reclaim this support soon.
BTC needs to hold this important support level to avoid more downside pressure.
BTC is trading at $61,500, nearing a critical support level at $60,000. We have a rising trendline, the 200 EMA, and the lower trendline of this expanding triangle also acting as support.
After 7 consecutive days of outflows in Bitcoin ETFs, yesterday saw $31 million in inflows, which is positive for bulls.
In the long term, I am bullish on BTC. We may see some short-term corrections in price, potentially down to $54,000 in the worst case, but that will be the best time to buy BTC.
The funding rate is negative at -0.11%, which is a positive sign for bulls.