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COMP-USDTCompound- the torchbearer of the Yield Farming has established itself as one of the prominent names in the DeFi ecosystem. Being one of the early projects in the DeFi space, Compound has garnered in trust and reliance of the users that have contributed massively to the growth of the DeFi ecosystem. At the of writing, Compound has locked in $7.01 Bn in its liquidity pools, from which, $4.46 Bn has been distributed as Outstanding loans which make up 63% of the TVL present in its protocol. On the Daily Time Frame, BTC after hitting its All-Time High of $911 has retraced to 0.886 Fibonacci level, thereby marking its 2021 Low of ~$197. Since then, Compound has given an impulse move and is currently trading at ~$520. As Compound has gained ~150% from its 2021 Low, it is a high probability that COMP may retrace a bit from its current levels. The immediate support to the lower side is present at $410 followed by $370. On the higher side, the resistance to the higher side is present at $570 followed by $660. Compound holds enormous potential to be among the topmost lending protocols and thereby grow the investors’ wealth magnanimously.
Long
by TradeDog-Research
Is BTC ready for a rally in coming days As per my view we are getting ready for a rally in BTC. Good News for Bitcoin Bulls Bitcoin related stocks have been slowly grinding higher over the past few weeks. This action has shifted the charts of many of these stocks from bearish to bullish. And, that’s good news for bitcoin bulls. Because, if the stocks do indeed discount the future price of bitcoin, then it looks like the King of Crypto could soon start to rally. RIOT and MSTR, shares of TSLA have enjoyed a nice rally over the past six weeks. And, the moving averages on the chart have shifted into a bullish configuration. This sort of bullish action in bitcoin stocks suggests that the price of bitcoin is more likely to be higher than lower over the next several weeks. It’s not a guarantee, of course. But, the bearish action in the stocks two months ago warned us of the potential for a steep decline in bitcoin… and that’s what we got. Now the bitcoin stocks are suggesting the King of Crypto is setting up for a rally. Best regards and good trading #mx
COINBASE:BTCUSDLong
by mxgainindia
BTC-USD( Long Term Analysis)Bitcoin made its new ATH of $64,899 in the April month of this quarter but bulls were unable to hold the gains and succumbed downside due to the negative sentiments initiated by a negative Elon Musk's tweet and China ban news. Total Market cap after peaking at $2.5 Tr in May to $1.3Tr at the time of writing, it dipped by ~48% in this quarter. The flagship currency, Bitcoin has witnessed its worst quarter in terms of Dollar loss, it retraced more than 40% in Q2 and formed a strong bearish candle on the Quarterly TF. On the monthly TF, May month candle turned the positive trend into a bearish trend as BTC witnessed a 35% decline in the same period. In the month of June, it made a new recent low of $28,800 but retraced upward and is now sustaining above $33,000. On a weekly TF, BTC has been consolidating for the last 6 weeks in the range of $30,000 to $40,000, it tried to breach the support at $30K few times but bears haven't been successful in doing so yet, therefore the support of $30K is very critical in deciding the future trend. On the higher side, the immediate resistance is present at $36,000 followed by the major resistance at $41K. On a Daily TF, BTC has already witnessed a Death cross i.e negative crossover of 50 and 200-DEMA and has been trading below its major EMA's. RSI is showing minor positive divergence with the price from the last 2 weeks, which mildly indicates a pullback to the higher side can be expected. Since the current trend is still sideways, therefore confirmation is much needed for the price movement ahead, On the higher side, BTC has to sustain above the level of $41,000 to reverse the ongoing bearish trend.
COINBASE:BTCUSD
by TradeDog-Research
BTC-USDBTC continues to be trapped in the ongoing tussle between bulls and bears. Even after its recent breakdown to make a recent low of 28.8K, bulls showed an impressive buying strength from that level to close the last weekly candle at $34.7K, it recovered ~20% from this low. It formed an indecisive candle with a long lower wick that shows strong accumulation in the market. The CMP of BTC is sustaining above $34.5K On the weekly TF, BTC s still holding its 50-WEMA placed at $33.7K from the last 6 weeks, it has tried to breach this range multiple times but none of the weekly candles has closed below this range until now, which depicts that accumulation is going on at the lower levels. Below this support, the next potential support is present at $30K, followed by the next support at $28K. The sideways trend is currently lying in the range of $32K-$36K. The immediate resistance is presented by its 20-DEMA, placed at $35.2K.If we get a decisive breakout from this level, the next significant hurdle is placed at $38K, followed by the next major resistance at $40K. On-Chain indicators are also depicting mixed signals. BTC’s mining hash rate hits its 13-month low whereas, in the last 30 days, long term hodlers have accumulated almost 579,940 BTC to their holdings while short-term have reduced their holdings by 521,983 BTC. Therefore, it is evident that the current market structure is clearly in rangebound trend and breakout from the above-mentioned levels will confirm the move ahead.
COINBASE:BTCUSD
by TradeDog-Research
THETA-USDT(Descending Channel Formation)Theta aims to decentralize video streaming, data delivery and edge computing ecosystem and is on a mission to make contemporary video streaming more efficient, cost-effective by means of an inclusive monetization model whereby viewers receive better quality streaming service, content creators enhance their earnings and video platforms save money on building infrastructure and get a chance to increase advertising and subscription revenues. Being a blockchain, Theta allows Dapp developers to build their projects on top of its blockchain. At the time of writing, the Current Market Price of Theta coin is $6.96. Theta has witnessed a 24 Hr volume of $473.6 Mn and 61.5% of the total circulating supply is staked on the network. These stats encourage the investors that the nodes believe in the growth of the network and builds trust among the investors. On the Daily Time Frame, Theta has been trading in a downward trending channel whereby on June 14, 2021, Theta gave a False Breakout from the channel, it faced resistance at the level of $9.7 and is back in the channel at the time of writing. The immediate resistance to the higher side is present at $7.85 followed by the level of $9.65. If Theta gives a daily close above the level of $9.65, it may move higher to the level of $12.2. The support to the lower side is present at $5.81 followed by $4.69 respectively. Theta being corrected to 0.786 Retracement level from its All-Time-High presents an Investment opportunity if it comes down to the support levels.
Long
by TradeDog-Research
Weekly Analysis of BTC-USD(22nd June)Bears continue to dominate the crypto markets as almost all the major crypto assets fell by more than 7% in the last week. BTC formed a weekly bearish candlestick pattern with ~ 9% decline, also, BTC witnessed is its 6th consecutive week of institutional outflows. However, it is still holding the $30-$31K support zone and at the time of writing, BTC is trading slightly above $32.5K. BTC also witnessed a ‘Death Cross” on the Daily TF and when this happens in the last bull rally of 2018, BTC further dipped more than 25%. On the downside, the nearest support zone is placed at $30K-$31K, if it decisively closes above the $30K, a further downswing rally is most likely to continue till the next support at $28K, followed by the next significant support at $25K. On the positive side, BTC is still holding its $30K support for the last 4 weeks, and also, it is making higher highs from the last three times. The immediate hurdle is present at $33.5K, once it breaks this level, the net potential resistance is at $36K, followed by the next level at $38.5K. Weekly MACD is also entering into negative territory whereas Daily MACD is also giving a bearish crossover, both indicating bearish sentiments to prevail in the coming sessions. However, the breakdown below $30K will act as a confirmation for the further bearish movement.
COINBASE:BTCUSD
by TradeDog-Research
LUNA-USDT(Long Term Analysis)LUNA is the reserve currency of the Terra platform. The Terra protocol is a Proof of Stake (PoS) based blockchain wherein the miners are required to stake their Luna tokens to mine transactions. As the probability of a validator being able to mine the next Terra block is directly proportional to the staked Luna tokens, Luna holds key importance in the Terra ecosystem. As of December 2020, the Terra network has transacted an estimated $299 billion for over 2 million users. This is a major milestone being achieved by the Terra blockchain achieved in a short span of time. On a year-to-date basis, it has yielded magnificent returns of ~32x which validates the stats about the wide-scale adoption by the payment network. On the Daily Time Frame, LUNA after marking its All-Time-High of $22.4 as of March 21, 2021, has been retracing and is currently placed at 0.786 retracement level. Currently, LUNA is trading in an Ascending Triangle, the resistance is placed at $7.6 while the support has been trending higher and is currently placed at $5.5. At the current levels, LUNA is placed near its 20 EMA. As LUNA has been consolidating in a narrow range since May 23, 2021, the breakout from the Ascending Triangle may fuel the prices higher. The immediate resistance is placed at $7.6, a breakout from the level may witness the prices moving towards the levels of $9 followed by $12 (resistance level of the trendline). The support to the lower side is present at $5.5 followed by $4.25. With the crypto ecosystem gaining back its lost momentum with El Salvador adopting Bitcoin as its Legal currency, it seems that the correction in the markets might halt and the markets may again start to move towards its new highs. Thus, Luna being fundamentally a good project might initiate its impulsive move fueled by the overall market sentiments.
Long
by TradeDog-Research
Weekly Analysis of BTC-USDBTC witnessed a volatile last week, from its low of $31K to close the week above $39.3K. On the weekly TF, it gained by ~9% and formed a Hammer candlestick pattern which depicts reversal is on the cards, mainly backed by positive news from El Salvador which have adopted BTC as a legal currency. At the time of writing, BTC is trading slightly above $40K. Bitcoin after dropping by ~50% from its All-Time High has found its support in the range $34K- $30K, this range earlier also acted as a strong support base during its journey to ATH. The nearest support is now placed at $36.9K, the next support is presented by its 50-WEMA which is placed at $33.9K. On the higher side, the immediate hurdle is placed at $41K, once we get decisive closing above this level, the next significant level to watch out for is present at $43K, followed by $48K. On the Daily Time Frame, Bitcoin for the past 26 days has been consolidating in a narrow range of $34K- $40K. On June 14, BTC gave a close above $40K and is currently sustaining above that level, which depicts that buying momentum can continue in the coming sessions.
COINBASE:BTCUSD
by TradeDog-Research