Bitcoin Selloff Eases Amid Broader Weakness, but Bear Flag Forms Casting Doubt on Recovery
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By cryptomaga · Posted
I recently came across a trading bot carnival on Bitget where users are encouraged to trade EIGEN, CATI, TON, and MOODENG to share from $50,000. Though this looks enticing but I was confused, is bot trading different from copy trading? He explained that both methods trade for you automatically. Specifically, copy trading lets you copy the trade of an experienced trader, whereas bot trading follows set rules or algorithms to make trades. He recommended both as great starting points for beginners like me to get a feel for the market. I recently started exploring copy trading and now I need to add bot trading along since I want to try out the carnival and if it is better I might stick to it or what do you think? -
By Cryptowarrior · Posted
The cryptocurrency market can shift rapidly, making it essential for investors to stay informed. Recently, the Artificial Superintelligence Alliance (FET) has drawn attention with its price movements. Here’s a closer look at what’s been happening and what it might mean for the future. A Look Back: The Rise of FET FET began a notable uptrend on November 26, 2022, starting from a low of $0.070. The token peaked at $3.50 on March 28, 2023. After this peak, FET entered a bearish phase characterized by a descending channel. The Correction Phase The downward movement following the peak was significant. FET's price dropped about 78%, reaching a low of $0.72 on August 5, 2024. This phase was likely a WXY correction, a common pattern in crypto trading. After this decline, the price remained stable for some time. Signs of Recovery: August Breakout On August 20, 2024, FET broke out of the descending channel, signaling a potential new bullish phase. This breakout was encouraging for investors, indicating a shift in market sentiment. Recent Performance Following the breakout, FET reached a high of $1.63 on September 20, 2024. However, momentum has slowed, peaking at $1.74 later. This slowdown can be attributed to the asset entering overbought territory, as indicated by the Relative Strength Index (RSI) on the daily chart. What’s Next? Expected Retracement Despite the bullish signs, current trends suggest a possible retracement. This could mark the first corrective phase of the new bull market, creating a higher low. As of September 25, the price has already fallen by 18.50% from its recent high but has found support at a rising trend line. The Bullish Structure Overall, FET remains in a bullish structure, but caution is warranted. A breakout below the current support level could signal a more serious downturn. Key Takeaways FET has shown a strong recovery since its low in August, but caution is needed. The recent peak at $1.74 suggests a retracement might be on the horizon. Investors should monitor support levels to gauge FET’s future direction. For more detailed insights and forecasts about FET’s price movements and predictions for the coming months, check out our full Fetch AI price prediction article. Staying informed can help you make better investment decisions in this volatile market. -
By tradinglounge · Posted
Wheat Elliott Wave Analysis Wheat advances further from the lows of July 2024 and could be starting a much stronger bullish correction that could last for several more weeks. However, until it leaves the diagonal range and breaks above the top of May 2024, traders shouldn’t write off another sell-off in the last quarter of 2024. Daily Chart Analysis Specifically, the fifth wave—designated as wave 5 (circled) of the primary degree—is forming an ending diagonal structure. This diagonal is part of wave (5), which is expected to consist of three sub-waves. Currently, wave (5) is in its second phase—wave B—reflecting the recent bounce from July's low. Once this structure is completed, a further decline is anticipated for the final leg, known as wave C of (5). Following the completion of wave (5), prices are expected to retrace the entire decline that began from 1366, a process that may unfold over several months. However, on the other hand, likely, wave (5) diagonal has already been concluded. If the current recovery continues higher above wave (4) (May 2024 high), we will confirm wave (5) of 5 (circled) as concluded at the July 2024 low. Thus, a stronger recovery that will correct the entire bearish impulse structure from March 2022 would ensue. Until that happens, one more leg lower for wave C of (5) after the current bounce for wave B completes should be considered. H4 Chart Analysis Wave B of (5) is extending higher while emerging into a double zigzag structure. Waves ((w)) and ((y)) of B have finished. Price is now in wave (b) of ((y)) of B. At least one more leg higher is expected for wave (c) of ((y)) ofB in the short term. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!
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