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🔥This chart appears to be a technical analysis of the $SHELL USDT trading pair on the BITGET exchange, with a 1-day (1D) timeframe 📊.
Here’s a breakdown of the analysis:
📊Chart Pattern: Head and Shoulders
Left Shoulder: The price initially rises, then dips slightly.
Head: The price reaches a higher peak than the left shoulder before declining again.
Right Shoulder: The price rises again but does not surpass the head, forming a lower peak.
Support Zone: A horizontal blue line marks the support area, which is a critical level that, if broken, could lead to further downward movement.
🔑Possible Price Movement (Bearish Outlook)
The pattern suggests a Head and Shoulders formation, which is generally a bearish reversal pattern.
If the price breaks below the support zone, it could signal a strong downtrend.
The red projected line suggests a significant decline in price, possibly towards the $0.10 - $0.20 range.
🫣Other Considerations:
Volume Analysis: There is a noticeable spike in volume, which could indicate increased selling pressure.
Confirmation: The bearish move is confirmed only if the price breaks below the support zone with strong volume.
Invalidation: If the price moves above the right shoulder instead of breaking support, the bearish pattern may be invalidated.
🧐Conclusion:
This chart indicates a potential bearish reversal if the support zone fails. Traders should watch for a breakdown below the support level before making decisions.
Bitcoin Market Fear Spikes: Price Analysis of Dip & Liquidations
Top digital asset Bitcoin (BTC) fell to the $82,000 price level yesterday, but buyers jumped in, stopping the cryptocurrency from going under $80,000.
Right now, BTC is trading at $85,747.56 , a decrease of more than 3% since yesterday, CoinMarketCap data shows. This negative feeling was made stronger by the Fear and Greed Index falling to 10 .
Based on data from alternative.me, the Bitcoin Fear and Greed Index dropping to 10 signals “extreme fear” among investors.
Interestingly, this level of fear is not as high as during the FTX collapse in November 2022, when Bitcoin traded under $20,000. Even with the current selloff, Rich Dad, Poor Dad author Robert Kiyosaki stayed positive on BTC. In an X post, Kiyosaki said that he sees the current Bitcoin price decline as a buying opportunity rather than a cause for concern.
He reaffirmed his belief in BTC as a hedge against traditional financial systems, which he claims are full of excessive debt and economic instability. “When Bitcoin crashes, I smile and buy more,” Kiyosaki stated, while adding that BTC is “money with integrity.”
It is important to note that the Bitcoin price plunge resulted in liquidations worth $769.61 million in the past 24 hours.
As per Coinglass data , $606.44 million in longs and $163.19 million in shorts were wiped off from the digital asset space as BTC dipped to $82,000 briefly. Also, over 185,715 traders were liquidated.
Related: Bitcoin Price Prediction: $90K Break – Dip or Rebound Next?
Looking at the daily chart from TradingView below, Bitcoin recently broke below the middle Bollinger Band, showing more selling pressure.
The price is now close to the lower band, which often acts as dynamic support. If BTC stays above this level, a short-term bounce back toward the middle band (around $94,877) is possible.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains negative, with the MACD line (blue) below the signal line.
Related: Crypto Market Shaken by $245M Bitcoin Long Squeeze, Open Interest Declines
The MACD histogram shows red histogram bars which are getting bigger, indicating that sellers are controlling the Bitcoin price action.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
PI Token Price Analysis: Overbought Conditions and Potential Retracement
The recent surge in PI's price has pushed it into extreme overbought territory, as indicated by key technical indicators. While bullish momentum remains strong, signs of a possible short-term pullback are emerging.
Technical Indicators Overview
The Relative Strength Index (RSI) currently sits at 90.88, signaling overbought conditions. Such a high RSI suggests that $PI may soon face a cooldown or consolidation phase before any further upward movement.
Meanwhile, the MACD (Moving Average Convergence Divergence) remains bullish, with the MACD line (blue) positioned above the signal line and histogram bars increasing in size. This reinforces strong momentum, though traders should watch for any weakening signals.
Another crucial factor is PI's breakout above the upper Bollinger Band (BB) resistance at $2.41). This sharp move reflects heightened volatility, often followed by a short-term correction before the next price expansion phase.
Key Resistance and Support Levels
If the price corrects, $1.85 and $1.29 will serve as key support levels where buyers might step in to absorb selling pressure. Conversely, should bullish momentum persist, overcoming the current zone could open the path for further gains.
Conclusion
$PI remains in a strong uptrend, but traders should remain cautious given its overheated RSI levels and proximity to major resistance. A healthy consolidation or pullback could provide better entry points before the next leg higher.
$PI - Price Chart
Bitcoin Forms Hidden Bullish Pattern, Signaling Potential Market Rebound
The Bitcoin price action has confirmed a hidden bullish divergence , a pattern in the past correlated with strong upward movements in the crypto market . The analysts assert similar patterns have been preceded by major uptrends, which have impacted not only Bitcoin but other cryptocurrencies in the entire market.
Hidden Bullish Divergence and Support Levels
Crypto expert JavonMarks made this observation in a recent tweet, noting Bitcoin is following a hidden bullish pattern which previously led to one of the strongest market rallies. The post suggests, in the case of events repeating themselves, Bitcoin and other alts can make substantial profits.
Bitcoin replicates and confirms a Hidden Bull Pattern which previously led into one of the markets most powerful rallies, including alts/altcoins! Are you ready ❓ $BTC pic.twitter.com/A9QWBYhWfx
The upward-sloping trendline, which connects a series of higher lows, is shown in the chart. The RSI shows a concealed bullish signal in which it makes lower lows, as Bitcoin’s price makes a series of higher lows. This pattern, in its historical past, has indicated a continuation of an existing uptrend.
The market price was at $88,907.28 at the time of writing, which reflects a slight 0.01% increase in the past 24 hours, though a 6.94% depreciation in the past week. If buying returns, Bitcoin can see a rally towards levels of major resistance.
The Bitcoin price broke down below the lower edge of the Bollinger Bands, which is a signal of extreme bearish pressure. The major resistance is set at $91,987.71, and there is active resistance in position by the middle band of $95,645.45. The lower band of $90,399.99 is a point of vital support where buying can occur.
Stochastic RSI, which is currently at 1.74 (blue) and 15.29 (orange), indicates Bitcoin is in an oversold situation. This is traditionally followed by short-term relief in case of a change of momentum in favour of the purchasers. For a definite change, however, the Stochastic RSI must cross above 20 and go in an upward direction.
For traders, there is a conflicting set of signals in this current market. The short sellers can continue as long as Bitcoin is below $91,987. If selling is maintained, a new lower target is in the range of $80,000 – $82,000. The bulls have to see a Stochastic RSI crossover and re-taking of $91,987 before taking a long position.
While Bitcoin is under selling pressure , there is a possibility of a short-run bounce based on oversold levels. If there is buying interest, Bitcoin can test levels of $92,000, which can lead to a wider market bounce.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Chainlink (LINK) Flashes Buy Signal as TD Sequential Hints at Trend Reversal
Chainlink is trading in a possible reversal point after a lengthy downtrend. The TD Sequential on a daily time scale displayed a red “9” signal, which is a signal of possible exhaustion of selling. The traders are closely monitoring major support and resistance levels in anticipation of direction.
Crypto analyst Ali_charts indicated TD Sequential flashed a buy signal on a daily time scale. The signal is typically the end of a downtrend, which can result in a bounce in price. The current pattern of a small-bodied doji is a signal of uncertainty in the market. LINK recently broke down below $15.00, but bounced back quickly, which is a sign of buying support on lower levels.
#Chainlink $LINK appears ready for a rebound as the TD Sequential indicator flashes a buy signal on the daily chart! pic.twitter.com/SabLzw9QGA
The current price is now testing a support of between $14.00 and $14.50. If this support is upheld, its subsequent resistance is in levels of $16.00 – $16.40. A breakout above this band can send LINK towards upper levels, while a breakdown can lead to downward movements.
LINK broke down below a declining trendline, confirming a bearish trend. The price is now testing the 800 Exponential Moving Average of around $14.34. This is a classically firm support point. If LINK is maintained above this EMA, it can potentially trend towards the $17.50 resistance.
Resistance is due at $16.40, a point of historical breakdown. If LINK trades below $14.34, further downward movement towards $12.00 – $13.00 is possible. The market players are monitoring these levels for trading opportunities.
Stochastic RSI is currently in an oversold situation between 5.45 (blue) and 13.42 (orange). The occurrence of an upward crossover above 20 can be an indication of mounting buying pressure.
The market value of ChainLink (LINK), as of writing, stood at $15.49 , a 5.55% increase in the last 24 hours but a 14.16% drop in seven days.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.