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For those who have been in the cryptocurrency space for a while, the current market downturn is a familiar scenario. Understanding the dynamics of crypto markets can help you prepare for the red charts we've seen over the past few days, especially as the U.S. and Germany continue to sell off their BTC holdings. While some are skeptical about the current market conditions, others see it as an opportunity to buy low and sell high when the market recovers. However, the pressing question remains: "Will BTC drop below $50k?" In such uncertain times like this, relying solely on technical analysis (TA) can be misleading due to various external factors affecting the market. Therefore, to hedge against losses and potentially profit in this downward market, staking products offering decent annual percentage yields (APY) appear to be a sound strategy. Fortunately, there are numerous staking products available, both on decentralized exchanges (DEX) and centralized exchanges (CEX). As someone who prefers CEXs, I have found some excellent staking products on Bitget. They offer various options such as Dual Investment, Range Sniper, Shark Fin, and Smart Trend. Personally, I have consistently used Shark Fin, which aligns well with my investment goals and risk management strategies. If you aim to minimize your losses in the current market conditions before the recovery and the anticipated bull run, these staking products could help you stay afloat and mitigate potential losses. However, I am always open to learning about other staking products that might be better. We are all here to make some profit, so please feel free to share -
Billy, a brand new project, has got everyone talking! Its original dev bailed, but the community stepped up to save the day. Now, Billy's future is in the hands of its users. But here's the thing - Billy's still in its early days, and it's unclear if the community can keep the project going strong long-term. Despite getting listed on Bitget, a significant milestone, Billy's success depends on its community's ability to drive development and growth. One thing's for sure - community-driven projects are on the rise in crypto. But for Billy to succeed, it needs strong leadership, organization, and a clear vision. Can it attract experienced devs to join the community-driven model? Billy's story is a wild one, and it's got everyone wondering what's next. Will it thrive or falter? One thing's for sure - it's a project to keep an eye on! -
By tradinglounge · Posted
Cocoa Elliott Wave Analysis Function - Counter-trend Mode - Corrective Structure - Double Zigzag Position - Navy blue wave ‘c’ Direction - Navy blue wave ‘c’ is still in play Details - Prices breached 8626 to confirm the progress of wave c (circled). Further sell-off is expected toward 5,000. As an Elliott Wave analyst, the current trajectory of cocoa prices presents a compelling narrative. Cocoa is nearing the lows observed in May 2024, continuing its decline from the all-time high recorded on April 19, 2024, at 11,722. The commodity has since dropped by 33% from this peak. This downtrend is expected to persist, potentially driving prices toward the 5,000 mark in the coming days or weeks. A detailed examination of the daily chart reveals that cocoa completed a significant bullish impulse wave cycle starting in September 2022, when prices were around 2,000. By April 2024, this impulse wave had driven prices up by over 430%, culminating in the all-time high. According to Elliott Wave theory, such impulse waves are typically followed by a three-wave corrective structure. The current pullback from the all-time high is thus interpreted as a corrective phase, expected to unfold in an a-b-c wave pattern. In this context, waves a and b have already been completed, and the price is currently in the midst of wave c. Projections indicate that wave c is likely to extend to a price range between 5,000 and 5,352 before the trend potentially resumes. This projected decline aligns with the typical behavior of corrective waves following an impulsive move. On the H4 chart, the sub-waves of the decline appear to form a potential 5-3-5 corrective structure. Within this structure, wave c is currently in its 4th sub-wave, expected to complete below the 8,958 level. Once this bounce concludes, the decline is anticipated to continue, targeting the 5,000-5,352 range previously mentioned. An alternative scenario also warrants consideration. If the current decline morphs into a bearish impulse wave starting from the 11,722 peak, it could lead to an even more pronounced drop in cocoa prices. This scenario underscores the importance of monitoring key support levels and wave structures to accurately forecast future price movements. In summary, the Elliott Wave analysis indicates that cocoa is in the midst of a significant corrective phase following its all-time high in April 2024. The primary expectation is for the price to decline to the 5,000-5,352 range as wave c of the corrective structure completes. However, the potential for a more extended bearish impulse wave remains, highlighting the need for vigilance in tracking price developments. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!
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Buckster23
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