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What is Double Bottom in Trading ?
Double #Bottom is a technical chart pattern commonly used in trading analysis considered as #bullish reversal pattern that forms after a #downtrend, indicating that the market may be ready to #reverse its direction.
The pattern forms when the price reaches a low point, then #rebounds, and then declines again to the same low point as before. However, it fails to break through this level and rebounds again, forming a #second bottom at the same price level. The two bottoms are usually connected by a line, forming a horizontal #support level.
This pattern signals that the selling #momentum has been exhausted, and the bulls/ buyers are #gaining control of the market. #Traders who recognize this pattern may look to buy or go long, betting on a potential #price increase.
#FTM made a proper bounce from the major support zone and broke out of the channel pattern. I hope you executed the call and trade moving around 10% in profits. Secure some partials here and move stops to BE. Channel Breakout is bullish, to price can gave an upmove.
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Here's the Analysis of #APT :
#APT making some good lower lows and lower highs and slides below the strong flip level $11.47 - $11.89 and now act as resistance area. Price is expected to reach out the support area of $9.76 - $9.96. As price making lower low now, so taking shorts will be good.
#SOL Analysis :
#SOL Rejected hard from the major Resistance level of $24.79 - $26.00. Price reached out the strong support zone of $17.17 - $18.21. Price is kinda making messy price action and nothing is clear very much. On 4H TF, we can see potential buys above of $21.20 and for sells wait for the opportunity.
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#Trading Tip
Things You Should Consider Before Executing the Trade
Well, to be honest, this things differ from a trader to trader as styles gonna be very different. Someone can say, i just trade High Volume Breakouts or Retest Entry. Some can be Indicators based and Price Action and Whatever. There are multiple things can be done on this.
The simplest way to do this is Make it Working and Simple as Possible.
Let's say, if you're good on Breakouts but need a way to confirm that breakout, so you can use any indicator, which gave some strong results over the time in backtest or you can use price action with that.
As far as we see, Price Action cover all the aspect of issue in trading. So, you can have a look into that and you can add some of the confluence, if needed.
Wallet Maintenance Extension for BNB Smart Chain (BEP20) - 2023-03-30
https://www.binance.com/en/support/announcement/wallet-maintenance-extension-for-bnb-smart-chain-bep20-2023-03-30-63b638db6972470096701833c222ab7c
Here's the Daily and H4 charts and As mentioned, we need a Daily Candle Closing of the resistance/ consolidation range. Price kissed out $29,000 mark but 4H didn't gave any breakout yet. Well, condition are still remain the same, so better wait for the candle closure 🚀
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Over recent weeks, #Investors have increased the volume of coins deposited to exchanges. Net exchange flows ticked higher by approximately 4180 #BTC this week, the largest net increase since #LUNA collapsed in May 2022. This might indicate some profit-taking going on as who bought the dip 📈
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QUICK Update :
#Bitcoin again reached the resistance area around $28,630 and kinda rejecting now. Wait for the candle closure and incase of Breakout, Daily Candle should maintain above the area, otherwise, this will considered as fakeout.
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After a week of Consolidation, #STX broke the support and moving lower. If you took the entry after candle closing, the position are running in 16.6% in profits. Price already reached out the minor support on daily TF, better to take profits here with stops at breakeven.
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#AGIX given a break below of the support area, and made a easy retest. Price rejects the level and about to reach the next support area. Trade running is good profit around 13% in favor, so better lock-in minor partials here. Major Partials at support zone around $0.373 - $0.380
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#Binance and CZ is been Sued by #CFTC over #Futures and Derivatives Framework. This things may create some more potential #FUD in the market in coming days 👀.
With that news, #MicroStrategy Acquired another 6,455 #Bitcoins for $150M at an Average of $23,238 per #Bitcoin. Now, in-total they hodl 138,955 #BTC, at an average price of $29,817, that totals around more the $4B+ in valuation 📈📈
After a long time, month over month, we have finally a bullish crossover of #Short-term holder cost basis above #Long-term holder cost basis
As per previous data on the chart, this marked confirmation of the start of multi-year #Bitcoin Bull Runs.
#BITCOIN WEEKLY UPDATE :
#BITCOIN still urging to making to way for $29,950 (≈ $30,000). Weekly Candle Rejecting Lower prices and standing strong. Still, its becoming a mess on LTF and Resistance from Daily TF standing strong and candles are ranging only. Anticipating a breakout by next week, else we can go all the we down 📉
What is Double Top ?
Double top is a technical chart pattern commonly used in trading analysis. It is a bearish reversal pattern that forms after an uptrend, indicating that the market may be ready to reverse its direction.
The pattern forms when the price of an asset reaches a high point, then retreats, and then rallies again to the same high point as before. However, it fails to break through this level and retreats again, forming a second peak at the same price level. The two peaks are usually connected by a line, forming a horizontal resistance level.
This pattern signals that the buying momentum has been exhausted, and the bears are gaining control of the market. Traders who recognize this pattern may look to sell their long positions or short the asset, betting on a potential price decline.
Well, another day range story repeating on and on. #BTC did gave a minor closing above, but not significant to consider a breakout and again rejected from the resistance. Range will continue and hoping for a breakout soon
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Here's the Analysis of #FTM :
#FTM is on a major support area of $0.4248 - $0.4394 and moving inside the small channel pattern. There an another support below the zone around $0.3936 - $0.400, and currently, looking for potential buys at major support. This could be a risky one so use lower risk.
#MAGIC continue to go lower and broke below the support too. There's was an scale-in opportunity but we missed it. Anyways, close the full position and secure the profits 📈
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#ETH break below of the consolidation with a daily candle close and reversed back up for retesting the major resistance level. Well, this could be a potential fake-out so, if you're Looking for new position in alts then wait for a proper breakout to happen
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Here's the analysis of #XRP :
#XRP strongly rallied up and reached the major resistance zone of $0.538 - $0.547. On 4H Timeframe, its breakout now but on Daily TF, kinda rejecting that level. A close below will clear out the rejection, which can tend to move in lower, so wait for the Daily Closing
#MATIC dropped to the major support area as mentioned and price strongly reacted from it. If you took the entry then running in good profits, in case you missed out then wait for a retest around $1.10.
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Go for Us as #BTC didn't gave a break below candle and rejected the support strongly. Well this means consolidation still continues and reach out the resistance area around $28,630. Nothing with that, just alts will follow-up a bit. Price need to breakout of the range for some clean moves.
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Here's the analysis of #DYDX :
#DYDX is making a but messy move and currently, rejected the support area of $2.23 - $2.29. The major support is at $1.84 - $1.96 and right now, price broke a small downtrend resistance line, indicating a potential move up. Well, as of now, market looks bit weak, so wait for the opportunity.
What Is Triangular Arbitrage and How to Use It?
#Arbitrage is a trading approach that turns market inefficiencies into financial opportunities. There are several types of arbitrage strategies used by crypto traders, including simple arbitrage, cross-border arbitrage, peer-to-peer (P2P) arbitrage, and triangular arbitrage, all of these seek to take advantage of price differences across multiple markets.
Triangular Arbitrage takes advantage of price #difference between three different coins in the market.
The #concept is simple —> A trader exchanges one #crypto asset for a second, the second for a third, and the third for the first, by which that difference in price gives him #profit and then this is repeated for as long as the price differences remain.
To be done #successfully, triangular arbitrage requires identifying price differences, trading different asset pairs simultaneously, and proper #risk management. Since the crypto market is #volatile, prices fluctuate quickly; traders must also execute #triangular arbitrage trades rapidly.
However, Some people build there own #Trading Bots to catch this difference, as price is moving very fast and that the point, which make Arbitrage Trading Risky.
#BTC break down the Triangle to the down side and reached out the bottom of the consolidation range and taking support. Support Acting good as no candles given a close below. Well, a breakout would be highly probable to the downside, so be alert a candle closing below $26,900 in a HTF.
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Here's the analysis of #FIL :
#FIL is been moving below the downtrend resistance line and inside the falling wedge pattern. Price is expected to reach out the major support level of $4.630 - $5.000. Until then, nothing as now, as ranging is too small for positions.