Action, Action! Read All About It Welcome to Monday, October 25th, 2021. Pre-Market trading is open for BITO, all upper Gaps are filled on the…
Welcome to Monday, October 25th, 2021. Pre-Market trading is open for BITO, all upper Gaps are filled on the Bitcoin CME Futures and Bitcoin is showing strength for the first 12-Hours of Trading. What a week this could turn out to be. We'll talk a bit more about the newest Bitcoin ATH in just a minute but for now let's keep in mind that the Volume is still relatively low and that adds a lot of hesitation from a fair amount of Traders.
Volume is one of those indicators that a lot of Traders use when determining the strength of a particular move or trend. The 30-Day average is relatively sideways, in fact, it's trending slightly down. We will need to see this start to rise if we want to see strength in the continuation of the current local BTC Trend.
After a 6-Month lull, Bitcoin Broke its ATH last Wednesday and moved the goalposts over to $66,999. This now sets the stage and the anticipation that we are to hit at least $75K before any major downward reversal. This also adds to the narrative that Bitcoin may look to put in a second leg and therefore RUN from here as it did back in 2017. The 4-Year Halving Cycle as well as the Price Action could potentially take Bitcoin into the $80K range as early as this December.
Just a simple ABCD would put Bitcoin at $83,154 by December 27th, 2021. We have already hit the ABCD topside "D" from the smaller, more local trend. Again, the bigger concern here is Volume. We would like to see some more aggressive buyers come in and show confidence in these prices.
Bitcoin is not the only Crypto in town celebrating recent ATHs. ETH and SOL are less than 10% away from approaching their recent ATHs and FTM and ONE have just put in some fresh ATHs. In fact, FTM and ONE are both on our Alts Worth Watching list down below. Certainly an honorable mention for SOL.
Once upon a time, there was a very special dog. That dog was a shiba inu, and this dog inspired millions of people around the world to invest money into tokens with the dog’s image on it.
According to the SHIBA INU website, SHIB is the “DOGECOIN KILLER” and will be listed on their own ShibaSwap, a decentralized exchange.
Shiba Inu coin was created anonymously in August 2020 under the pseudonym “Ryoshi.” The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and Tweets from personalities like Elon Musk and Vitalik Buterin.
Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.
Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.
According to the project’s website, Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
MEME coins can be all the rage but they are exactly that, a MEME Coin. At least DOGE served a purpose during the days of arbitrage back in '16 and '17 but SHIB is purely an anonymous token for Shibu Inu lovers that has worked its way to #13 for Total Market Cap - 11 if we remove the two stable coins in front of SHIB.
An impressive 2382% in the last 6-Months. SHIB can't be traded like every other coin but it can certainly be traded. Mind your risk with something like this and generally speaking, you'll want to lower your position size.
Fantom is another one pushing new ATHs every few candles. We have had targets for FTM at $1.45 and $2.26, of which both were easily hit. The next major area we like for Price Discovery profit taking is near $3.54. This area has a double confluence area based solely on Price Discovery and Fibonacci.
It would be nice to see some more Volume trading on FTM as the Volume on Binance is dwindling.
ONE is crushing it at the moment. Continually trading at new ATHs that its senseless to put a marker on until it cools off a bit. We see some potential resistance (price discovery) in the $0.333 Zone but we also see a quite large Cup and Handle pattern on the chart. The TP for the C&H would be near $0.386. This one can be very tempting to buy on the dips.
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