Here's the latest scoop: Paul Tudor Jones, the billionaire hedge fund manager, seems concerned about Bitcoin's appeal. He believes the growing unfriendly regulatory landscape in the United States makes Bitcoin less attractive. Additionally, the prospect...
TRADE IDEA: Technical Breakdown of Top Cryptos
2022-11-29 • Updated
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish. However, we will take a closer look at the lower timeframes to determine whether or not price has begun yielding in that direction.
The 4-Hour timeframe poses an interesting scenario - a wedge inside the daily timeframe's channel. As a result, we will be expecting a breakout and retest to confirm the bullish bias with a price target between $18,500 and $20,000.
The trendline support on the Daily timeframe as seen above spans all the way from February 2020 and has just recently been tested for a third time. There is also a wide drop-base-rally demand zone within the area (the purple zone). The blue arrow represents primary bias whilst the purple arrows are secondary targets. Let's dive a bit deeper into the lower timeframe.
The 4-Hour Timeframe
The 4-Hour timeframe shows price reacting to a resistance trendline. This means that despite the overall trend being bullish, price may tend to slip lower into the marked demand zone before actually executing the bullish move.
The views above are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
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Bank of Indonesia Governor Perry Warjiyo announced that Jakarta is following the lead of the BRICS bloc to reduce dependence on the USD and diversify the use of currency in international trade. Indonesia is "more concrete" than the BRICS...
Hold on to your seats, folks! Bitcoin (BTC) is back with a vengeance, soaring past the $30 000 mark on April 11th, reaching its highest point since June 2022. And it's not just BTC - Ethereum (ETH) is also making gains, trading at $1917 and bagging 3.1% gains...
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.