GALAUSDT is currently trading within a descending channel, but it’s nearing a key demand zone that could ignite a significant move. We’re eyeing a potential bullish breakout from this pattern.
GALAUSDT has been sticking to a descending resistance line, but the price is inching closer to a crucial demand level at $0.01250–$0.01500. This zone could be a game-changer. If the price taps into this level and gains momentum, a bullish breakout could be on the horizon.
A break above the descending resistance could propel #GALA toward the major supply area at $0.035. This is a critical zone—if we see a successful breach, expect a strong bullish move targeting the next resistance zone.
BTC VIP Analysis SEPTEMBER 1ST, 2024 - BIAS: Mid-Term: BEARISH Short-Term: BEARISH -- The price action on the H4 timeframe is failing to hold its horizontal support level, marked between $58,700 to $58,091, and is also breaking down its support trendline. 📉
If the price action breaks below this horizontal support region, we can expect it to squeeze out the sell-side liquidity level marked at $56,144. 💧 -- MAIN INTEREST LEVELS
⬇️SHORT⬇️ $58,131
⬆️LONG⬆️ $56,176
PREDICTED DAILY RANGE $56,240 to $61,472 -- VIP ACTION PLAN
Bitcoin continues to trade within a symmetrical triangle, currently hovering above the support trendline. The Ichimoku Cloud serves as a resistance level, capping the price action. A decisive breakout or breakdown from the triangle is needed to confirm the next move for BTC.
TON is consolidating within a bearish pennant pattern, currently trading just above the support trendline. The Ichimoku Cloud indicates bearish momentum.
USDT.D is currently trading within an ascending channel, with both the 21-day moving average and the Ichimoku Cloud indicating strong bullish momentum. This suggests a potential continuation of the trend.
However, to confirm the next significant move, it's crucial to wait for a decisive breakout above the channel, signaling further dominance by USDT, or a breakdown below, which could indicate a reversal.
Given that USDT.D typically moves inversely to the broader cryptocurrency market, these movements could have implications for overall market direction.
Bitcoin Market Analysis August 30, 2024 ➖➖➖➖➖ ⚪️TECHNICAL (H4) The price action on the H4 timeframe is consolidating at its horizontal support level, marked between $58,600 to $58,099. The price action is attempting to break down this crucial support level. 📊
If the price action breaks below this level, we can expect a further drop in $BTC 's price. 📉
⚪️WRAP-UP (VIP) The price action is breaking down on lower time frame level and we can expect to see the drop in the price action of BTC and hit out its another horizontal support level which is marked at
BTC DAILY RANGE: 📈Upper Limit: $61,046 📉Lower Limit: $54,573 (+-11.86% based on moving average volatility open/endpoints)
☢️ Bitcoin Mining Concentration! Two mining pools, Foundry USA and AntPool, now control 56.95% of the entire Bitcoin network hashrate! Foundry USA, a subsidiary of DCG (which also owns Grayscale), holds a 32.2% share, while AntPool holds 24.75%. This raises questions about the centralization of the Bitcoin network and its future implications.
🦾 Vitalik on Polymarket! Vitalik Buterin stated that the Polymarket service should not be classified as gambling like other prediction markets. This comes after US senators called for a ban on election betting. Meanwhile, Polymarket is seeing a surge in activity, with 55,000 active participants per month.
⛑ Support for Pavel Durov! Tron founder Justin Sun proposed launching a DAO to support Telegram CEO Pavel Durov and "show the cryptocurrency industry's unity." He also pledged to donate $1 million to the DAO to help this cause.
🎩 Binance Adds Eurite Stablecoin! Binance has announced the listing of Eurite (EURI), a stablecoin that complies with all MiCA bill requirements. The total capitalization of stablecoins (excluding algorithmic ones) has reached an all-time high of $168 billion.
📕 Blockchain Education in Argentina! The Ministry of Education of Buenos Aires, in partnership with ETH Kipu, is launching blockchain and Ethereum technology classes in high schools. The first session of the course begins today, marking a new era of crypto education!
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🟢The risk/reward ratio (R/R ratio or R) calculates how much risk a trader is taking for potentially how much reward. In other words, it shows what the potential rewards for each $1 you risk on an investment are.
🟢The calculation itself is very simple. You divide your maximum risk by your net target profit. How do you do that? First, you look at where you would want to enter the trade. Then, you decide where you would take profits (if the trade is successful), and where you would put your stop-loss (if it’s a losing trade). This is crucial if you want to manage your risk properly. Good traders set their profit targets and stop-loss before entering a trade.
🟢Now you’ve got both your entry and exit targets, which means you can calculate your risk/reward ratio. You do that by dividing your potential risk by your potential reward. The lower the ratio is, the more potential reward you’re getting per “unit” of risk. Let’s see how it works in practice.
Bitcoin Market Analysis June 26, 2024 ➖➖➖➖➖ ⚪️TECHNICAL (4H) The price action of $BTC on daily timeframe level has got rejected from its horizontal resistance level which was marked between the $71,438 to $70,282 level.
Previously the price action was consolidating in a compression level and after breaking down the neckline of the price movement it grabbed out all the liquidities of the sell side.
⚪️WRAP-UP (VIP) Currently, the price action is reclaiming out its horizontal support level where the price action is taking out the can show us the some of the short term bullish movements.
$BTC DAILY RANGE: 📈Upper Limit: $63,946 📉Lower Limit: $56,750 (+-12% based on moving average volatility open/endpoints)
On June 25, the Bitcoin price briefly dipped below $60k, reaching a low of $58.9k. Several factors contributed to this decline:
⚫ Mt. Gox Distribution Mt. Gox announced plans to start distributing 143k BTC to its creditors, creating significant selling pressure and causing market panic.
⚫ Miner Sales In June, miner sales reached a yearly high. Miners sold about 30k BTC worth $1.8 billion in the first three weeks of the month.
⚫ Large ETF Outflows Since June 15, Bitcoin ETFs have seen over $1 billion in outflows. ETFs experienced outflows for seven consecutive trading days, and this trend is expected to continue.
⚫ Sales by the German Government Last week, the German government transferred a total of 1,700 BTC to Coinbase, Bitstamp, and Kraken. Today, they transferred a total of 400 BTC to Coinbase and Kraken, worth about $24.34 million.
We hope this analysis helps members of the Cryptogram community better understand the current market developments.
1. Solana [SOL] - Unveiled two new ecosystem tools - The Solana Foundation is introducing tools that are able to turn websites, apps, social media platforms, and QR codes into launching points for crypto transactions on the Solana blockchain.
2. ZKsync [ZK] - Introduced Elastic Chain architecture - This will transition the project from a singular ZK rollup chain to a network of interoperable chains, aiming to improve connectivity among an expanding array of ZK chains in its ecosystem.
3. Tether [USDT] - Stopped minting USDT on EOS and Algorand - Tether stopped minting USDT on EOS and Algorand as part of a strategic transition to prioritize community-driven blockchain support.
4. Infrared [-] - Received investment from Binance Labs - Infrared is a Berachain liquid staking protocol for BGT, BERA, node infrastructure, and PoL vaults. Earlier this year, Infrared raised $2.5 million in a seed funding round.
5. Swarm [SMT] - Started to offer tokenized gold via NFTs - German RWA tokenization platform Swarm Markets will let users buy NFTs, which represent gold ownership. After passing KYC, users will be able to swap the NFTs on a P2P basis.
6. Bondex [BDXN]
- Bondex is a decentralized job portal that offers job opportunities in the blockchain, crypto, Web3, NFT, and other related industries. It allows recruiters to search for talent in decentralized manner.
7. Raiinmaker [COIN] - Announced the launch of its mainnet - Raiinmaker has launched on Mainnet, introducing advanced security features, enhanced scalability, and improved interoperability with other blockchains to its AI-powered network.
8. NAVAIX [NAV] - Introduced its angel investors and backers - NAVAIX is an innovative platform that combines AI and DEX technologies to provide a robust on-chain trading experience. It integrates the order book model with Automated Market Making