$BTC LAYER 2 NARRATIVE WILL BE HUGE IN THE NEXT BULLRUN.🙌💯🚀
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This drop in memecoins doesn't surprise me, and if you've been following me, it probably doesn't surprise you either. (See my previous thread below for more details)
You are probably wondering.. where or when the price will hit the bottom?
Price is clearly in a descending channel. However demand showed up strongly when the 0.000008$ level was reached.
That level is important as the grey box separates the highs from the lows. If we lose this level, we will likely see lower prices, with the last support before the dead zone at $0.0000059.
Most bullish scenario:
1. Quick deviation below the historical support zone (grey area). 2. Recovery of that level. 3. Retest and hold.
It's better to be patient and avoid trading until there is a clear direction and confirmation⏳️
As expected, the price retraced back to the support zone around the $0.0013 level. After an initial drop below that level, the price has recovered very well in the last few days starting to look like a deviation has formed.
To confirm, I am expecting the price to retest that level. Holding up will be essential for maintaining the bullish momentum.
Price broke through the first support at $0.017. The next stop is the $0.0133 level. The price will probably bounce from that level but if it drops lower, $0.006 will be the next level to watch.
Be careful in trading with leverage, high volatility and easy invalidation⚠️
As expected, we dropped significantly lower, reaching the historical support zone at the $1.30 level. After a brief liquidity grab below this level, the price has rebounded to around $1.40.
Will this be enough to sustain a recovery, or is it just a relief moment before another breakdown?
Anyway, it is still a good accumulation zone for the long term 💼
After a strong rally to $2.50, the price has now retraced back to the $2.00 zone. Moreover, yesterday's daily candle did not look good at all, showing a bearish engulfing pattern.
That could be a sign of a further retracement, as we lost the key level of $2.28.
Why?
Just look at how the price reacted to that level.. it was a strong level! Holding that was key to keep the going higher.
I am expecting now some FVG to be filled around $2.20 first before dropping back towards the support zone of $1.90.
I will stay on the sidelines until I have proper confirmations, even from the big brother, $BTC
Recent selloff has brought the price back to test the resistance area around 53k.
What’s next?
Demand emerged around 53k, which is a positive sign.
However, this is a key area that we are likely to test again. If we lose this support, the price could drop towards 44k, or even lower in the event of very negative news.
Until there is a clear direction or a loss of strength in the bearish trend, I advise staying out of the market.
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I am focusing on a potential drop below the main support level at $0.65, possibly even further below $0.60.
That would be a good entry point for both short-term trading and spot investments.
Always keep in mind that it is tied to the $SOL ecosystem and could benefit from potential rallies due to ETF approval. Nevertheless, the project is constantly improving.
As highlighted in my previous analysis, the price has finally broken through the $30 level of resistance.
What now?
The price needs to hold the gray box to maintain its current level. That is a key area which separates the lows form the highs. If we manage to hold that level, we could see a significant price increase ( $ETH pump will facilitate that ) 👀
Rising wedge forming on the D TF. This kind of patterns typically signal a potential bearish reversal, as breakouts usually occur through the lower trend line.
Key elements to watch for confirmations of a rising wedge pattern:
_A temporary uptrend in price action. _A decline in trading volume. _The convergence of two trend lines, indicating an imminent downward breakout.
As always, be patient and observe the charts ⏳️ Confirmations are necessary before taking any position.
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Plan still the same as explained in my previous analysis.
Despite the recent rally, the macro outlook appears bearish. Price is currently ranging within this descending triangle, with the possibility of breaking down towards key levels below $1.
The next few hours will be crucial. For now, keep a tight stop loss.
When trades go according to your plan, it always feels great !! It's not just about the profits, but also the payoff for all the effort and study you put in 🔥
What to expect now?
Price has done a nice breakout from the descending trend on the 4H TF. I am waiting for a proper retest of the levels around the dashed line before considering any entry.
I usually tend to avoid trading #memecoins due to their high volatility. That's why I advise you to trade cautiously ⚠️
🚨 Mt. Gox Starts Refunds in July 🚨 *BTC drops below $61,000*
Mt. Gox, once the top crypto exchange, lost about 740,000 bitcoins in a massive 2014 hack. Today, the platform announced that it will finally start paying back over 140,000 bitcoins!!
Trustee Nobuaki Kobayashi said they're ready to make payments in Bitcoin and Bitcoin Cash. Refunds will begin in early July 2024, with some security checks before payments.
These refunds might put selling pressure on BTC, as early investors could sell their higher-valued assets.