VCP Pattern emerging in monopoly stockULTRAMARINE AND PIGMENTS LTD
Technical and fundamentals are good
✨ Volatility contraction pattern in daily
✨ volume contraction in weekly
Target: 770
Current rate: 333.33
Horizontalchannel
PYR-USDTVulcanForged is one of the fastest-growing blockchain gaming platforms. There are 8 games present under a single roof. They also have recently launched an NFT marketplace and a DEX for the smooth transaction of in-built assets and partner project tokens. All this ecosystem is run by the native token of Vulcan Forged i.e. PYR. This makes the PYR token undervalued and can be considered as the Hidden gem of the crypto ecosystem.AT the time of writing this, PYR has gained by more than 4% is trading at $2.88.
As per the Daily TF, the overall trend of PYR-USDT is looking bullish as it is sustaining above its major and minor DEMA’s. The Daily MACD is also in the green territory which mildly depicts that buying strength can continue in the coming days.
On the smaller TF(4 Hr), PYR has been trading in a horizontal channel pattern for the last 3 weeks. But, it seems it is ready to break out from its channel resistance. Currently, it is facing resistance from the middle band of the channel which is placed at $2.95, once we get a decisive breakout from this level, the next potential target is $3.50 followed by the next resistance at $4.50.
On the downside, the nearest support is present at $2.75 followed by the next support at $2.50. It is not likely that PYR will test these support levels again, however, if it enters this range, this would be a golden opportunity to accumulate.
CHZ-USDTCHZ has been trading in a horizontal channel formation for the last 2 months. The sideways trend is still intact but at the time of writing, it is trying to breach its upper band resistance. On the weekly TF, CHZ has already gained more than 20% this week. Weekly MACD is also given bullish crossover which depicts that trend reversal can be expected in the coming days. At the time of writing, CHZ is trading at $0.33.
On the higher side, the immediate hurdle is presented by the upper band of the channel which is at $0.36, if it closed above this level on a daily basis, the next potential target would be $0.42, followed by the next major resistance at $0.52.
On the lower side, the nearest support is present at $0.30, if it breaches this support, the next support is presented by the middle band of the channel which is placed at 0.27 followed by the next major support at $0.24.
On a larger TF, CHZ is trading in a descending channel formation with major resistance at $0.40, CHZ will have to sustain above this level which will act as a confirmation of the Trend Reversal.
BTC-USD(Weekly Analysis)BTC continues to be in sideways movement and traded in a range of $32,699K to $36,660. It formed a monthly red candle for June, with long upper and lower wicks and closed the month with a 5.95% decline. On the weekly TF, it formed a Doji candlestick pattern which depicts indecision between the bulls and bears, it closed the week with minor gains of 1.66%. It is still managing to hold its 0.786 Fibonacci retracement level which is present at $35K.
On the Daily TF, BTC has been trading in a range of $31,000 to $41,000 since May 19th. It is forming a horizontal channel kind of pattern and currently, it is trading between the lower and middle band of the channel. On the downside, immediate support is present at $32,500, if it decisively breaks this level, the next support is present at $30,000 followed by $28,000.
On the higher side, BTC has not been able to close above its 20-DEMA which is present at $36,200, once we get a daily closing above this level, the next potential hurdle is presented by its 50-DEMA which is placed at $38,000 followed by the major resistance in the range of $41,000 to $41,500.
As per the Elliot Wave formation, BTC is still in the bearish phase and is still in process of making the 5th corrective wave and can make a low of $24,000 before its cycle is over. However, a pullback can be expected till the level of $38,000 before the next downside wave. Weekly MACD is signalling a negative bias.
CHANNEL + PENNANT PATTERN COMBO POWER !Traders, Lupin has already given breakout from horizontal channel pattern with very high volume and now it has formed pennant pattern . It has also given breakout from pennant pattern and now it is retesting it resistance line. Keep a tight watch at this stock. This analysis was only for educational purpose , feel free to give your feedback/queries.
