moshuur:

Boss...ur opinion about cream??
I'm stuck with it right now....Is thier hope

As depicted below on the hourly chart of CREAMUSDT. She just broke rather prematurely from the downward sloping trendline in yellow.
However, the downtrend is not over yet for CREAM. She has to retest the Technical level of $31.5 or the $28.4 to prove to us that she is done with the downtrend.
Retesting the $28.4 zone would be very important for her because that would at least give us an Adam and Eve double bottom which is really needed for the upward momentum.

It would be a miracle if CREAM breaks through the $34 zone because of the cluster of bars around that zone, the resistance is just too strong.

As for when to sell. It all depends on when you bought. The best time to sell is now and DCA when prices hit the blue lines shown in the figure below.

However. If prices ever gets to close below $27 then I strongly suggest you sell and cut your losses and she's definitely going to break All time low should this ever happen.

solreb:
Hello house. Why are both $LUNA and $ATOM on continuos dipping since last week? Any negative news about them?

I posted LUNA's TA some weeks ago and pointed out that the reason she was not affected by the last dip was because her own Charting shows she's still in an uptrend and that we should not be surprised to find her dipping even when BTC is mooning in the weeks to follow. However someone dismissed my TA and claimed that LUNA is fundamentally strong.
There are people that cherish rumors and media hype and ignore TA but fact is that even though TA is not perfect. It's the best tool we've got in analyzing the markets.

Yes it is true that when BTC rises in value so does Alt coins and vise versa but this is only a guide and not the rule. You should never make your Purchases based on the behavior of BTC alone, if you study the Daily Chart of LUNA you would confirm that she is on the different lane from the rest Alts.

Below is the Hourly chart of BTCUSDT Perpetual Contract.

BTC has been on the upside for the past 2 days and 12 hours hence the upward sloping trendline touching the minor lows of prices.

However when you look at the chart closely, you will see 8 bars printed on the Trendline. None seems to trending upwards which is a signal that the bears are working hard to suppress the bulls from further advancement.

Prices was able to break through the trendline 5 hours ago when BTC dipped to $37,800. But the bears came in and pushed prices back to $38,900 2 hours later to retest the trendline.
However, the bears stood their grounds and brought prices down. Considering that we have a Head and Shoulders printed already within that upwards sloping channel. There's no reason for any bull to oppose the bears anytime soon and we might likely witness a sharp decline in prices in few hours.

Although the bulls are definitely going to strike back around the $37,400 zone and the $36,800 zones it all depends on what happens on the smaller timeframes.

However, Future traders for now should avoid LONG positions until BTC crosses the $38,200 barrier. However, if you're skilled you can still go Long on certain setups that occasionally arises on the 5-mins chart.

Happy Trading.

Below is the weekly chart of BTCUSDT PERPETUAL CONTRACT.


Last week BTC experienced huge sell off that left many bulls running for safety but it seems the bulls do not feel intimidated yet and are back with full force.

The weekly candle will close today but it is unlikely that it will close in favor of the bears as the bulls are still pretty much in control.
3 days ago all Analysis were pointing towards the $30k zone but it seems that journey is not starting anytime soon. BTC would have to retest the trendline that led to this massive selloff before resuming the $30k journey.

A lot of bears are waiting to Short BTC once it touches the $40k trendline. A lot of bulls will selloff around that zone as well so we should be expecting a Double Pressure on BTC around that zone.

For now I only trade the 5-mins chart and I make my profits whether or not BTC is rallying upwards or digging well. I understand that a good majority of users on this platform are holders.

If that be the case you may buy your favorite token anytime you see a discounted price but only buy somewhere in between next week. The reason is that when a candlestick closes on the bull run, the next candle usually dips before resuming the upward momentum so you may want to wait for prices to dip a bit before buying.
However, whatever you do, prepare to sell or take profits at the $40k zone and wait for price action before buying again. You never want to buy at the top.

I am still observing price action and nothing I have said above is carved in stone. Should there ever be a change in plans according to the behavior of prices I would definitely keep this forum updated.

Happy Trading.

seanwilliam:
So I dm a guy on nairaland , he was talking about copying trading , I picked interest .. , he asked me to register on this 4sythetrading.com and fund it , before I proceed to gate.io.. I planned starting with 500$, but in the process of finding 2, make I no go lose 10 who gets any idea on this? Attached is the chat between us.. some mins ago
Cc icecream4u
Raph
Seankafor
Ibime,jedico..

This is obviously a scam.
Use that $500 to purchase good books on price action and technical analysis. Give yourself some months and practice your setups. You should be fine.

OlympiadTutor:
It would be wise to keep an open eye if BTC gets to $38,300.
On the previous swing low BTC did a 50% Fib retracement. It may decide to repeat this again or rally up to $39k+ to complete a 61.8% retracement.

Whatever happens Futures traders on Long Positions should trade these zones with caution. If you get trapped you may get liquidated as BTC seems to be gathering the strength for the $30k ride.

Spot traders should not FOMO yet, according to market conditions, every known coin right now is definitely too expensive. Do not buy yet and if you bought try and take some profits on $38k - $39k levels.

Happy Trading.

If we close below $36k today then we have a Double Doji Break and the match to $28k-$30k starts.

Futures Traders: please avoid LONG Positions for now except its for some quick scalps.

Spot traders that did not take the afternoon call. There's no glory or honor in holding on to a losing position, cut your losses now and wait for the $30k dip to buy back.

Happy Trading.

Binance did contact a friend of a friend and informed him that his assets has been frozen on the account of a deposit made to his account. (True story)

What really happened is that a fraudster sent him BTC to trade for him on Binance p2p. Binance informed him that the BTC address that deposited money into his account has been flagged for scam as it is associated with several fake investments sites.
He was asked to even provide the owner of that BTC address that was used to deposit money onto his account.

As Nigerians we all have either a cousin, brother, distant relatives or friends that are scammers. Do not trade BTC for them to avoid stories in the future.

Binance will never block your account for no reason, the problem is that most people do not realise that these exchanges work with Law Enforcement agencies. There is a reason they are called "Centralized" and require "KYC" to operate.

It would be wise to keep an open eye if BTC gets to $38,300.
On the previous swing low BTC did a 50% Fib retracement. It may decide to repeat this again or rally up to $39k+ to complete a 61.8% retracement.

Whatever happens Futures traders on Long Positions should trade these zones with caution. If you get trapped you may get liquidated as BTC seems to be gathering the strength for the $30k ride.

Spot traders should not FOMO yet, according to market conditions, every known coin right now is definitely too expensive. Do not buy yet and if you bought try and take some profits on $38k - $39k levels.

Happy Trading.

Chikacha:
So na 5 USD we dey go be that oo?

All my orders dey click, I dey fear oo

All I can say for now is that if BTC touches $34k then it will enter a long correction phase before heading to $28k.
There's nothing to rush now. I will not suggest anyone to buy any coin now unless we see some reversal signal like a Marubozu.

Buy Red, Buy Red. The truth is that nobody can define red. So it's better to wait for confirmation before buying.

Rahkman:
Pls what causes this crypto dip and how do we avoid it early nextime

All markets have and experience dips. You cannot avoid it because it's a natural phenomenon that must occur in any actively traded market.

You can do yourself a favor by always trading with a stop loss. All investments comes with risks so you always have to use stop loss to preserve your capital.

ETH has been trading within Andrew's Pitchfork for weeks now until today she decided to break downwards. If you're buying please don't go all in because this is not the exact bottom yet.

pafra:


For a newbies that don't know how to read the chart , that don't know jack about candle sticks pattern.
How can the newbies do research

It's not too difficult. It's worth learning. If you are going to invest your money into something then you should have sufficient knowledge of how that system operates. This is the downfall of many beginners. You download an App and then starts investing your money into something that you have no idea of. That is extremely weird and risky thing to do.

You have to learn about Entry points so that you can avoid buying the top and selling the bottom. Learn about support and resistance to that you can know when to exit the market or take profits.

People have lost millions in this crypto space and its necessary to educate your mind so that you minimize your losses.

DYOR.

I've heard a lot of people ask how do you do your own research before buying a coin. I am here to answer that question to help newbies.

This answer is not relevant for those buying presales. I do not buy presales so I cannot help you on that.
Back to the answer.

The only place you can Do Your Own Research is on the PRICE CHART.
Yes! If you want to buy any coin all the information about that coin is there on the chart.
The history and life cycle of that coin is printed right on the chart.

I tell people that I usually avoid the news because I don't want anything to distract my mind. Even if a bad news will affect any asset, I will see it on the chart. Is BTC going to pump today because of some good news? I will see it on the chart when that time comes, buying pressure will start building and chart patterns will appear to tell me that it's time to buy and vice versa for selling pressure.

The worse is YOUTUBE and TWITTER. Where people tweet and spead rumors. A lot of investors were lured to believe BTC is heading to $100k last year and they all rushed in to buy the top, most of them sold at a loss and the rest are still riding with BTC and calling themselves bag holders.
Please avoid YouTubers and Twitter influencers if you want to make your investment decisions.

If you want to DYOR, go to Tradingview and check the price chart of the asset you wish to buy.
I hope this answer helps.

Trainee223:
This crypto race na die.... don't just panic sell, all in all am taking all my life savings to $RMRK coin if e like make the money varnish I will hustle for more

Warning: no body should follow my call oooo, if you must follow abeg DYOR

The picture below is from RMRK Daily Chart.

That zone bound by a Rectangular channel is an important zone as its where most buyers came in and drove the price up to $63+.

It seems the price is going to find support in that zone so I suggest you wait for some price action before buying.
I suggest you wait for price to touch $10 first. It may take some days or weeks but it's definitely going there.

Shakitibob0:
Luna is something else...

very strong altcoiin

That's because she's still in an uptrend according to her daily Chart. Don't be surprised to find her digging well when BTC starts matching to the moon.

1-hour chart of LUNA. It seems LUNA was never really interested in any of these dips and she was just doing her thing.

For now market is not clear. All I can say is that Futures traders should avoid LONG Positions for now, according to Theory BTC should test $37k as well but It will need to consolidate for some time before going lower than this. Of course this is not the absolute low.

I pointed out 2 days ago that BTC to $38-$39k was inevitable. Yes most of you prefer to watch the news and say Technical Analysis is garbage but the reality is that it is easy to get fooled by the media.

All the positive news and the green candles on the 5-mins chart will never invalidate what BTC is doing on the Daily Chart.
The match to the downside is still in full force according to the charts.

For spot traders that likes to buy the dip, please do your buying on the daily chart, you may be looking at a particular coin on the 5-mins chart and you say, Aha, this is the dip. But in reality you may actually be buying the top if you had checked the daily time frame.

HayTerran:
I noticed something guys on Binance. When a coin is dipping, of course, it's losing monetary value of your investment, but when it rises back to the exact point where you entered a trade, you entry money value is no longer the same, why?

For instance, I buy a coin, say FTM, at -5% with $100. Dipping continues and, of course, $100 reduces simultaneously.
But when the said FTM rises back to -5%, balance is way less than $100 - now around $89.

Please, why?

When you buy at -5%, it's the percentage dip the coin made in 24 hours only. This -5% is valid for that day only. After 2 days the coin may be showing-3% but it may actually be lower in price than when it was at -5% because they are calculating the percentage change of the coin in the last 24 hours.
Hence if the coin were to rise a bit and starts doing +5%. The +5% is the percentage change of the last 24hours only and it has nothing to do with the price of the coin as at when you bought it at -5%.

Malix:


The phone number you posted on binance was connecting and you were not taking the calls, I called you line through out the day, sent text message you didn't even bother to reply.
I am waiting for your #1mil lawsuit

You don't really have to continue like this. You did not mark the Order as paid and that was your mistake. The wise thing you could have done is contact customer support. Posting his pictures and Bank details on social media is simply insane.
If you couldn't get to him through his mobile line, contact Binance.
You owe this man an apology. Be a man and have some sense of dignity here, you dragged someone's name to the mud based on your ignorance only. It's not his fault you did not mark your order as paid.

sheyman2902:
It is after a completed trade you’re allowed to drop a feedback. So many impatient traders give anonymous feedbacks. Sometimes network delays payment and they will want you to pay again. Stuffs happen on p2p and newbies go show you pepper. But not like defaming another person. Reporting is a very good move. But defaming is what no one will tolerate

I strongly suggest you restrict your ads to accounts that are at least 3 months old.
Newbies do not understand how the system works. I cannot be monitoring my sell ad when I have price charts to analyze. I only attend to my sell ad when I get the pop up notification from Binance that the buyer has market the order as paid. Sometimes I don't even receive bank alert so its that Binance pop up notification that tells me you have paid.
The sim I use for browsing is different from my mobile number on Binance because calls disrupt services. We all know this and I very sorry about what happened to you.

What the guy did was wrong and I hope he tries to apologize to you. But I strongly suggest you ignore negative comments here as there are several bot accounts on this platform so you don't have to take those negative comments serious.

Tyche:
Liquidate longs, liquidate shorts; classic market manipulation.

Not really market manipulation. Nothing unusual happened today.

Fuckjesusandgod:
Thanks boss, stop loss?

It is definitely going to experience some pullbacks so wait for BTC to at least test $42,00,.

BTC is also trading in a rectangle and it's not going to drop anytime soon.

Fuckjesusandgod:
Thanks boss, stop loss?

Put your stop loss to $85.00. If the amount you are going to lose with that stop loss is more than 3% - 5% of your capital then I suggest you don't take the trade or wait for some pullbacks because it seems AVAX may retest the upper trendline of that Symmetrical Triangle before matching downwards again.

Also. BTC is also Trading in a Rectangular channel on the 5- mins chart and it seems to be approaching it's resistance. This shows that AVAX may still go higher to retest its resistance again as well.

So you can choose to wait, or enter with a stop loss but make sure you stop loss is not more than 3% - 5% of your capital.

AVAX seems to be trading a Symmetrical Triangle. A very good Short opportunity for Futures Traders.
Wait for 10:30AM - 11:00AM for confirmations before entry.

#DYOR

AUDIOUSDT is looking very attractive.

It has confirmed the AB=CD Pattern on the 1-hour time frame. It also confirmed the Bump and Run Pattern on the 15-mins time frame.

It's looking very attractive for a good LONG/BUY. My entry point is 1.2462, You can enter now but it's risky so wait for some retracement.

MrCodeSolo:
mr Olympiad tutor, I m a fan of your posts, and I won't argue T.A with you with my fingers doing d typings n stuff, if you are in abuja let me know so link up and share knowledgeable resources with you all expenses on me bcuz I like how you think. Now, you said bearish hamaric buh I said hammer.... Dz still pass for it thou as I feel (sentimental) a close in resemblance formation to it, to pick from empreorbtc book, sometimes things can't be 100% perfect in terms of candlestick formation and d red dragonfly candlestick, i.e something dat looks a crucifixion cross formed along the many reds downtrend weeklies was alrdy an indication that a change to d trend which is obviously downtrending is looming to take shape to a uplift...it is more like a whipsaw kind of movement from here now. Tnx

Yes you are correct Sir. Actually we can allow approximations but the wick is just too short and it's almost contained within the body of the previous week. If the tail travelled a reasonable distance away from the body we would qualify it as a Hammer but all indications states that it's a Harami.


Meet up? My social skills are below par. By the way I left Abuja last week already.

MrCodeSolo:
dz previous weekly hammer candlestick was a single-candle bullish reversal pattern that can be spotted at the end of a downtrend, if i were you i would start loading up on gems that have high recovery bounce rates against bttc and i wuld enter at 24:00hr close later tonight. who is in for short-term 3 days small profits? another new weekly candlestick is forming tomorr and i'm speculating a thurs-sat uplift

It's not really a Hammer, for a Hammer we need the body to be 1/3 of the wick.

The last 2 week's Candle and last week's candle put together is a "Bearish Harami" and it's a strong signal that the downtrend is still in full force.


Also. When you look at your chart a little closely you can obviously see the Head and Shoulders top. If this week's candle closes below $41,896 then we should expect more dips in the following weeks.

For now if anyone is desperate to buy any coin then I suggest that person waits for today's candle to close regardless of how tempting the price of that coin may be for now. If BTC close above $41,800 then it seems we are going to trade into a Fibonacci channel of width 0.786, However if BTC closes below $41,200 then $38-$39k is inevitable.

CountVersailles:

Oga sir. It's not a trade. It's long term investment

This is what everyone says when they enter a losing position with a loss of -10% or more.
You can never be sure how much you would make from a particular investment or trade. However, you can control how much you can afford to lose if a trade goes bad.
Imagine buying SAND at $6 because of poor knowledge of Technical Analysis, now SAND is $4.8 and you console yourself by saying "It's a Long Term Investment".
You could easily set stop loss to $6.8, cut your losses and buy back at $4.4, in that way before the coin pumps to $6 you have gotten back your lost plus extra profits.

The reason stop loss is good even for the so called Bag holders is because it allows you to use your money smartly. Leave that trade at a loss of -3% to -5% and observe price action.

"No sell am, E go rise" is how my course mate lost 150k(Naira) from a bad trade last year because the guy that introduced us to crypto doesn't have any knowledge of Technical Analysis.
Up till today that coin has refused to rise to the price my friend bought it, image tying down your capital for several months.

CountVersailles:
The kind of money we lose sha in crypto. Currently losing $24k on one of my portfolios.
$24k wey I fit use do better thing if I had cashed out. But, we move!

Never enter any trade without a stop loss please!!

DonMoel:


Thank you for this. But what would you suggest at this point ?

If you have not closed your position please do so now, it appears that we are matching towards $39k. That is the minimum price projection according to Chart patterns.
I don't know when this will happen but it is likely to happen.
To be more precise, BTC should test $40,226

Sapiosexuality:
Wow! Thank you. You understood the question. This is sweet. If I may ask where or how many of these patterns exist and where or how can I learn them all? And how significant is this in the scheme of things in trading?

Well. It depends. There are hundreds of them. All I can say is that you should avoid the half baked knowledge they share on YouTube.

Sapiosexuality:
How are you able to predict the trend when it's dependent of people buying and selling? Does it have to do with understanding human psychology or it is a program that is independent of human interference?

Elliot Wave Theory is based on human psychology. The market may seem random but there's just plenty of patterns to it. Although we can never predict it as that is an impossibility, but you can use the well known patterns to make high probability trading decisions.

Take a Head and Shoulders Pattern for example. Mr A buys commodity X and Mr. A is excited as the price of X increases, all of a sudden we get sharp decline in price and Mr. X is furious, controlled by greed and fear, he does not want to sell yet to see his profits disappear.
Little by little the commodity drops even lower and Mr. is already disgusted at the market and finally says to himself, "If I get back my money I will sell".

When the price rallies up Mr. A may be unwilling to sell due to greed, but immediately it starts declining again that is where the fear comes in and Mr. A clicks on sell just to exit the trade without incurring more losses.
This is the psychology behind the Head and Shoulders Pattern and why it works most of the time. It is human psychology and the market repeats itself all over again time after time.

When the Head and Shoulders Pattern fail most results when there is rise in buying volume giving rise to an upsurge in price that drives more and more buyers to enter the market and push the price up. This is the reason I always take the Volume charts very seriously.


Notice that when Elliott's Wave-2 was complete a lot of people placed orders thinking that we are heading for an uptrend when BTC was at $42,800. But actually that was just the beginning of a powerful wave-3 and the top traders all over the world knew this and took a short position instead. Those that did not know this were just wishing and praying that "If I get my money back I will sell".
Most of them sold off some hours ago and that tremendous selling pressure brought BTC down to its correction stage. Also, a lot of traders entered a long position and did set their stop loss immediately the Adam and Eve Bottom was confirmed which was responsible for the upsurge in buying pressure.

We cannot never predict the market and that is why we trade with a stop loss.

DonMoel:


You're confusing me the more.

The reason I stated I would have closed my position at that point is because as a Trader you should always trust the Trend.

BTC is in a downtrend and you should always keep this in mind. Always assume that the downtrend will continue, do not rejoice at every green you see and be fooled into thinking that the downtrend is over. Even if BTC rallies up to $46k today, that is not a signal that the downtrend is over. It may just be going through a phase of complex corrections.

This is why you should avoid Long Positions in the Bear Market. The fight is never over until the market says so, always trust the Trend.