Connect with us

Hi, what are you looking for?

Cryptocurrency

TradingView Column: With Side Market, Analysts Are More Excited to Buy

TradingView Column: With Side Market, Analysts Are More Excited to Buy

Cryptocurrency market moving sideways behind good news, the market is not falling anymore! Analysts are excited to maintain long positions.

Wendel Suzano

Bitcoin continues to hold in the 45k region, a very important price region. As we can analyze the Volume Profile , this region is the region where the most is accumulating, and this can be a positive point for the longs, as sellers so far have not been able to break out of this price region and take it to lower levels.

As we can see on the chart, the first Fibonacci targets tracing from the previous bottom were reached and continue trading in this region. If the price goes up again, we may have the region of the Double Bottom figure, downtrend to uptrend reversal pattern. If it breaks down, we will have the figure of a bearish pivot that if it has strength in the breakout, it can reach targets such as 32k.

The big question is that it is not so simple to trade short on the BTC , since the asset comes in years and years and is in an uptrend.

So far we don't have candlesticks that show a possible reversal and we don't have enough volume that shows a possible breakout either, we will have to follow the next episodes of this series. But what we cannot leave aside is that the price is below all averages so so far the seller side continues to win. ( See more about Bitcoin ).

BTCUSDT

Gabriel Fauth

Looking at the Bitcoin chart , after a strong fall on 12/04, accelerated by the liquidation of long positions, we had a very characteristic signal from the cryptocurrency market, the bounces and the long fuse that are left. The market returned almost 20% of the liquidation fund until the candlestick closed.

After that fateful day, the market resumed trading well above the fuse left, marking a region between 51800 and 45600. After touches and bounces at the top and bottom the market is clear to me what accumulation the market is in.

Accumulations are market cycles that can either continue the trend or reverse. The current trend is down. Trading accumulations can be dangerous precisely because the entire top must be expected to break, and usually they are false, hence my intolerance to stay in the operation well below 44500, in the defense region. We can see that the liquidity region according to the volume profile below 45500 is still high, corroborating my decision to quickly exit this operation. ( See full review ).

BTCUSDT

Roger ETH

Gala follows the correction in search of the target at 0.618 Fibonacci pushed by the BTC correction. It is observed that both the RSI , the Vumanchu and the Accumulation and Distribution Matrix need this search for liquidity to define the necessary accumulation and put an end to wave 4. If this happens, the tendency of GALA is to seek the target stipulated with based on the Fibonacci extension that is around the price of 1.1054USDT, if the macroeconomic scenario permits. ( See more about GALA ).

GALAUSDT

Cryptocurrency Traders Bets

The price of the REEF/USDT pair made a new bottom at $0.01761 (purple line) which now serves as a support where prices reacted by breaking up a descending wedge (green line) in search of resistance in the $0 range .01899 (purple line). Note that before that some correction down to the upper line of the broken wedge may take place to gain momentum and overcome this resistance, which once passed will meet the next resistance at the level of $0.01974 (purple line).

In case the $0.01974 resistance is overcome, the move projects the REEF prices to rise at the next resistance at the value of $0.02008 (purple line), with the moving averages of 50 (blue line) and 200 (yellow line) days supporting as support the uptrend direction.

It is worth noting the indicators below the chart such as CMF above 0 confirming the trend reversal, as the RSI is above 50 and the MACD is on the verge of crossing its averages upwards in favor of the short-term uptrend direction on the 15M chart. . ( See PivotChart ).

REEFUSDT

Disclaimer : The analyzes presented here are studies only. They are not investment, buy or sell recommendations, nor do they reflect the opinion of the media outlet in which they are being advertised. These are studies aimed at people with knowledge and experience in the financial market.

Our Authors: Wendel Suzano , Gabriel Fauth ,Roger ETH and Cryptocurrency Traders Bets .

Also read: Bitcoin is on edge and ready to drop to $41,000, expert says

Also Read: Metaverse DragonMaster Announces Beta Release

Also read: 7 cryptocurrencies that have risen more than 75% in 2022

You May Also Like