daymouse

$BINANCE:OCEANUSDT , 1d Price is trading above the 200SMA suggesting that the long term trend is intact. The downward trendline has been broken and has been consolidating for the past two days. On the 4h, price has formed an imperfect cup and handle with the consolidation being the handle. The MACD line has crossed above the signal line indicating a bullish momentum. The only downside i see here is the lack of adequate volume on the breakout candle. It still remains interesting to keep an eye on since a break above the consolidation (base or handle) could propel price to higher highs resuming the uptrend. Breakout traders would put their stop loss (SL) below the consolidation and target the market structure highs. As always, “anything can happen” so let the market unfold and react accordingly. #DYOR

KAVAUSDT , 1d After reaching failing to break it’s 2024 high around the $1.15 area, price created a lower high and broke below the 200SMA forming a lower low. This creates a bearish sentiment for KAVA. The downward trendline aligns with the stiff resistance created by 200SMA and previous support turned resistance. This is a key level where bears will look for shorting opportunities. Keep an eye on the charts and wait for price reaction to initiate a trade. The only indicator making a bullish case for KAVA is the bullish MACD crossover but price has to ultimately breakout of the downward trendline and 200SMA and remain above it to bring back the bullish sentiment. As always, “anything can happen” so let the market unfold and react accordingly. #DYOR

TWTUSDT , 1d Following the breakdown of the descending triangle, price also broke below the 200SMA. Now price faces a major resistance level since this area is, 1) previous support turned resistance 2) descending trendline 3) 200SMA Bears will look for opportunities to sell the market at this resistance level. Bulls are in for an uphill battle after printing a doji after yesterday’s session. This is a battle that I am personally keeping a keen eye on to see the outcome. As always, ‘’anything can happen’’ so let’s be patient as the market unfolds. #DYOR

XVGUSDT , 4h On the daily timeframe, price is trading around a previous swing low area which is also above the 200SMA suggesting the long term trend is bullish. On the 4h, two chart patterns are emerging; 1) Descending Triangle & 2) Cup and Handle. It is prudent for traders to wait for break out or break down of the pattern to initiate a trade. For a long entry, trade could be initiated after the breakout of either chart patterns but stop loss could be tricky on this one. 1) For the descending triangle, SL goes below the swing low, that is the horizontal base of the pattern. 2) For the Cup and Handle, a tight SL could be set just below the low of the cup’s handle (green circle) Take Profit (TP) targets could be the previous support area turned support (red rectangle) with subsequent targets at the various market structure levels indicated with the red circles. As always, ‘’anything can happen’’ so let’s be patient as the market unfolds. #DYOR

BTCUSDT , 1d Market is trading between $63,000 and it’s all time high, $73,000 levels. Swing traders can buy at the support and sell the resistance of this range. On the contrary, Breakout traders will wait to trade the breakdown or breakout of the range. BTCUSDT Price recently broke below the 50SMA which could signal a mid-term downtrend upon the breakdown of the $60,000 support level. In my opinion, it would be prudent to maintain a bullish bias as far as price remains above the 200SMA. In that case, if the $60,000 level fails to hold, the next possible support could be the weekly fair value gap (yellow rectangle). As always, ‘’anything can happen’’ so we wait for the market to unfold to gain more clarity. #DYOR