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#Bitcoin reached the resistance zone as expected and rejected from the mentioned area as well. Now, a deep pullback is expected back to $17,000 mark as hourly structure is bullish. Overall, market will remain bullish and healthy above $17,000 support.
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What Proof of Reserves (PoR) ?
Proof of Reserves (#PoR) refers to the assets that a cryptocurrency exchange holds in custody for its users. #PoR functions as proof that the exchange maintains enough funds to cover users' assets at a 1:1 ratio.
With the #PoR system, the exchange's reserves are expected to hold in custody the total amount deposited by its users (or more). If this criterion is satisfied, the exchange can be said to be "fully backed." However, it's important to note that the exchange can't substitute one asset with another. For example, when a user deposits 1 bitcoin, the exchange has to increase its reserves for at least 1 bitcoin, not some other cryptocurrency. Neither can it use its corporate holdings to showcase correct numbers.
The goal of #PoR is to bring more transparency, safety, and user protection to the cryptocurrency ecosystem. A #PoR review verifies the inclusion of all user's balances using cryptography. One way to ensure the correct #PoR verification is using Merkle trees and zk-SNARKs. Exchanges can also use third-party services to showcase that their #PoR is not manipulated.
#PoR stops exchanges from exploring ways to get returns from user assets. For example, #PoR prevents exchanges from loaning deposited assets or using deposits for investing.
With #PoR, any entity can prove that a crypto exchange holds the entirety of its users' deposits. Therefore, exchanges are naturally encouraged not to mishandle these balances as it would break user trust in them and affect their continuity.
As the Monday market open, #Bitcoin gave a strong breakout over the strong resistance zone, which was expected. Right now, price moving sharply as candles are clean looking left. The next resistance is around $17,350 to $17,500
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#POLS/USDT BUY/LONG CALL
Lying above strong support. EMA'S are also acting as a support. MACD crossover is showing bullish momentum. It will pump hard from here 🚀
Targets: $0.406-0.515-0.645-0.755
Stop if 1D close below $0.334
Market is looking for a short term reversal.
We will share spot entries shortly
#LINK reversed back to the resistance and given no confirmation for sells and broke above the zone. Price made immediate retest back and made an pin bar candlestick, which shows buyers confidence. Scalp move is possible till next resistance $6.00
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Here's the analysis of #GAL :
#GAL recently made its ATL (All-Time low) near about $0.96 and shifted the market structure to the upside and reached the resistance zone around $1.142 - $1.150. Price is expected for a deep pullback at the flip level around $1.07. A confluence is added with the trendline, so wait the setup & confirmations.
#ATOM trended back to the hourly TF support and pushed back till structural resistance around $10.38. Now, it builds a range to better wait for a breakout or you can trade the range between $9.95 and $10.40.
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Here's the analysis of #MINA :
#MINA trading below the strong resistance zone of $0.500 - $0.509. Recently, price broke above the channel pattern and rejects from the minor resistance. Currently, its a no trade zone as price approaching towards the structural support. We'll update, if there'll any setup 🔹
What Are Behavioral Biases and How Can We Avoid Them?
Behavioral biases, when left unchecked, can lead to poor crypto trading and investing decisions. In fact, there is an entire field of study called behavioral finance, which combines psychological theory with conventional financial economics. Biases are often unconscious, so you must pay close attention to your behavior to reduce bias-charged decision-making.
1. Overconfidence
The overconfidence bias applies to traders who are too sure of their trading ability, causing them to make risky market decisions or overly frequent trades. You can also be overconfident in assets you have already invested heavily in, leading to a portfolio lacking in diversification.
2. Limited Attention Span
There are countless crypto opportunities available. However, we only have a limited amount of attention to spare to properly understand each option before trading. Furthermore, there is often a lot of market noise surrounding different crypto opportunities. This could lead to trading decisions being made with incorrect or insufficient information.
3. Trend-Chasing
Due to the volatile nature of the crypto market, traders may be misled by a token’s exponential price increase and neglect studying the fundamentals that support this spike. Instead of jumping on the bandwagon, consider assets trading below what you feel is their intrinsic value instead of just focusing on tokens that have performed spectacularly well.
Here's the analysis of #ATOM :
#ATOM is been trending to the upside after making the bear flag invalid. Price moved above the resistance line showing bullish intention. Daily TF doesn't looks promising as its approaching the resistance area. No setups as of now until hourly support breaks.
#Bitcoin 💰 Reserves hits the #ATL (All-Time Low) since 2020 data. This data shows "The total number of coins held in the exchange". As the values continue to rise in reserve, it indicates higher selling pressure, and now it ATL. So, This might be the reason of consolidation in #Bitcoin for long-time.
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Here's the analysis of #XRP :
#XRP rejected from the strong resistance of $0.372 - $0.376 and sharply rejected from the major support zone around $0.301 - $0.311. Its more likely a stop-hunt and trying to change the market structure. Right now, its a no trade level and short-sells at strong resistance with confirmation.
#Bitcoin continues with it parabolic move and given a decent up-move. Price already reached near its strong resistance level, so anticipating so a small range or a rejection here. Price break and close above $17,100 will kick-in small alts rally 📈.
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Here's the analysis of #LINK :
#LINK break below after the consolidation range and tapped the major support zone of $5.30 - $5.41. Recently, price retested and rejected the structural level as resistance around $5.75 - $5.78. Currently, price trying to break above the resistance zone, which may eventually push till $6.02 - $6.07. A rejection will be potential short-sells opportunity.
Here's the analysis of #TWT :
#TWT bounced from the major support zone of $1.22 - $1.28. Currently, price retesting back to the resistance zone around $1.47 - $1.50. No entries until a rejection happens and in case of breakout, you can look for potential buys at the retest.
#LINK perfectly goes for the guys, and break through the next resistance zone of $6.021 - $0.6079. Our trade running in around 7.2% profits. Recommend to secure some major partials here and hodl rest with breakeven.
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Here's the analysis of #CHR :
#CHR trading in the consolidation range between the structural support around $0.1029 - $0.1053 and strong resistance around $0.1227 - $0.1249. Currently, price is on the verge to retest back to resistance, so not looking for any of short-sell and in-between buys are possible. Wait for the retest back to the range (grey box).
#POLS/BTC BUY/LONG CALL
Lying above strong support. RSI is showing a bullish divergence. EMA'S are acting as solid support. Stochastic is giving a buying signal. Expecting a big upward move from here.
Targets: 2401-2750-3000-3300 satoshi
Stop if 1D close below 1993 satoshi
What is risk management?
We are constantly managing risks throughout our lives - either during simple tasks (such as driving a car) or when making new insurance or medical plans. In essence, risk management is all about assessing and reacting to risks.
Most of us manage them unconsciously during everyday activities. But, when it comes to financial markets and business administration, assessing risks is a crucial and very conscious practice.
1. Setting objectives
The first step is to define what are the main goals. It is often related to the risk tolerance of the company or individual. In other words, how much risk they are willing to take to move toward their goals.
2. Identifying risks
The second step involves detecting and defining what the potential risks are. It aims to reveal all sorts of events that may cause negative effects. In the business environment, this step may also provide insightful information that isn’t directly related to financial risks.
2. Risk assessment
After identifying the risks, the next step is to evaluate their expected frequency and severity. The risks are then ranked in order of importance, which facilitates the creation or adoption of an appropriate response.
4. Defining Probability
The fourth step consists of defining responses for each type of risk, according to their level of importance. It establishes what is the action to be taken in case an unfavorable event occurs.
5. Monitoring
The final step of a risk management strategy is to monitor its efficiency in response to events. This often requires a continuous collection and analysis of data.
I hope you will remember these points and will help this on your trading style.
#BTC didn't gave any movement and started ranging inside the strong resistance level. This might due to global market are closed, so a breakout will decide the next week direction. Around, $17,500 is the upcoming resistance and $17,300 is the upcoming support.
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In every industry, there is a special language to make communication easy and efficient. Those abbreviations have a great impact on the industry, lets understand what they are.
List of abbreviations commonly used in #cryptocurrency trading.
#Altcoins: Alternate #cryptocurrency that is any #cryptocurrency other than bitcoin
#Bag Holder = A person who buys and hold coins in large quantity hoping to make good profits in the future.
#Bear/Bearish = Negative price movement
#BTFD = Buy The Fucking Dip
#Bull/Bullish= Positive price movement
#DILDO = Long green or red candles
#Dump = To Sell off a coin
#DYOR = Do Your Own Research
#FA = Fundamental Analysis
#FOMO = Fear Of Missing Out
#FUD = Fear Uncertainty & Doubt
#HODL = Hold/Hold a position
#Long: Margin bull position
#MCAP = Market Capitalization
#Moon = Continuous upward movement of price
#OTC = Over The Counter
#Pump: Upward price movement
#Shitcoin = A coin with no potential value or use
#Short = Margin bear position
#TA: Technical Analysis
#REKT: When you have a bad loss
#Whale = Very Wealthy trader/Market mover.
#Weak Hand = a coin holder prone to selling at the first sign of a deep in price.
#AMA: Ask me anything
#ATH: All-Time High
#C2C: Crypto to Crypto
#DLT: Distributed ledger technology
#DYOR: Do Your Own Research
#IMO: In My Opinion
#JOMO: Joy Of Missing Out
#Lambo: Lambo is the status symbol that becomes an elusive goal for most investors. It’s a car industry reference that makes people believe everyone who has entered the cryptocurrency business will buy a Lamborghini very soon.
#MCAP: Market Capitalization
#Moon: To the Moon resembles the All-Time high.
#Nocoiner: A No-coiner can be any person who doesn’t own Bitcoins.
#Noob: A person who is inexperienced/ new to a particular sphere or activity,
#OTC: Over The Counter
#SAFU: Secure Asset Funds for Users.
#Shill: Shill is the holder/owner of altcoins who just wants to promote his digital currency for his own benefit.
#BTC gave a fakeout of the small consolidation range and pushed up back till strong resistance zone. Price already facing some strong rejection again. Looks like, the price might break above the zone, better keep an eye on the level, before entering any fresh trades.
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#LINK did give a close above but ended up being rejection as no candle able to move any higher. Price already rejected and broken the trendline too. Still not a good setup, so looking for a confirmation back to resistance for shorts 📉.
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#BTC completed its parabolic move and rejected from the resistance too. Price started consolidating and moreover hodling above the hourly support around $16,750. Waiting for a breakout below $16,750 or $17,000 mark.
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#OCEAN given a breakout of the triangle pattern, which makes the bias bullish but there's is strong resistance zone around $0.177- $0.181. Price is rejecting from here, which a potential setup now, but use hourly structure as confirmation. Alternatively, buys are risky as there's a bunch of rejection areas.
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#Bitcoin rallies up till the resistance zone and goes deep inside it and ended up being rejection as anticipated. Still, price maintaining the market structure. Price need to break the 4H swing low for a confirmation. You can look for hourly support for early indication.
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#BTC.D consolidated for more than 2 weeks over the major resistance level and now trying to break below of the zone. Candle closure is still pending, this could be potential opportunity for a short-term altcoin movement and #BTC also aligns with it. Look for confirmation and risk accordingly.
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https://www.binance.com/en/support/announcement/98469caac0b54a2198208b7ceed71f91
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#BAND did give a break below and quickly reversed. Price is more yo ranging now. Right now, price tested back to major resistance and rejected too. Better look for another opportunities and close any open positions.
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