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What is Symmetrical Triangle Pattern ?
A Symmetrical Triangle is a chart pattern commonly observed in financial markets, including the cryptocurrency market. It forms when the price of an asset creates a series of higher lows and lower highs, converging towards a point known as the apex. This results in the formation of a triangle pattern with both the upper and lower boundaries meeting at the same point.
Traders interpret the Symmetrical Triangle as a potential continuation pattern, meaning that the price is likely to continue its previous trend once the pattern is confirmed. However, the direction of the breakout is not predetermined, as the pattern can break in either direction.
During the formation, trading volumes decrease, indicating a period of indecision among market participants. Traders anticipate a breakout and monitor volume closely. When the price breaks out of the upper or lower line with a significant increase in trading volume, it confirms the pattern and signal a trend continuation.
#BITCOIN DAILY TF UPDATE :
#BITCOIN on Daily TF, still moving in a range, tried multiple times to break the support and resistance but failed. Price formed the new support and trying to push now. It might reach other end of the consolidation. So eyes on breakout only, nothing more.
What is Bull Flag ?
A bull flag is a bullish chart pattern that occurs during an uptrend in trading. It is characterized by a brief consolidation period following a sharp price increase, forming a rectangular-shaped pattern. The flagpole represents the initial surge in price, while the flag itself is a period of sideways or slightly downward price movement.
The bull flag pattern indicates a temporary pause or consolidation within an ongoing uptrend, suggesting that buyers are taking a breather before continuing the upward momentum. It is often seen as a bullish continuation pattern, indicating that the price is likely to resume its upward movement after the flag pattern completes.
Traders commonly look for specific criteria to confirm a bull flag pattern and once the price breaks out of the upper trendline of the flag, it may signal a potential buying opportunity and a continuation of the uptrend.
#TRX made a triangle pattern and did attempt to break below of the trendline but rejecting it. Well, if price break the traingle and trendline then it will be a perfect setup for shorts. For now, price potentially bounce from here. If structural break happens then buys on retest
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#BTC finally, given a close below candle on 4H TF, which making the market bearish but Daily Candle close is also important to close below to make it completely bearish. Now we've 50-50 chances of going lower or consolidate again.
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As inscriptions show a decrease in activity, we can observe that the momentum of active addresses is once again on the rise. Initially, one might have interpreted the past 2-3 months as a decline in Bitcoin network activity. However, the accurate understanding is that this period was characterized by substantial address re-use by inscription traders. In reality, network activity was thriving, with blocks being fully utilized and carrying out numerous transactions.
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Here's the Analysis of #LTC :
#LTC rejected of from the resistance area of $113.70 - $115.20 and dumped after retest of major resistance too around $97.80 - $102.40. Price is expected to reach around $85.20 - $86.97. Also, Halving is coming soon, we may see some boom in #LTC from support.
In 2023, one of the most unexpected events in the world of #Bitcoin has been the emergence of ordinals and inscriptions. This phenomenon has occurred in two distinct waves:
Wave 1: This wave was primarily focused on image-based inscriptions, leading to the creation of NFT assets on the Bitcoin blockchain. So far, a total of 1.08 million images have been inscribed.
Wave 2: The second wave was dominated by text-based inscriptions related to 'BRC-20 tokens,' which often involve higher transaction fees. As a result, Bitcoin now hosts a significant number of 14.8 million text-based inscriptions.
While Wave 2 had a much larger number of inscriptions, its activity has been steadily declining since May. However, there was a slight increase in text inscriptions this week, although unconfirmed transactions across Bitcoin's mempools are starting to clear overall.
Another Day Another Consolidation, #BTC made a new consolidating range after the sharp dump. Also, its on a strong support zone, so its been a moment to see, where it breaks out.
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Here's the Analysis of #DOGE :
#DOGE slides above the strong level, which is now strong resistance zone of $0.0657 - $0.0677. Also, price made a bear flag pattern and might disrespect as price already tested the both side references. So, wait for a potential break either side.
Looking at the current situation, the impressive recovery from the November lows shows a remarkable resemblance to the recovery rallies observed in previous cycles. Except for 2019, all past cycles that experienced a similar magnitude move from the bottom marked the beginning of a new cyclical uptrend. The recent recovery stands at an impressive 91%, indicating potential for a new uptrend.
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#BTC dumped hard but made a exactly bounce from the support area and kinda made a small range. Well, monday market open may comes with volume and breakout too otherwise the range will continue going on.
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What is Bear Flag ?
The bear flag is a chart pattern that indicates a continuation of a downward trend in financial markets. It consists of a sharp decline in price, followed by a period of consolidation in the form of a flag-shaped pattern. During this consolidation phase, trading volume typically decreases, suggesting a lack of buying interest and potential weakening of bullish momentum.
Traders closely watch for the bear flag pattern as it signifies that sellers still dominate the market. Once the consolidation phase ends, there is a high probability of the price resuming its downward movement. Confirmation of the pattern occurs when the price breaks below the lower boundary of the flag.
By understanding the bear flag pattern, traders can identify potential trading opportunities and make informed decisions to capitalize on downward trends in the market.
Currently, around 592K #Bitcoin has a purchasing price of $30.2K the current spot price.
This is the second largest accumulation after $16.5k. We may see a move very soon.
#SUI making a retest back to the zone as resistance and potentially fall from here, if 4H candle form new resistance after then shorting will be high probable.
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Here's the Analysis of #SUI :
#SUI gave a fake-out of the zone and getting back inside it and zone will act as resistance around $0.713 - $0.726. There's the supporting trendline below, where might price react to. Incase of break below, we can see a push till support zone of $0.630 - $0.630.
By focusing solely on exchange inflows and outflows, we observe a positive momentum within the Bitcoin network. The monthly average of exchange flows has surpassed the yearly average, indicating a potential increase in adoption from a monetary asset perspective, which aligns with historical patterns.
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Here's the Analysis of 1INCH :
1INCH is been had a very strong rejection from the resistance zone of $0.568 - $0.583 and melting. Price also rejected the resistance of $0.426 - $0.438 and potentially bounce from the trendline. Right now, price approaching the Structural Support at $0.349. In case of break we can take shorts-sells positions.
#AVAX took us out at minor loss and moved below the major resistance zone and potentially hit the trendline and bounce from it. Keep an eye on movement.
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#BTC dipped down strongly back to support zone and bounced and still in HTF, its a range and we should wait for a breakout either side and anticipating volume to drive the price.
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What is Inscriptions on #Bitcoin ?
In the context of Bitcoin, "inscriptions" refer to the data that can be embedded in the blockchain transactions. These inscriptions can include various types of information beyond simple value transfer, such as text, messages, or metadata. In the early days of Bitcoin, transactions were often used to include short messages or notes, sometimes referred to as "OP_RETURN" data.
However, it's important to note that inscriptions on the Bitcoin blockchain are limited by the block size and the transaction fees required for including such data. As Bitcoin's primary use case is for financial transactions and value transfer, the inclusion of extensive inscriptions can lead to higher transaction fees and may not be the most cost-effective or efficient method for storing large amounts of data. For more extensive data storage and applications, other blockchain platforms that prioritize data handling and smart contracts are often used.
#AVAX is been on deeped inside the major support and looks like it can push and make a new higher high. Take low risk here as #BTC is also on a support zone. and range so breakout will lead in aggressive move in the market.
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Binance Completes Integration of Bitcoin (BTC) on Lightning Network, Opens Deposits and Withdrawals
https://www.binance.com/en/support/announcement/eefbfae2c0ae472d9e1e36f1a30bf340
What is Drawdown and Why it is important to Traders ?
Drawdown in the context of finance and investment refers to the peak-to-trough decline in the value of an investment or trading account. It represents the percentage decrease from the highest point (peak) to the lowest point (trough) in the investment's value over a specific period of time.
For example, if an investment starts with a value of $10,000 and later reaches a peak value of $15,000 before declining to a low of $8,000, the drawdown would be calculated as follows:
Drawdown = ((Peak Value - Trough Value) / Peak Value) * 100
Drawdown = (($15,000 - $8,000) / $15,000) * 100
Drawdown = ($7,000 / $15,000) * 100
Drawdown = 46.67%
In this case, the drawdown is 46.67%, meaning the investment experienced a decline of 46.67% from its highest value.
Drawdown is an essential metric for investors and traders to understand the potential risk associated with an investment. It provides insights into the volatility and potential losses an investment can incur during adverse market conditions. Managing drawdowns is crucial for risk management and preserving capital in the financial markets.
#TRX gave a candle closing above the Major Resistance zone, which turned into major Support. Well, you can look for a strong buys from here.
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Here's the Analysis of #ZIL :
#ZIL is been trending higher after being rejected from the resistance area of $0.0244 - $0.0249. Price is been trending higher with the supporting trendline and potentially tap into resistance. Right now, wait for the shorting opportunities .
The price got rejected from the $0.249 resistance level. Although there is a break of the downtrend line which gives some relief. Still, the key resistance of $0.249 is not broken and we are waiting for a break above this level for new long positions. Don't FOMO and wait for a better setup for long entries.
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#BTC got a strong rejection from the Strong resistance area and nearly reached the bottom of the range/ support zone around $30,000. Well, weekend is on, so we can see some low volumes over these days. Let's see if we get a breakout now.
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