Bitcoin is trading in an uptrend channel on a 4-hour chart. BTC is now taking the support at the bottom line. We may see a bounce from here. If BTC breaks below the support line then we see more downward movement. Hope BTC bounces from here towards the $42,000 resistance level.

APE tested the $18 resistance level but was unable to give a candle closing above it. APE is still bullish and we may see a continuation of this upward movement. The first support is $15.50 area and $13.50-$13.70 area. Hold your positions with stop loss.

SOL analysis:

SOL is formed a big symmetric triangle and now reached the decision time. We will see a breakout of this triangle soon. A break in upward direction is bullish and we see a rally towards $150 area. If SOL break the triangle in downward direction then we see a move towards $80 support area. You can open a long position with tight stop loss.

LUNA analysis:

LUNA bounced from the support of $76-$79 area. LUNA also break the $89 resistance and now trading above it. The next resistance is $100-$103 area and if LUNA break above this the we see a move towards $120 resistance area. If LUNA break the $89 support then we see a test of $76-$79 area.

Educational Post

Fibonacci Retracement

Fibonacci retracement levels connect any two points that the trader views as relevant, typically a high point and a low point.

The most commonly used ratios include 23.6%, 38.2%, 50%, 61.8%, and 78.6%.

These levels should not be relied on exclusively, so it is dangerous to assume the price will reverse after hitting a specific Fibonacci level.

While the retracement levels indicate where the price might find support or resistance, there are no assurances the price will actually stop there. This is why other confirmation signals are often used, such as the price starting to bounce off the level.

JASMY analysis:

JASMY break the long downtrend line and also retested it. The major resistance is the $0.0282-$0.029 area and a break above this is bullish. The local support is $0.024 level and good support is $0.022-$0.0225 area. We may see a test of major resistance in the coming days.

Bitcoin is now testing the support line and the long wicks below it show price rejection. BTC needs to hold this line at all costs otherwise we see more blood in the market. Put stop loss in all trades. The support is $38,500-$39,000 area.

SOL is breaking down the symmetric triangle but it is not confirmed yet. Wait for the candle closing below it for confirmation. Keep your stop loss below the $95 area. If the breakdown is confirmed then we see a dump towards the $80 major support area.

AVAX analysis:

AVAX is in a downtrend and we will see more downward movement toward the support level. The good support is $64.8-$66 area and we will see a bounce from there. You can place your buy order in this range and wait. The major resistance is the $80-$82 area.

SUSHI rejected from the $3.70-$3.75 area and now testing the major support of the $3.00-$3.10 area. Our trade is closed in no profit and no loss. You can again open a long position near the $3.00 support area with a tight stop loss. We expect a bounce from this support towards $3.35-$3.40 resistance.

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Ichimoku Cloud

The Ichimoku Cloud is composed of five lines or calculations, two of which comprise a cloud where the difference between the two lines is shaded in.

The lines include a nine-period average, a 26-period average, an average of those two averages, a 52-period average, and a lagging closing price line.

The cloud is a key part of the indicator. When the price is below the cloud, the trend is down. When the price is above the cloud, the trend is up.

BAT is moved as expected and dumped to $0.68 levels. BAT is taking support at the $0.68 area and is able to hold this level then we see a move towards the $0.78-$0.80 resistance area. If a candle closes below $0.68 support then we see more dump towards strong support of the $0.63 area.

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KAVA Analysis :

KAVA recently broke above downtrend line and was earlier took a strong bounce from major support level of $2.61 - $2.95. Currently, price about to reach a structural resistance level around $5.60, where price might reject/ retrace. Buying not recommended right now, better wait for a pullback.

Bitcoin gives a fakeout below the uptrend channel to liquidate over leverage positions and trigger stop loss. BTC is now back above the $40,000 area and this is a good sign. If BTC holds above the $40,000 level then we see a move towards $42,000 resistance. Bitcoin is back in the uptrend channel. We may see a big move this week.

SUSHi bounced from the major support of $3.00-$3.10 area. The resistance line is $3.35-$3.40 area and a break above this will send us towards major resistance of $3.70-$3.75 area. If you opened a long position near the support level then increase your stop loss to breakeven point and hold this trade.

LUNA again bounced from the support of $89 area. The major resistance is $100-$103 and we see test of this resistance soon. If LUNA break this level then we see good upward move. The support remains the same of $89 and $76-$79 area.

ZEC analysis:

ZEC broke the falling wedge pattern and now trading in the range of $150-$170 area. The support is $148-$151 area and you can get some ZEC in this zone. We expect a bounce from here towards the $170 resistance level. Use tight stop loss in this trade.

Bitcoin breaks the uptrend channel and this is not a good sign. If BTC breaks below $38,000 then we see a continuation of this downward movement. BTC following global markets. BTC is bearish below the $40,000 level. The next support is $36,800-$37,000 area. Put stop loss in all trades.

APE continue the upward movement and now trading above the $18 resistance level. So far more than 80% profit from our entry. Increase your stop loss near to $16.50 area and hold this trade. We may see more upside move in APE in coming days. New entries are risky here.

Educational Post

Average Directional Index

The average directional index (ADX) is a technical analysis indicator used by traders to determine the strength of a trend.

The ADX makes use of a positive (+DI) and negative (-DI) directional indicator in addition to the trendline.

The trend has strength when ADX is above 25; the trend is weak or the price is trendless when ADX is below 20.

If the ADX is declining, it could be an indication that the market is becoming less directional, and the current trend is weakening. You may want to avoid trading trend systems as the trend changes.