🎯 The Fed's future monetary policy now depends on the labor market!
▫️In September, the Fed will cut the rate for the first time since 2020 - the probability is almost 100%. By 25 or 50 bps. may depend on the Nonfarm Payrolls report for August.
▫️The Fed's balance sheet has shrunk by $37.7 billion in one week.
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▫️Harker, Fed Chair: "We need to start the process of lowering the interest rate."
▫️Goolsbee, Fed Chair: "I support the Fed's new focus on the labor market. Given the macro data, we can already cut the rate, the Fed has achieved its goals."
Why is Solana ($SOL ) Price Up Today?
Solana (SOL) has seen a significant price increase today, along with other cryptocurrencies, due to expectations of possible interest rate cuts in the near future.
The recent price surge for SOL, which has jumped by around 10% to reach $158.85, is largely driven by comments from Jerome Powell, the Chair of the Federal Reserve. Powell's remarks suggested that the efforts to control inflation have been effective, leading many to believe that the Fed might cut interest rates soon.
These potential rate cuts have lowered the yields on U.S. Treasury notes, making them less attractive compared to riskier assets like stocks and cryptocurrencies. As a result, many investors are turning to assets like Solana, which doesn't offer a yield but could provide better returns.
In addition to the broader market conditions, there has been a noticeable increase in activity in Solana's futures market, with more traders opening positions and betting on its price to continue rising. This growing interest suggests that traders are optimistic about Solana's future.
Technically, Solana is also rebounding within a symmetrical triangle pattern, a chart formation that often indicates potential for further gains. If SOL breaks out above its current resistance, it could see significant upside, possibly reaching $325 by the end of 2024.
Overall, Solana's price jump today is a mix of positive market sentiment, technical factors, and broader economic conditions favoring the crypto market.
#NewsAboutCrypto #solonapumping
🚀 **Crypto Market Surge!** 🚀
- **Altcoins Soar**: SATS, dogwifhat, FET, and Bonk have surged over 10% in the past 24 hours, leading the crypto market gains.
- **SATS**: Up 29%, trading at $0.0000004 with a market cap of $847.5M.
- **dogwifhat**: Up 19%, trading at $1.91, market cap at $1.9B.
- **FET**: Up 20.6%, trading at $1.28, market cap at $3.2B.
- **Bonk**: Up 12.4%, trading at $0.000021, market cap at $1.48B.
**Bitcoin**: Hit $64,828, up 5.5%, driven by Fed Chair Powell's comments on potential rate cuts.
💬 **Join the discussion!** What’s your take on these surges? Comment below!
🚀 Polygon's Discord channel got hacked, spreading phishing links just weeks before the MATIC to POL token migration. Despite the breach, the community remains resilient and MATIC continues to trade above $0.50.
🔒 The hack highlights the importance of security, even with 2FA in place. Polygon's swift action to regain control shows their commitment to user protection.
🌟 With the MATIC to POL migration set for September 4, the community's excitement remains high. Polygon's quick recovery is a positive sign for its future. The road ahead may be tough, but the community is ready!
**Polygon Discord Hack Raises Security Concerns Ahead of Token Migration**
Polygon, a prominent blockchain platform, faced a significant security breach when its Discord channel was hacked, spreading phishing links. This incident occurred just weeks before the MATIC to POL token migration, causing alarm within the community. Users were advised to avoid any links in the channel until further notice.
The breach underscores the vulnerability of platforms like Discord, which are increasingly targeted by cybercriminals. Despite using two-factor authentication (2FA), hackers managed to exploit Polygon's security, resulting in substantial losses, including $150,000 worth of Ether from one user.
Polygon's response was swift, with Chief Information Security Officer Mudit Gupta leading efforts to regain control and update the community. The incident, however, has impacted confidence as the MATIC to POL migration approaches.
Despite the setback, MATIC, Polygon's native token, continues to trade above $0.50, indicating resilience within the community. The upcoming migration, set for September 4, aims to enhance the platform's utility and support its expanding network. Polygon's quick recovery from the breach is a positive sign as it prepares for this critical transition.
Proposed 25% Tax on Unrealized Capital Gains: A Recipe for Disaster?
Kamala Harris' plan to tax unrealized capital gains has sparked controversy. Here's how it works:
- Buy shares for $100,000, and their value rises to $150,000.
- You'd owe 25% tax on the $50,000 gain, despite not selling or making a profit.
- If the stock's value drops back to $100,000, you've paid tax on a gain that no longer exists.
This proposal could lead to:
- Forced selling of assets to cover tax bills, harming long-term investment and economic growth.
- A potential stock market crash and another Great Depression.
Share your thoughts on this proposal in the comments! #elections2024 #kamalaharris #BTC☀ #BinanceLaunchpoolDOGS
$BTC $ETH $BNB
🛑🛑🛑BTC Urgent urgent urgent update🛑🛑🛑
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As I see it happened BTC PUMP stopped the reason is that it was a holiday on Saturday and the movement of the American market was weak and closed, but what is expected in the coming days is a strong correction to the areas of 63300 and 62400. This is what is expected, and 65000 is difficult to reach. The area of 64500 is very strong resistance, and on the RSI indicator it is clear that there is no liquidity for the movement, so what is expected in the coming days is a correction, approximately with the beginning of Sunday and Monday. We will see a strong movement, whether down or up, with the last sentence of Jerome Fed, which moved the markets, and this is something that gives the possibility of a rise finally.
{future}(BTCUSDT)
{future}(ETHUSDT)
{future}(BNBUSDT)
#BTC #ETH #SOL #BNB #XRP
Total Crypto Market 24H Liquidation (8/25/2024, 12:51 AM UTC+10)
🔴LONGS: $20.20M
🟢SHORTS: $118.84M
A total of 55,417 traders got liquidated, resulting in total liquidations amounting to $139.04M. Notably, the largest single liquidation order, valued at $11.15M, occurred on Binance for #ETH/USDT.
$BTC is pumping, will dump?
You’re likely aware that Bitcoin’s main objective is to lead to a one-world digital currency under the control of banks and large institutions. This technology is rumored to have been introduced by strange, unfriendly beings like Greys and Reptilians. Fortunately, these entities aren’t very intelligent and rely heavily on artificial intelligence, which now dictates their actions.
Now, let's focus on Bitcoin’s recent price movements and what might happen this month. We can observe a symmetrical triangle forming, indicating that the price is nearing a critical decision point. Given the overall downtrend, there’s a strong likelihood that the price will drop. I recommend selling BTC to protect your investments.
Looking at it from an Elliott Wave perspective, the previous increase from 49k to 62k was merely an ABC correction with a three-wave structure, showing significant signs of weakness. I’m also bearish on ETH and most altcoins; the outlook isn’t promising.
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Share your thoughts on my analysis in the comments, and don’t forget to Vote and follow for more insights. Trading isn’t difficult when you have the right guidance! Thanks, and I wish you all successful trades.
#CryptoMarketMoves #BinanceBlockchainWeek #LowestCPI2021
🚨 Bitcoin Alert: A Major Move Imminent?
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Is Bitcoin gearing up for a big leap? Will we see a revisit to $59K or a breakthrough at $69K?
Currently at $64.3K, Bitcoin is surging with bullish momentum. Futures liquidation insights reveal critical thresholds at $64.8K and $65.5K, hinting at a potential rally.
Zooming out, monthly trends highlight key liquidation zones around $67K and $69K. We might see a test of $65K, possibly followed by an exhilarating climb towards $75K in the near future.
Altcoins are also showing strong bullish signals, creating an ideal moment for both short-term gains and long-term investments. This could be the perfect time to bolster your portfolio!
Don’t miss out—stay tuned and stay informed!
#Bitcoin #BTC #BinanceBlockchainWeek #CryptoAlert #Raiarmy
Crypto Market Update: Potential Returns in 2024
As 2024 approaches, investors are eyeing cryptocurrencies with high return potential. Solana (SOL), Dogecoin (DOGE), and Ethereum (ETH) remain popular, while altcoins like Aptos (APT) and Avalanche (AVAX) gain attention for their unique features and growth prospects.
Top Contenders:
- Pawfury (PAW): Exceptional growth potential, robust community support, and innovative features.
- Solana ($SOL ): Stable despite market challenges, with potential for long-term returns.
- Dogecoin ($DOGE ): Musk's influence sparks price surge, renewing interest in the coin.
- Aptos (APT): Tether integration aims to lower transaction costs and enhance user engagement.
- Avalanche ($AVAX ): Signs of a bullish reversal, with potential for upward trends.
Investor Insights:
- Conduct thorough research and due diligence.
- Consider emerging markets and expert strategies.
- Diversify your portfolio to minimize risk.
Remember, investing in cryptocurrencies carries risks. Always prioritize research and caution.
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#CryptoMarketMoves #PowellAtJacksonHole #BinanceLaunchpoolDOGS #MtGoxRepayments #LowestCPI2021
$SUN
🔴 $SUN Trade Urgent Update:
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BUY Signal
Entry Zone: 0.32 - 0.34 USDT
The price is currently in a strong demand zone, indicating a potential reversal or bullish momentum.
🔴Stop-Loss
0.41 USDT
Set your stop-loss above the demand zone to limit potential losses.
Immediate Profit Target
Target 1: 0.36 USDT
This is the next resistance level where you might consider taking some profit. A breakout above this level could signal a stronger upward trend.
Additional Profit Targets
Target 2: 0.38 USDT
For long-term holders, this is an additional profit zone based on wave structure predictions. Patience is key.
Chart Insights
This chart follows an Elliot Wave structure, signaling a potential bullish continuation.
The price has tapped into a Fair Value Gap (FVG), offering a strong entry point.
⚠️Risk Management
Always use proper risk management, setting stop-losses according to your risk tolerance.
Potential pullbacks may occur, especially at major support zones.
Time Frame: 1 Hour
⚠️Not Financial Advice
This trade signal is for informational purposes only and should not be considered as investment advice. Always do your own research (DYOR) and consult with a financial advisor before making investment decisions.
$PEPE
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#MtGoxRepayments #BinanceLaunchpoolDOGS #CryptoMarketMoves #Write2Earn! #SUN/Usdt
🚀 Bitcoin blasts past $62K after Fed's dovish turn! 🎉
Powell's interest rate cut announcement had BTC hitting $62,323 on Bitstamp. Investors are pumped, with market commentators like Scott Melker and Arthur Hayes predicting bullish times ahead.
"Powell goes full dove," says Melker. Hayes adds, "Up only time for crypto."
Will BTC break $62K and keep rallying? Michaël van de Poppe thinks so, especially with the recent capital influx into U.S. spot Bitcoin ETFs.
What do you think? Drop your thoughts below! ⬇️
Bitcoin To Reclaim $67,000 Next Week; Top Analyst Explains What Happens Next
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Bitcoin’s price has been moving within a downward-sloping channel on the weekly chart. Recently, for about four weeks, Bitcoin dipped below the bottom of this channel but has now shown a strong recovery back into it. Historically, when Bitcoin rebounds from the bottom of this channel, it takes about 2-4 weeks to reach the top of the channel.
Popular analyst Rekt Capital discussed whether Bitcoin is preparing for a major upward move in its market cycle. If this pattern continues, Bitcoin could reach the upper boundary of the channel, around $67,000, as early as next week. However, previous attempts to break above this channel have resulted in short-lived spikes followed by pullbacks.Here’s a breakdown of his analysis:
Critical Resistance Levels:
$67,500: Breaking and closing above this level on the weekly chart would indicate a strong bullish shift and could lead to testing higher levels.
$71,500: This is the top of the current consolidation range. A weekly close above this level would signal the potential start of a new, powerful uptrend toward uncharted price territories.
Historical Patterns and Halving Events
After past halvings, Bitcoin has typically entered a consolidation (or “reaccumulation”) phase lasting around 150-160 days before breaking out into a strong uptrend. Given that the most recent halving occurred about 130 days ago, Bitcoin may still have around a month of consolidation before starting an upward move.
What Needs to Happen Next?
Bitcoin should continue to hold and build support around the $66,000 level to prepare for a move higher. Gradual and sustained growth is preferable over sudden spikes for a healthier long-term uptrend.
#Bitcoin #BullRun #BTC #CryptoNews #Altcoins $BTC $ETH $SOL
$ETHFI /USDT
Sure, I can help you write a post about spotting support and resistance levels in trading. Here's a concise 200-word draft:
---
**Understanding Support and Resistance in Trading**
Support and resistance are fundamental concepts in technical analysis, helping traders identify potential price levels where an asset might reverse its direction.
**Support** is a price level where a downtrend can be expected to pause due to a concentration of demand. As the price declines towards this level, buyers become more interested, preventing the price from falling further. If the price breaks below the support level, it signals that the bears have overpowered the bulls, potentially leading to further declines.
**Resistance** is the opposite—a price level where an uptrend may pause due to a concentration of supply. As the price rises towards this level, sellers become more active, preventing the price from climbing further. A breakout above resistance indicates that the bulls have gained strength, which may lead to continued upward movement.
Identifying these levels is crucial for making informed trading decisions. Traders use historical price data, trend lines, and moving averages to spot these zones. Once identified, support and resistance levels can help traders set entry and exit points, manage risk, and improve overall trading performance.
---
Feel free to adjust the wording to fit your style!#MtGoxRepayments #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek
{spot}(ETHFIUSDT)
Solana outpaces Bitcoin, Ethereum; broader market gains 3.6%
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The broader crypto market has seen its value grow by 3.6%. Solana leads the push among high market-cap cryptocurrencies after registering a 10.2% uptick in the last 24 hours.
Data from crypto.news shows that, at last check, Solana (SOL) was priced at $158.25. It spent the previous day oscillating between a low of $142.78 and a high of $158.58.
The uptick in the coin’s price was accompanied by a 24-hour trading volume of $4 billion occasioned by more than 19 million SOL tokens changing hands.
The amount made SOL the third most traded cryptocurrency in the last 24 hours, after Bitcoin (BTC) and Ethereum (ETH).
Like their top five counterpart, the two largest digital assets by market capitalization also registered green arrows, with BTC’s price moving up more than 5% to $64,164, and ETH jumping 6.61% to $2,771, moving it ever closer to the $3,000 level.
Solana’s spike came on the heels of U.S. Federal Reserve Chair Jerome Powell hinting at the likelihood of an interest rate cut in September.
Powell’s promise to adjust Fed policies to protect the American job market from further loss and to ensure a smooth economic transition after the upcoming U.S. presidential elections in November, seemed to have calmed jitters in the market.
Recently, crypto watcher Ali Martinez suggested that SOL may be on the cusp of forming what’s known as an Adam and Eve pattern. That pattern could potentially push SOL to $164, he says. That would kickstart the cryptocurrency’s march to $220.
Currently, that resistance level is only $9 away, and there’s no telling which way the market could go in the coming days.
#Solana #SOL #Ethereum #CryptoNews #Bitcoin $SOL $BNB $BTC
Meet Dave, the Accidental Crypto Billionaire!
Dave's life took a wild turn when he stumbled upon his forgotten Bitcoin wallet, containing 10,000 Bitcoins worth over $250 million! However, he couldn't remember his password, leading to a high-stakes treasure hunt with cryptography experts.
Finally, after weeks of tension, the experts cracked the code, and Dave became an instant legend in the crypto world. Despite his newfound wealth, Dave remains laid-back, planning to pay off his mortgage, buy a better TV, and maybe even fund crazy crypto startups.
Dave's story is a reminder that good things can come to those who wait – or forget. So, next time you misplace your crypto wallet or forget a password, remember that you might be sitting on a fortune waiting to be rediscovered!
Share your own funny or surprising crypto stories in the comments! Follow me on Binance Square for more adventurous tales from the world of cryptocurrency! #CryptoAdventure #BillionaireJourney #ForgottenFortune #CryptoComedy #BinanceSquare
Why is Solana (SOL) price up today?
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Solana’s price is up today as Jerome Powell delivers his most dovish outlook in years, raising bets on a 100% rate cut in September.
Solana price has rallied sharply today, mirroring similar upside moves elsewhere in the crypto market as traders focus on the likelihood of interest rate cuts in the coming months.
Jerome Powell’s dovish outlook boosts SOL price
SOL's price has risen by around 10% in the past 24 hours to reach $158.85 on Aug. 24.
The gains follow Federal Reserve Chair Jerome Powell’s strongest indication in years that his efforts to combat inflation have largely been successful. His outlook has fueled speculation of forthcoming interest rate cuts.
For instance, as of Aug. 24, bond traders saw a 76% probability of a 25 basis point (bps) rate cut in September, up from 64% before Powell's speech at Jackson Hole a day prior. Meanwhile, there is also a 24% possibility of a 50 bps rate cut in the same month.
Powell’s dovish outlook has led to a decline in the yields of both short—and long-dated US Treasury notes. Lower yields reduce the opportunity cost of holding government bonds, prompting investors to seek opportunities in non-yielding assets like stocks and cryptocurrencies.
In the past 24 hours, Solana, as well as the entire crypto market, has heeded these macroeconomic fundamentals.
Solana open interest, funding rates rise
Solana’s price gains today further coincide with its rising open interest (OI) and funding rates in the futures market.
According to data resource Coinglass, SOL’s OI was $2.19 billion on Aug. 24, up from $2.09 billion a day earlier. At the same time, its funding rates—calculated every eight hours—have risen to 0.0054% from 0.0028%.
#Solana #SOL #ratecuts #CryptoNews #Altcoins $SOL $XRP $BTC
🛑💥‼️Kraken's Australian Operator Faces Legal Action for Margin Trading Violations 🚨
$BTC $XTZ $USDC 🌏⤴️🪙
{spot}(USDCUSDT)
{spot}(XTZUSDT)
{spot}(BTCUSDT)
The Federal Court of Australia has ruled against Bit Trade, the operator of Kraken's Australian platform, for failing to comply with design and distribution obligations related to margin trading products. The Australian Securities and Investments Commission (ASIC) brought the lawsuit, alleging that Bit Trade did not properly identify the target market for its margin trading products, a requirement under the Corporations Act.
_Margin Trading Products_ 📈
- Allowed users to extend and repay margin loans in digital assets or fiat currency
- Created deferred debt obligations, effectively functioning as a credit line
- Deemed to constitute a credit facility
ASIC argued that Bit Trade failed to make a target market determination for the product, which is essential to ensure that financial products are suitable for the intended audience. The court's decision highlights the importance of regulatory compliance in the crypto industry.
_Implications_ 🌊
- Significant blow to Kraken, one of the world's largest cryptocurrency exchanges
- Growing scrutiny of the crypto industry by regulators
- ASIC's commitment to protecting consumers and enforcing regulatory obligations
The ruling serves as a reminder that crypto exchanges operating in Australia must adhere to local regulations and prioritize consumer protection. Bit Trade must now review its products and ensure compliance with design and distribution obligations to avoid further legal action. This decision sets a precedent for the crypto industry, emphasizing the need for regulatory compliance and responsible product offerings.
🚀 $IMX /USDT Analysis 🚀
Current Price: $1.474
🔥 Resistance Alert:
Immediate resistance is at $1.482. A breakout here could propel $IMX to new heights! 📈
🔒 Support Zone:
Watch for support at $1.450. A strong hold above this level will keep the bullish momentum alive!
🔍 Trend Watch:
$IMX has been on a steady climb, moving from $1.30 to $1.474! The 4-hour chart showcases a robust uptrend with higher highs and higher lows. 📊 Volume is rising, signaling growing confidence in this bullish wave!
📈 Trading Strategy:
- Long Position: If $IMX breaks above $1.482, consider targeting $1.50 and beyond. Set your stop loss below $1.450.
- Short Position: If $IMX drops below $1.450 and shows reversal signs, a short trade targeting $1.40 could be in play.
🌟 Outlook:
The bullish trend is strong, but keep an eye out for any signs of resistance or trend exhaustion. If the current momentum holds, $IMX might just break through that $1.482 barrier and soar higher!
#Write2Earn! Raibasit #SahmRule #LowestCPI2021
Aave token rallies over 46%, outshining BTC and ETH in market gains
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The Aave token took off on a 46% rally over the last four weeks, driving its price from $94.41 to $139. This price surge surpasses the performance of other top 100 cryptos by market value, including Bitcoin (BTC) and Ethereum (ETH).
On-chain data shows that AAVE’s open interest (OI) data and daily active addresses are rising, signaling the continuation of its bullish trend. AAVE’s OI increased from $106.24 million on Monday to $191.16 million on Thursday, the highest OI since the start of this year.
Investor bias for the Aave token began in late July, following Aave-Chan Initiative founder Marc Zeller’s proposal to allocate a share of the platform’s net earnings to key ecosystem participants and a fee adjustment for repurchasing AAVE from the secondary market.
Another proposal that pushed the investor rally for AAVE was the ‘Umbrella’ Initiative, which called for the shift from the ’seize and sell’ liquidation mechanism to ‘seize and burn.’ According to Katie Talati, head of research at Arca, this new ‘umbrella’ project would help alleviate market pressures on selling AAVE and help manage risky loans.
She added that the primary purpose of the new initiative would be to utilize a range of assets to settle outstanding debts. For instance, these assets would be used when a position is liquidated, and the collateral does not cover the liquidation, rather than just using the AAVE.
Web3 agency Deelabs remarked on the new proposals on X, stating that buybacks would result in positive market pressure. The company added that the Umbrella offering would reduce the adverse effects on AAVE price during loan liquidations.
#AAVE #Altcoins #Memecoins #CryptoNews #Bitcoin $AAVE $XRP $SOL
Bitcoin ETFs Soar With $252M Influx, Ether ETFs Experience Another Day of Losses
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At the end of the day on Friday, U.S. spot bitcoin exchange-traded funds (ETFs) reported a substantial $252 million in net gains. In contrast, ether ETFs continued their downward trend, losing another $5.7 million. Bitcoin ETFs Shine with $252M Inflows; Ether Funds Dip by $5.7M Spot bitcoin ETFs achieved their highest inflow since late July,
Spot bitcoin ETFs achieved their highest inflow since late July, with the 12 funds collectively pulling in $252 million on Friday. Leading the charge, Blackrock’s IBIT added $86.83 million to its coffers, bringing its total net inflows since Jan. 11, 2024, to an impressive $20.71 billion. Fidelity’s FBTC followed, gathering $64 million, while Grayscale’s Mini Bitcoin Trust absorbed $50.83 million.
Bitwise’s BITB recorded $42.26 million in inflows, and Ark Invest’s and 21shares’ ARKB fund pulled in $23.81 million. Vaneck’s HODL added $14.38 million, and the Inveso and Galaxy-backed BTCO captured $3.18 million. Valkyrie’s BRRR rounded out the day with a $2.25 million gain.
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) faced a challenging day, shedding $35.55 million.
EZBC, BTCW, and DEFI all remained neutral, with neither inflows nor outflows recorded. Friday’s $252 million influx pushed cumulative net inflows since Jan. 11 to a total of $17.88 billion, with approximately $3.12 billion in trade volume registered yesterday. Currently, the 12 bitcoin ETFs hold $58.43 billion in bitcoin reserves, representing 4.65% of bitcoin’s total market capitalization.
#BitcoinETF #EthereumETF #BlackRock #CryptoNews $BTC $ETH $SOL
$ORDI /USDT Analysis
Ordi ($ORDI/USDT) is currently testing a significant resistance level at $36.88 after a strong upward push. The price action around this level will be crucial in determining the next move for ORDI.
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Key Levels to Watch:
Resistance: $36.88Support: $35.03
Breakout Possibilities:
Bullish Breakout:
If ORDI breaks above the $36.88 resistance level with strong buying momentum, it could pave the way for a continued rally. The next potential targets could be in the $38 - $40 range, driven by bullish sentiment.
Bearish Rejection:
Should ORDI fail to break above $36.88 and face rejection, a pullback towards the $35.03 support level is likely. A break below this support could lead to a deeper correction, potentially testing lower support levels around $33.
Market Sentiment:
Monitor trading volume and overall market sentiment closely. A breakout with significant volume could confirm a bullish continuation, while a rejection might signal a consolidation or retracement.
Ordi's price action at this critical resistance level will be key to its short-term direction. Stay prepared for both a potential breakout or a pullback. 📈 #ordi #BinanceLaunchpoolDOGS #CryptoMarketMoves #BinanceBlockchainWeek #SahmRule
Bullish Pattern Targets $80K, but Bearish Clouds Hover
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Bitcoin is currently showing a strong bullish signal as its price breaks through key resistance levels in the short term. This breakout has resulted in a significant short squeeze, where various short positions have been liquidated, driving the price even higher.
According to analyst Josh of Crypto World, on the daily Bitcoin chart, a noticeable decline in the U.S. Dollar Index (DXY) was observed. The DXY crashing is generally bullish for Bitcoin and the broader crypto market, as they tend to rise when the dollar weakens. The analyst points out that this bearish trend in the DXY has been a strong bullish indicator for Bitcoin, and recent price movements have confirmed this.
The price action is still within a large descending broadening wedge pattern. The resistance line for this pattern is at approximately $68,500, while the support line is around $53,000. As long as Bitcoin’s price remains below this resistance, with lower highs being formed, the trend technically remains bearish.
However, if Bitcoin manages to break above the $68,500 to $69,000 range and closes above it on the daily chart, it would signal a bullish shift, potentially targeting the $80,000 range.
Bitcoin’s Recent Price Movements and Resistance Levels
In the short term, Bitcoin has broken out above key resistance levels, which are now acting as support.
Specifically, the resistance between $60,000 and $61,000, and the resistance at around $62,800 to $62,900, have been surpassed. These levels should now serve as support. If Bitcoin fails to hold above $62,800, the next support level would be at $60,000 to $61,000.
#BTC #Bitcoin #CryptoNews #Altcoins #Memecoins $BTC $ETH $SOL