Category: Market Analysis

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Crypto News EOS Market Analysis Tezos Trading

Top 3 Coins to Watch Today: XTZ, EOS, LINA – December 10 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 41st cryptocurrency globally and the current price is US$5.19. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 105% rally since late September saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $5.65 is providing some resistance. However, continuation through the monthly high at $6.13 is not out of the question. Aggressive bulls might bid in the current region near $6.32. 

If the price runs the recent swing low, bulls might bid in the gap near $5.06. A deeper retracement could reach near the mid-August level and a gap near $4.90. The region near $4.73 and $4.35 may also provide some support during a deeper retracement.

2. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 50th cryptocurrency globally and the current price is US$3.34. Let’s take a look at the chart below for price analysis:

Source: TradingView

After an 81% decline from mid Q2, EOS has ranged between $3.25 and $4.95. The recent rally is approaching probable resistance near $3.99 – but could be aiming for stops above the relatively equal highs near $4.17. Continuation of the bullish move could target the daily gap near $4.46.

Aggressive bulls might add to positions near $3.21 and $3.10. Price action near $3.00 may be more likely to provide support – if the price reaches it – during any retracements.

Relatively equal lows clustered around $2.90 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $2.82.

3. Linear (LINA)

Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.

LINA Price Analysis

At the time of writing, LINA is ranked the 335th cryptocurrency globally and the current price is US$0.04029. Let’s take a look at the chart below for price analysis:

Source: TradingView

During November, LINA also turned the corner, breaking a key swing high early to mid-month. This move could suggest a longer-term bullish trend.

The swing high near $0.05436 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.06157.

Even if the bearish trend continues, a stop run at the recent swing low near $0.04012 into possible support beginning near $0.03845 is reasonable. If the price reaches further down, the swing low and possible support near $0.03587 might provide another downside target. 

The area near $0.03315 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $0.03193 into possible support beginning around $0.03029.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Trading

MDT Surges +90% in a Single Day After Listing on CoinBase Pro

MDT is trading in an uptrend, like many other Altcoins. The cryptocurrency MDT just went up +90% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +115% in a week.

What is MDT?

Measurable Data Token MDT aims to provide a blockchain-based data economy, where data providers and data buyers can exchange data securely and anonymously. Measurable AI, MDT’s data analytics branch, is an alternative data provider that turns anonymous transactional data into consumer insights serving financial institutions and corporates. The MDT token is an ERC-20 token, used as the medium of exchange for data product access and user reward programs.

MDT Price Analysis

At the time of writing, MDT is ranked the 560th cryptocurrency globally and the current price is US$0.09285. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 1-Day candle chart, we can clearly see that MDT was trading inside the rising wedge pattern on the MDT/USDT pair. The first resistance was on the $0.07235 price level, which MDT broke with a strong bullish trend buying volume and is now heading towards the recent high price at $0.09827. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, MDT may continue to increase in the uptrend if traders keep buying with high volume.

“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”

What Do the Technical Indicators Say?

The MDT TradingView indicators (on the 1-day) mainly indicate MDT as a Buy, except the Oscillators which indicate MDT as a Neutral.

So Why Did MDT Break Out?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying MDT for the coming Altcoins rally. Recent news was also announced regarding MDT listing on CoinBase Pro.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade MDT?

MDT has the highest liquidity on Binance Exchange, so that would help for trading MDT/BTC or MDT/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia. You can also buy MDT from different exchanges listed on Coinmarketcap.

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Crypto News Litecoin Market Analysis Trading

Top 3 Coins to Watch Today: LTC, ROSE, EGLD – December 9 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 18th cryptocurrency globally and the current price is US$165.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late September, LTC kicked off a bullish trend that rallied nearly 85% by November to break the monthly highs.

The following 50% plummet found support near $150.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $162.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $175.12, where aggressive bulls might begin bidding. The level near $180.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $198.05. 

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $145.18 could provide at least a short-term bounce. If this level fails, the old highs near $138.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

2. Oasis Network (ROSE)

The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionizing Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.

ROSE Price Analysis

At the time of writing, ROSE is ranked the 98th cryptocurrency globally and the current price is US$0.2549. Let’s take a look at the chart below for price analysis:

Source: TradingView

ROSE has dropped nearly 78% since late November and found a low in early December, with price action now trending upward through a higher-timeframe range.

The area beginning near $0.3046 has provided strong resistance and may do so again. However, relatively equal highs near $0.3512 offer a tempting target for bulls. A run of these highs may reach up into the daily gap near $0.3814.

Aggressive bulls might add to their positions near $0.2478. If the price breaks through this level, it may be reaching for the cluster of swing lows near $0.2254 and $0.2015. A more substantial move down may run stops below the relatively equal monthly lows, around $0.1866, into the daily gap at this level.

3. Elrond (EGLD)

Elrond EGLD is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralised finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking, and rewarding validators.

EGLD Price Analysis

At the time of writing, EGLD is ranked the 30th cryptocurrency globally and the current price is US$294.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

EGLD‘s 65% retracement from its Novembers highs set a low near $285.23 during its consolidation that began in early December.

Relatively equal highs near $312.44 could be the current target if the price breaks through resistance beginning near $322.50. Bullish continuation might reach through the next significant swing high near $330.71 into the daily gap near $335.16,

If bullish strength continues, the zones just below the monthly open near $344.69 and $359.87 could halt any retracement. 

A bearish shift in the market might seek the relatively equal lows near $278.19 into possible support near $370.43 If this down move occurs, the swing low near $361.22 and possible support near $349.70 may be the primary objective.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Ripple Trading

Top 3 Coins to Watch Today: XRP, RAY, AVAX – December 8 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8th cryptocurrency globally and the current price is US$0.8273. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 87% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.8222. Last week, the price bounced from the monthly open near $0.7743 again, creating possible support near $0.7650. A quick sweep of this recent swing low could reach into a support area near $0.8012, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7925.

If the price breaks through the closest significant resistance near $0.8756, the swing high at $0.9034 is a likely target. This move could reach the daily gap near $0.9563.

Strong bullish momentum could propel the price to resistance near $0.9877. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.

2. Raydium (RAY)

Raydium RAY is an automated market maker AMM and liquidity provider built on the Solana blockchain for the Serum decentralised exchange DEX. Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that funds deposited into Raydium are converted into limit orders that sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow, as well as their existing liquidity.

RAY Price Analysis

At the time of writing, RAY is ranked the 119th cryptocurrency globally and the current price is US$8.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

Mid-October marked a turning point for RAY, with the price rocketing up almost 85% from its lows to probable resistance beginning near $14.78.

The price is currently struggling with the area between $8.75 and $10.39. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $8.65. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $8.12, and the potential support just below that begins around $6.53.

Continuation to the upside will likely target the monthly high near $9.95. However, probable resistance beginning at $10.58 and $11.82 could cap or slow down this move.

3. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 12th cryptocurrency globally and the current price is US$93.04. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX has continued its rally through the daily gap between $85.45 and $92.25, turning this region into an area of possible support. 

However, a stop run under the relatively equal lows at $87.34 could form a wick below this level, potentially reaching an untapped daily gap beginning near $79.14.

Resistance starting at $112.32 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant new swing high at $125.46, continue into probable resistance just above, and possibly set new monthly highs at $133.12.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Categories
Crypto News Market Analysis Trading

IDEX Surges +85% in a Single Day After Listing on Huobi Exchange

IDEX is trading in an uptrend, like many other Altcoins. The cryptocurrency IDEX just went up +85% in a single day by breaking a bullish pennant pattern with strong buying volume on multiple exchanges and surges over +97% in a week.

What is IDEX?

IDEX claims to be the first hybrid liquidity DEX that combines an order book model with an automated market maker. It blends the performance and features of a traditional order book model with the security and liquidity of an AMM. Idex takes an innovative approach to decentralised exchanges by combining an off-chain trading engine with on-chain trade settlement. Users benefit from that in several ways.

IDEX Price Analysis

At the time of writing, IDEX is ranked the 280th cryptocurrency globally and the current price is US$0.4125. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 1-hour candle chart, we can clearly see that IDEX was trading inside the bullish pennant pattern on the IDEX/USDT pair. The first resistance was on the $0.3255 price level, which IDEX broke with a strong bullish trend buying volume and is now heading towards the recent high price at $0.4652. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, IDEX may continue to increase in the uptrend if traders keep buying with high volume.

“A bullish pennant is a technical trading pattern that indicates the impending continuation of a strong upward price move. They’re formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines.”

What Do the Technical Indicators Say?

The IDEX TradingView indicators (on the 1-day) mainly indicate IDEX as a Strong Buy, except the Oscillators which indicate IDEX as a Buy.

So Why Did IDEX Break Out?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying IDEX for the coming Altcoins rally. Recent news was also announced regarding a new listing on Huobi Crypto Exchange.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade IDEX?

IDEX has the highest liquidity on Binance Exchange, so that would help for trading IDEX/BTC or IDEX/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Syscoin Trading

Top 3 Coins to Watch Today: ALPHA, BDX, SYS – December 7 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Alpha Finance (ALPHA)

Alpha Finance Lab ALPHA is a cross-chain DeFi platform that looks to bring Alpha to users across a variety of different blockchains, including Binance Smart Chain (BSC) and Ethereum. The platform aims to produce an ecosystem of DeFi products that address unmet needs in the industry while remaining simple to use and access. ALPHA is the native utility token of the platform. Token holders can earn a share of network fees by staking ALPHA tokens to cover any default loans. Other use cases for the token include liquidity mining and governance voting.

ALPHA Price Analysis

At the time of writing, ALPHA is ranked the 168th cryptocurrency globally and the current price is US$0.7279. Let’s take a look at the chart below for price analysis:

Source: TradingView

ALPHA‘s 395% rally from its June lows met resistance near the low of H1 2021’s consolidation, near $1.5295, before creating a new range for Q3.

After a bearish flip of the 9, 18 and 40 EMAs, the price broke below $0.8503. This area, which has confluence with multiple swing lows and the December monthly open, may provide resistance on any future retest.

The price might find support near $0.4845 to $0.6749 if the overall market’s conditions turn more bullish. This zone has confluence with the 61.8% to 78.6% retracements and accumulation zone for Q3’s rally.

Failure to find support in this area could drop the price to higher timeframe support near late 2020’s swing high, near $0.3051. However, a drop this low could continue lower as traders sell the news of Wednesday’s mainnet launch on AVAX.

Suppose the price does rally through the probable resistance near December’s open. In that case, the September swing highs and above, near $1.3861, could provide resistance again. A shift back to more bullish market conditions could push the price to the 50% extension of the summer’s swing, near $1.9334.

2. Beldex (BDX)

Beldex BDX is a leading privacy-based ecosystem consisting of privacy-first decentralised applications that include BChat, BelNet, Beldex browser, the Beldex privacy protocol, and the Beldex bridge. The Beldex project is committed to enhancing your privacy online. BDX is a privacy coin and a utility on the privacy-preserving DApps. For privacy lovers, Beldex is the one-stop destination for everything from private messaging to private transactions.

BDX Price Analysis

At the time of writing, BDX is ranked the 379th cryptocurrency globally and the current price is US$0.1114. Let’s take a look at the chart below for price analysis:

Source: TradingView

With little price action to rely on, BDX‘s near-term future is uncertain. A long tail to $0.0717 could hint at future support near this level. However, bulls will likely wait for more confirmation on lower timeframes before bidding. The midpoint of this wick, near $0.0962, has also shown some interest from buyers and could continue to provide support.

Meanwhile, each rally has been sold into, creating long upper wicks as investors take profits during the current uncertain market conditions. Overlapping swing highs and swing lows near the December monthly open, around $0.1116, may continue to provide resistance if the current downtrend continues.

Any rallies before Friday’s hard fork could find resistance near $0.1264, an area that has seen strong selling on each test. Above, the current highs near $0.1500 may also provide resistance again, especially if the price first wicks above this level.

3. Syscoin (SYS)

Syscoin SYS is a full Layer-1 and Layer-2 blockchain solution built to combine industry-proven technology to support cutting-edge applications all in one network. The project’s goal is to build a protocol that transforms the blockchain experience and combines the best of Bitcoin and Ethereum. Through Bitcoin merge-mining, Syscoin transforms Bitcoin’s Proof-of-Work security and decentralisation into a functional and scalable solution. Syscoin’s token platform currently features custom notary API, Fungible Tokens, NFTs, and Fractionalised NFTs.

SYS Price Analysis

At the time of writing, SYS is ranked the 165th cryptocurrency globally and the current price is US$0.5357. Let’s take a look at the chart below for price analysis:

Source: TradingView

The 248% parabolic rally from the October SYS lows to December’s high abruptly sold off 50% as the market crashed.

A long wick through possible support between $0.5270 and $0.4690, near the 61.8% retracement and 40 EMA, shows that buyers were interested in this level. It remains to be seen whether this level can support the price again on a retest. 

Higher timeframes suggest this possible support down to the origin of the last rally could see buying, with a higher probability level near $0.3600. If the price breaks this possible support, the swing low near $0.3014 is the likely bearish target.

Investors selling the news of Monday’s mainnet launch, combined with the weak market conditions, could mean that the current bullish move is over and the price will continue down into consolidation.

Bulls might find resistance near $0.6500, at the highs of the consolidation preceding last week’s swing high. A stronger impulse, perhaps from a convincing relief rally in Bitcoin, might reach slightly higher to probable resistance near $0.7615.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia. You can also buy these coins from different exchanges listed on CoinMarketCap.

Categories
Market Analysis The Crypto Den

TradeRoom: Our Weekly Crypto Trades Analysis – Dec 6, 2021

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

Wow! What a week! Well, we alluded to a decent drop in TOTAL crypto cap over the past couple of weeks, but even this Trader wasn’t expecting an ADDITIONAL US$440 billion to get wiped out of the market. We’ve since clawed back US$365 billion of that, showing some strong bullish buyback, bringing the current TOTAL market cap back to US$2.26 trillion.

Remember it was only a couple of months ago we were all excited that the TOTAL hit its ATH again of just under US$2.5 trillion, so it’s not all bad!

TOTAL Crypto Market Cap

I had a target last week of US$51,500 for BTC. I was in an open short trade and BTC decided to blow right through that target and hit US$40,000. A US$13,000 daily candle! Now for me personally this was a good thing due to my open short trade, and I closed 50% of that trade at approximately US$45,000 and will let it play out from here.

Not so good for holders at the moment. If BTC fails to rally back above that daily 200 EMA (exponential moving average – blue line), then there could be a decent chance we see further downside. That said, I’m not feeling overly concerned just yet. I’m expecting a bullish push soon, although hedging my bets a little by keeping the remainder of my short trade open until the dust settles. ALWAYS wait for the dust to settle and a clear confirmation before entering a NEW position.

Current BTC daily chart

Ultimately I think we could see some more bearish action before a big bull run appears.

Last Week’s Performance

Well, last week we saw a lot of long positions get stopped out, some in profit, some not. This is why we teach you to use stop losses to mitigate risk! When BTC decides to nuke, the rest of the market follows.

For those of you in our TradeRoom it makes little difference if the market is going up or down because we can trade it both ways. So while some longs were getting stopped, we were scaling into shorts! Here are a couple of short trades from the week past.

LRC/USDT

You can see in the chart below where I’ve entered short twice on LRC and the reasons why are as basic as it gets. Support and Resistance. LRC was approaching ATH again while the rest of the market started to bleed. I waited for that first Lower High (LH) and entered short. Then I waited for the second LH and added to that position after confirming downtrending market structure. I closed 50% of the trade at US$2.17 and let the rest ride – currently at a 430% win on a 10x trade.

LRC/USDT short trade

BTC/USD

In a chart I shared in the TradeRoom last week, I outlined that BTC had three attempts at breaking through resistance and failed. Once again waiting for a LH to confirm, I entered short. I closed 50% of that position at approx. US$45,000 and will hedge my bets by letting the rest ride.

Our current position is 316% profit on a 20x trade.

BTC chart shared in TradeRoom
Current BTC chart showing my trade entry


STORJ/USDT

STORJ was approaching a resistance level at its previous ATH price point. After it rejected, I again waited for that LH to form and entered short at US$2.92 and closed 100% of the trade at US$1.47 for a 490% ROI on 10x trade. You can see how this trade played out below:

STORJ/USDT short trade

IMPORTANT NOTES ON SHORTING:

These trades taken this week have been short trades using leverage. The reason for this is simply because the market had been trending DOWN and this is how we profit from a bearish market. This cannot be done in a SPOT trading market, where your only option would be to sell and wait for a new buy level.

Shorting a market should only be done by experienced traders and should NOT be taken by beginners. While the profits I’ve mentioned above seem very attractive, it takes time to learn and practise this craft before being profitable.

If you would like to learn how to do this, TODAY IS THE LAST DAY you can register for our current trading course. Our next LIVE course will be in February 2022.

This Week’s Trades

ADA/USDT

As I mentioned in last week’s article, I’m watching ADA pretty closely to come down and hit that US$1 level. Not only will I likely take longs here but will also buy in spot. This will ultimately depend highly on candlestick analysis in that area AND on what BTC is doing at the time. However, I still think this could present a good opportunity at this psychological level. If ADA breaks this level of support, then US$0.30 is on the table so it will be really important for US$1 to hold.

ADA/USDT

BTM/USDT

Another I’m watching pretty closely is BTM. Not a lot of price history for this one, but there could be opportunity here. This will depend heavily on BTC behaving as there are no more levels of support below the current price zone, meaning another drop will be forming all-time lows (ATL). From here there’s no data to base anything on so we use tools like market oscillators and Fibonacci to find key levels.

BTM/USDT

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Cardano Crypto News Market Analysis Trading TRON

Top 3 Coins to Watch Today: TRX, ADA, HARD – December 6 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Tron (TRX)

Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.

TRX Price Analysis

At the time of writing, TRX is ranked the 22nd cryptocurrency globally and the current price is US$0.08607. Let’s take a look at the chart below for price analysis:

Source: TradingView

TRX accompanied the rest of the market in the mid-Q3 drop, falling nearly 63% from its mid-September high until it found a low late in October.

Price action in late November formed a weekly support level near $0.08654, which has so far held up the price. The most recent swing low inside this range, near $0.08439, might be the target for any future stop runs. After this low, the swing low near $0.08229 and the gap beginning near $0.07945 mark possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.09422, just over the monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09755 – but could reach as high as $0.1083.

2. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6th cryptocurrency globally and the current price is US$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 86% drop from its August highs found a low near $1.30 in late November before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.45. A sustained bullish move may target the swing high at $1.58. If this stop run occurs, a run beyond the high into probable resistance near $1.64 and $1.70 is possible.

Bulls could buy a retracement to possible support near $1.30, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.24. 

However, relatively equal lows near $1.20 and $1.17 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.12 and $1.05.

3. Kava Lend (HARD)

Kava Lend HARD is a decentralised money market built on Kava, enabling the lending and borrowing of cross-chain assets. Kava Lend supports supply-side deposits for BTC, XRP, BNB, BUSD, and USDX. The platform will allow overcollateralised borrowing for supported assets. All HARD tokens distributed as rewards are locked by a smart contract. Users who claim HARD tokens with longer vesting schedules will receive more tokens. The exact options for token redemptions are subject to governance voting.

HARD Price Analysis

At the time of writing, HARD is ranked the 495th cryptocurrency globally and the current price is US$0.9164. Let’s take a look at the chart below for price analysis:

Source: TradingView

HARD‘s 55% drop from August to October might have found a range low near $0.7933. The recent break and continuation through the short-term highs near $0.9044 and $0.9821 suggest some bullish strength.

Bulls are likely to take some profits near the high end of the current range. The areas near $1.10 and $1.18 offer some confluence for resistance. The swing high near $1.23 might be the current target, followed by possible continuation up to $1.26 and into resistance near $1.30.

Aggressive bulls might bid near the last high and daily gap around $0.9244. However, a drop to possible support around $0.8465 is reasonable. A market-wide retracement could send the price down to sweep relatively equal lows near $0.8033. If this stop run occurs, the price could find support between $0.7543 and $0.7122.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Trading Waves

Top 3 Coins to Watch Today: MATIC, SAND, WAVES – December 3 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 15th cryptocurrency globally and the current price is US$2.08. Let’s take a look at the chart below for price analysis:

Source: TradingView

October marked a turning point for MATIC, with the price rocketing up almost 80% from its lows to probable resistance beginning near $2.21.

The price is currently struggling with the area between $1.88 and $2.10. This region could provide support after a close above, or resistance after a close below. 

A retracement could reach into the daily gap and possible support around $1.85. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $1.74, and the potential support just below that begins around $1.60.

Continuation to the upside will likely target the recent monthly highs near $2.25. However, probable resistance beginning at $2.10 and $2.18 could cap or slow down this move.

2. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 39th cryptocurrency globally and the current price is US$6.30. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since November’s high, SAND‘s 59% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $5.90 and $5.45 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $6.84 and $7.27 may be more likely to cause a longer-term trend reversal. 

Bears are likely to add to their shorts at probable resistance beginning near $6.54, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $7.05, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near $7.79 might provide a ceiling for this impulse.

3. Waves (WAVES)

WAVES is a multi-purpose blockchain platform that supports various use cases, including decentralised applications (DApps) and smart contracts. The platform has undergone various changes and added new spin-off features to build on its original design. Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards. Waves initially set out to improve on the first blockchain platforms by increasing speed, utility, and user-friendliness.

WAVES Price Analysis

At the time of writing, WAVES is ranked the 70th cryptocurrency globally and the current price is US$21.53. Let’s take a look at the chart below for price analysis:

Source: TradingView

During November’s high, WAVES‘ 45% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near $19.78 and $18.30 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Long-term consolidation suggests that the areas near $26.45 and $28.61 may be more likely to cause a longer-term trend reversal.

Bears are likely to add to their shorts at probable resistance beginning near $29.77, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near $31.42, the start of the bearish move.

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Where to Buy or Trade Altcoins?

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Crypto News Market Analysis Solana Trading

Top 3 Coins to Watch Today: SOL, LUNA, MASK – December 2 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Solana (SOL)

Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

SOL Price Analysis

At the time of writing, SOL is ranked the 5th cryptocurrency globally and the current price is US$227.24. Let’s take a look at the chart below for price analysis:

Source: TradingView

SOL retraced nearly 45% from its high before finding a low during mid-November. Since then, the price has been sweeping stops on both sides of its local range as the current consolidation sets up the next move.

Aggressive bulls might bid near $218.44, although a sweep of the stops near $205.61 could reach below the next swing low into possible support near $188.12. A continued downtrend might run into the weekly gap near $176.26.

Some bears might add more shorts near $220.87, although a push to $238.66 is reasonable. A daily candle close over the swing high near $250.04 could suggest that a longer-term trend reversal is in play, with bulls possibly entering on a retracement near $276.32 for new high prices.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 13th cryptocurrency globally and the current price is US$62.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its November highs,  LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near $68.35 held the price down for the December monthly opening, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick drop to $60.37, or into the zone beginning near $57.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $66.47 provides a reasonable target. 

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $72.28 and $75.57.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near $49.59.

3. Mask Network (MASK)

Mask Network MASK is a protocol that allows its users to send encrypted messages over Twitter and Facebook. It essentially acts as a bridge between the internet and a decentralised network running on top. Mask Network offers the ability to fund Gitcoin grant campaigns directly from Twitter, and plans to offer peer-to-peer payments and decentralised storage functionality. It is a decentralised portal that also allows users to use DApps like crypto payments, decentralised finance, decentralised storage, e-commerce, digital goods, NFTs, and decentralised organisations (DAOs) over the top of existing social networks without migrating, creating what is referred to as a decentralised Applet (DApplet) ecosystem.

MASK Price Analysis

At the time of writing, MASK is ranked the 250th cryptocurrency globally and the current price is US$15.97. Let’s take a look at the chart below for price analysis:

Source: TradingView

MASK has retraced 58% of its over 120% rally that began in November.

A large bearish daily candle found support at the 40 EMA in a daily gap, near $13.20, before retracing to its opening price, near $14.36. 

The 9 and 18 EMAs near the opening price might provide support if the uptrend resumes. The recent swing low, near $12.87, could also offer support again. 

Some charts showed the price rallying into possible resistance near $19.26 on November 27. If genuine and sustained, this resistance could flip to support for a further rally into resistance near $20.18 and $21.56.

If the price reaches beyond these levels, it will enter discovery, perhaps drawing toward possible resistance near $25.44.

Learn How to Trade Live!

Join Dave and The Crypto Den Crew and they’ll show you live on a webinar how to take your crypto trading to the next level.

Duration: 6-week course
From: November 15 to December 22
Date/Time: Twice a week, Mon and Wed at 7pm AEST
Location: Zoom webinar

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia. You can also buy these coins from different exchanges listed on Coinmarketcap.