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By tradinglounge · Posted
Cocoa Elliott Wave Analysis Function - Counter-trend Mode - Corrective Structure - Double Zigzag Position - Blue wave ‘b’ Direction - Blue wave ‘b’ is still in play Details - Cocoa found resistance at the 10,000 major level as we expected. We should see at least a 3-waves down below 8000 but preferably an impulse breakdown toward 5,000 for wave c (circled) Cocoa Elliott Wave Analysis After two weeks of recovery, it appears Cocoa is poised for another downturn, putting sellers in control in the short term. Despite the overall bullish long-term trend, the bearish retracement that began from the all-time high is likely to continue lower in the coming weeks. Daily Chart Analysis: In April 2024, Cocoa completed a long-term bullish impulse wave that began in October 2022, when it was trading at around 2198. After reaching the peak at 11732 in April 2024, Cocoa started a bearish retracement, completing a bearish impulse wave. From this peak, we expect at least a three-wave pullback, if not a larger bearish correction. Considering the path of least resistance, we will adopt a three-wave drop, labeled as waves a-b-c (circled in navy blue). The first two legs, waves a and b, appear to have completed, with wave b finding resistance at the major level of 10,000, as shown on the H4 chart. If wave c declines from the 10,000 level, it could extend lower toward the 5,000 medium level. H4 Chart Analysis: The H4 chart reveals that the price broke below the trend line connecting the sub-waves of wave b (circled in navy blue), which could mark the beginning of wave c of the same degree. For confirmation, we need to see a more definitive move to the downside. The invalidation level for this bearish scenario is at 11732. A break above this level would signal the continuation of the long-term bullish impulse trend. However, current price action suggests a downward movement toward the 5,000 level in the short and medium term. Summary: Cocoa's recent two-week recovery appears to be a temporary pause in the larger bearish retracement that started from the all-time high. The daily chart indicates a completed long-term bullish impulse wave from October 2022 to April 2024, followed by a bearish correction. The anticipated three-wave pullback, labeled a-b-c, has waves a and b seemingly complete, with wave b facing resistance at 10,000. The H4 chart supports the start of wave c, with potential downside targets around 5,000. The key invalidation level is 11732; a break above this would negate the bearish outlook and resume the long-term bullish trend. Traders should watch for further downside movement, with a focus on the 5,000 target in the short to medium term. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By NelsonTravis · Posted
What is a Referral Code? Using a referral code can unlock various sign-up bonuses and promotions on Bybit. These rewards may include bonuses for signing up, making your first deposit, or trading. Additionally, referral codes often provide discounts on trading fees. Add Bybit Referral Code Reddit 2024 Bonus Bybit Referral Code: “101TRADE” is the most rewarding referral code that you can use. This unique referral code of Bybit offers you exclusive welcome rewards of up to 6,045 USDT. While signing up on Bybit, enter the “101TRADE” code in the field that says Referral Code. Bybit Referral Code: “101TRADE” has lifetime validity and you will get your reward as soon as you sign-up on the exchange. -
As cryptocurrency continues to evolve and gain wider adoption, fraudsters are increasingly targeting this space to steal people's hard-earned money. Both individuals and crypto platforms must stay vigilant and adopt more sophisticated technologies to combat the rising threat of deepfakes. Deepfakes pose a significant threat to the cryptocurrency sector, with sophisticated fake identities multiplying at an alarming rate. These fraudulent identities can bypass even the most robust security measures, leaving unsuspecting users vulnerable to financial ruin. The consequences are severe: stolen identities, emptied accounts, and a profound loss of trust in the crypto ecosystem. Recent statistics highlight this growing problem. From the first quarter of 2023 to the first quarter of 2024, there has been a staggering 217% increase in deepfakes detected in the crypto sector alone. Across all industries, this increase is even higher at 245%. These numbers underscore the urgent need for crypto exchanges to adopt more advanced methods to protect users' assets and funds. Recognizing this growing threat, Bitget has taken proactive steps to safeguard their users. The exchange has partnered with Sumsub, a leading provider of verification solutions, to combat the rise of deepfake fraud. This partnership demonstrates Bitget's commitment to protecting its users from financial losses and ensuring the highest levels of security. Bitget's proactive approach is commendable. By continually making decisions that prioritize user safety, they not only protect their users but also contribute to the overall stability and trust in the cryptocurrency market. Their collaboration with Sumsub is a testament to their dedication to innovation and user security, providing peace of mind to all their customers.
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