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Technical Analysis

On-demand TA: Trading between key levels

Updated: Aug 11, 2024
Published: Jul 26, 2024
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In today’s session, we’ll cover our top assets, including our Barbell ones, address some requests from the channel and DMs, set up for the weekend, and try to project potential movements over the next few days.

Bitcoin (BTC) analysis 

We’ve observed a three-drive formation after a push higher, indicating a significant reversal pattern on the higher time frame. There's a dynamic diagonal resistance and support. We’re aiming for a specific price point in the near future. After the pivot and hammer candle formation, we’ve seen strong momentum, closing on a robust daily candlestick. Key level: $6,630. If we trade and close above this, it could become the floor for other altcoins.

Ethereum (ETH) analysis

We like the back-of-trendline retest seen today, aligning with the key level of $3,225. This price point is crucial for potential long opportunities. We need to watch how the day trades around this level. After a drastic sell-off, we usually see some recovery into the price points that provided those sell-offs.

Solana (SOL) analysis

SOL missed our entry and found a floor, but it hasn’t shown significant upward momentum. The key level is $176.033. We need to see a close above this for potential trades. Historically, this level has been crucial for support and resistance.

Pendle (PENDLE) analysis 

We didn’t get a secondary retest on the double bottom. The key level to watch is around $3.30, which is stronger than $3.80. We need to see price magnetized towards this level or reclaim it for a justified risk-to-reward setup.

Injective (INJ) analysis

Despite being resilient, I missed an entry, but it was a good re-entry point. We’re targeting a specific price point and could see another chance at that level. Our analysis and thesis remain strong.

Thorchain (RUNE) analysis

A bounce off the blue zone but needs to close above $5.00 for a serious opportunity. Alternatively, trading lower to $4.00-$3.70 could be another entry point.

Near Protocol (NEAR) analysis

There are two options: trade lower to $4.50 or break out of $6.00 and retest support. We’re in a limbo period post-bullish pump, waiting for setups to play out.

Toncoin (TON) analysis

It is back at the bottom of its range, around $6.60-$6.70. It is not a tradable asset for me currently, but it shows resilience.

Avalanche (AVAX) analysis

Struggling around the $25.00 level. If it breaks out of $31.00 and shows support, it’s a significant buy opportunity. This setup could play out in the coming weeks.

Dogecoin (DOGE) analysis

It's looking strong, but it's not taking a trade yet due to unclear stop-loss points. We need to see a breakout above $0.13 to validate support.

Popcat (POPCAT) analysis

Key levels for trading: $0.67-$0.68 or $0.50. Many are trading it aggressively, and it’s showing strong performance.

DogWifHat (WIF) analysis

Bounced off the yellow box as expected. It’s forming a positive market structure with high potential. Accumulate within $1.50-$2.00 range.

Doland Tremp (TREMP) analysis

Accumulate between $0.3-$0.5. Donald Trump is currently a hot topic, influencing this assets growth potential.

Cryptonary's take

When the market is sat like this between key levels where we would look to get positioned its best to stay aligned and focused on the strategy and wait for the market to eventually provide what we are looking for, rather than being impenitent and going against our plan.

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