What you need to know about ascending triangle and Imbalance Candle?

✅An  ascending triangle is a bullish formation that could be use to spot a reversal price action.
✅The Trend support is formed by a successive higher high.
✅A good entry set up is always on a breakout retest for confirmation to avoid fake out.

Imbalance Candle:

✅An imbalance candle is a price action that is overpowered by either seller or buyer. It creates a long gap between the previous and proceeding candles.
✅The price usually fill this zone to make it balance at any given time.

📖Quick Technical Analysis Education

Trendline

✅A trendline is a line drawn through a chart to show the trend of the Market.
✅The classic way to draw trendline is by drawing a straight line connecting a series of swing highs or swing lows.
✅An up-trend line is drawn through the swing lows and a down-trendline is drawn through the swing highs. In that way the trendline is acting as support to an uptrend

📖Quick Technical Analysis Education

MA200

✅The 200-day Moving Average is a technical indicator used to analyze and identify long term trends. Essentially, it is a line that represents the average closing price for the last 200 days.
✅It is used as dynamic support and resistance of an asset.
🔴Below MA200= The sentiment is bearish
🟢Above MA200=The sentiment is Bullish

📖Quick Technical Analysis Education

Double Bottom

🔸A double bottom is a pattern creates a W-shaped movement. It indicates that after two lows, there will be a significant increase in price after a confirmed breakout on its neckline.
🔸This is also called a reversal pattern from downtrend to uptrend

📝Simple steps to Identify double bottom:

✅Identify the two distinct bottoms of similar width and height
✅Distance between bottoms should not be too small - time frame dependent
✅Confirm neckline/resistance price level

📖Quick Technical Analysis Education

Ranging Market

✅A ranging market is a market structure where the prices move back and forth between a price range of a high price level and a low-price level.
✅The highest price level is formed with a resistance line, whereas the lowest price level is formed with a support line.
✅Traders depend on these lines to place ideal entry or exit orders in the market.

BTC Quick Take:

🔸Bitcoin has been in a sideways trend since its drop in November 2021. The key levels to watch are still 18k for resistance and 15k for support.
🔸Another important level to consider is the EMA100 which serves as its Daily chart dynamic resistance.
🔸Currently, the price is flat and it appears that there is not much demand in the market. If there is a shift in volatility, it is likely that the price will either test the lower range again or try to reach the upper range

#EOS moves between the support and resistance level and if it can break the resistance level, it will follow path 1

#BTC Weekly Realized Price

#BTC is currently trading around its average cost basis. If there is a confirmed break above this level, it could lead to a bullish run.
Until then, it seems to be in accumulation mode.

#USDT is moving in a rising wedge, which is getting closer with each candle close. A rising wedge is technically a bearish pattern.
might see a last upward trap to take liquidity above the equal highs before the breakdown of the rising wedge.We've to keep an eye on a high volume breakdown to confirm a downward direction in USDT to hit the lower marked horizontal support .

The average purchase price of short-term holders dipped below slightly below $18000.

This level is key resistance level as they might sell at break-even. Flipping this level will be bullish

#Chainlink has been quietly building during this bear market.

💥As evidenced by the increasing number of active developers working on the #LINK project seen in the illustration.

💥Despite market uncertainty, the developer activity on #LINK remains strong

#Bitcoin is significantly undervalued based on its historical performance. This has only happened four times before in the entire history of Bitcoin

💥November 2011
💥January 2015
💥December 2018
💥March 2020

Today's Thoughts
43 out of 100 top global brands have already tippy-toed into web3, in loyalty and NFTs

BTCUSDT 2H

வார இறுதியில் ஆதரவு பகுதியில் பக்கவாட்டாக பிறகு. தற்போது BTC 17,270-17,420 என்ற எதிர்ப்பை நோக்கி செல்கிறது

நிராகரிப்பு இருந்தால் அந்த பகுதியை கண்காணிக்கவும்

🔸There has been an increase in on-chain activity on the Solana blockchain, particularly in the use of non-fungible tokens (NFTs). This activity appears to be organic in nature, rather than being driven by external factors.
@nammacrypto @tamil_btc

Bitcoin broke the resistance area and we may see a possible retest of this zone before next move. The major resistance is $18,000 level and a break above this is extremely bullish. We will see continuation of upward movement in altcoins if BTC holds above $17,000 level.

🇺🇸 According to BlackRock, a recession, which is expected in the second half of the 2023 calendar year, is necessary.

According to the company's forecasts, in order to reach the estimated non-inflationary level of GDP by 2025, a fall in US GDP by 2% is necessary.

Crypto Total Mcap Update:

🔸The cryptocurrency market has recently seen an increase in value, with the total market capitalization rising from around $745 billion to test the resistance at the $844 billion level.
🔸Despite this increase, the market has remained relatively sideways and has not seen any significant trend in either direction.

TRADING TIP OF THE DAY

Trading local H&S (Head and Shoulders) Pullbacks:

1) Watch out for the patter in Lower Time Frames
2) Ladder in your position (Due to stop hunts)
3) First retests are generally stop hunts, and not reversals

Nammacrypto.com