Automated technical analysis signals generator
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By Cryptowarrior · Posted
Bitcoin (BTC), the oldest and most valuable cryptocurrency, dropped below $58,000 early Friday. This decline mirrored broader market trends, with other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) also falling. The global crypto market cap was $2.04 trillion, reflecting a 24-hour dip of 0.21%. The Market Fear & Greed Index showed a reading of 33, signaling "Fear" in the market. Despite the market's overall decline, Thorchain RUNE token stands out as a potential candidate for a significant price surge. Priced at $3.84 as per coinpedia markets data, RUNE might reach $18.47 by the end of 2024, with some analysts predicting it could soar to $129.22 by 2030. Historically, halving years have been linked to market bull runs, and with several altcoins showing positive dynamics, RUNE could see substantial gains in the coming months. Thorchain's Major Milestone: A Successful Hard Fork Thorchain (RUNE), known for its decentralized liquidity protocol enabling cross-chain exchanges, recently completed a significant hard fork. This upgrade marks a major milestone, enhancing performance and security. It improves cross-chain transaction speed and efficiency and adds support for Bitcoin Taproot addresses, providing more secure and private transactions. This successful upgrade reinforces Thorchain's position as a leader in decentralized finance (DeFi), underscoring its commitment to innovation and seamless interoperability between different blockchain ecosystems. A Market in Flux with Opportunities Ahead While the crypto market is volatile, opportunities like Thorchain's RUNE token offer a silver lining. With recent upgrades and potential for significant gains, RUNE stands out in a turbulent market. Staying informed and understanding market dynamics are crucial in navigating these times. -
By tradinglounge · Posted
HERO MOTOCORP – HERO (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree Wave 4, Grey) Mode: Corrective Structure: Flat Position: Wave (b) orange Details: Minor Wave 4 Grey, unfolding as a Flat, against 5900. Invalidation point: 5900 Hero Motocorp Daily Chart Technical Analysis and potential Elliott Wave Counts: Hero Motocorp daily chart is suggesting a progressive rally unfolding as Intermediate Wave (5) Orange at a larger degree, which has potential to push through 6500 mark going forward. At the time of writing, potential Minor Wave 3 Grey looks complete around 5900 mark with correction underway. Hero Motocorp had terminated its Intermediate Wave (4) Orange around 2150 lows in March 2022. Since then, the stock has rallied through 5900 highs sub dividing into Minor Waves 1 to 3 Grey, as labeled on the chart. If the above wave structure holds well, the stock should produce a corrective wave at Minor degree to terminate Wave 4 Grey before the final rally resumes higher towards 6500 levels. Traders might still want to hold long positions as rally looks incomplete. HERO MOTOCORP – HERO (4H Chart) Elliott Wave / Technical Analysis: Function: Counter Trend (Minor degree Wave 4, Grey) Mode: Corrective Structure: Flat Position: Wave (b) orange Details: Minor Wave 4 Grey, unfolding as a Flat, against 5900. A marginal push above 5900 would still keep the corrective wave structure intact as a potential expanded flat. Invalidation point: 5900 Hero Motocorp 4H Chart Technical Analysis and potential Elliott Wave Counts: Hero Motocorp 4H chart highlights the sub waves between Minute Wave ((iv)) and ((v)) Navy and further. The rally being an impulse, the sub waves have been marked as Minuette Waves (i) through (v) Orange between 4175 and 5900 levels. If Minor Wave 3 Grey is complete around 5900 level, a corrective wave; Minuette Wave (a)-(b)-(c) Orange is now underway against the high. Also note that potential remains for a triangle or expanded flat structure as well before Minor Wave 4 terminates. Conclusion: Hero Motocorp is correction lower towards 4200-4500 zone, previous Wave ((iv)) Navy of one lesser degree, to terminate Minor Wave 4 Grey. Technical Analyst : Harsh Japee Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
S&P/ASX 200 Elliott Wave Analysis - Day Chart S&P/ASX 200 Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Gray wave 3 Position: Orange wave 3 Next Lower Degree: Gray wave 4 Details: Gray wave 2 is now considered complete. The market is currently in gray wave 3 of orange wave 3. Invalidation Level: 7,625.9 The S&P/ASX 200 Elliott Wave Analysis on the day chart indicates a strong trending market, with an impulsive mode currently active. The main wave structure in focus is gray wave 3, signaling continued upward momentum in the market. The current position is within orange wave 3, which is part of the larger gray wave 3. This indicates that the market is experiencing a bullish phase with expectations of further upward movement. The analysis notes that gray wave 2 has already been completed, and now gray wave 3 of orange wave 3 is in progress. This transition from the corrective phase (wave 2) to the impulsive phase (wave 3) usually sees a stronger price movement following the prevailing trend. The next significant point to watch is the development of gray wave 4, which will occur after the completion of gray wave 3. An important aspect of this analysis is the invalidation level set at 7,625.9. If the market falls below this level, it would signal a potential change in the wave structure, and a reevaluation of the market's direction might be necessary. Summary The S&P/ASX 200 is currently in a strong bullish trend, with both gray wave 3 and orange wave 3 in play. The completion of gray wave 2 and the ongoing progression of gray wave 3 suggest sustained bullish momentum. The invalidation level to watch is 7,625.9, which could signal a reversal or change in the wave structure. S&P/ASX 200 Elliott Wave Analysis - Weekly Chart S&P/ASX 200 Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 3 Next Lower Degree: Orange wave 4 Details: Orange wave 2 is complete. Currently, orange wave 3 of navy blue wave 3 is active. Invalidation Level: 7,625.9 The S&P/ASX 200 Elliott Wave Analysis on the weekly chart shows that the market is following a clear trend in an impulsive mode. The focus is on orange wave 3, which suggests a continuation of the upward trend. The market is now positioned in navy blue wave 3, which is a higher-level wave, indicating a bullish trend remains intact. As per the analysis, orange wave 2 is considered complete, and the market is progressing through orange wave 3 of navy blue wave 3. This phase typically sees strong price increases as the impulsive wave 3 advances, often representing the most dynamic part of the wave structure. The next phase to watch for is orange wave 4, which will come into play once orange wave 3 is complete. Orange wave 4 will likely represent a corrective phase after the current impulsive movement. However, the overall trend remains bullish for now. A key point to monitor is the invalidation level at 7,625.9. If the market falls below this level, the current wave structure and bullish outlook could be invalidated, potentially signaling a need for reassessment. Summary The S&P/ASX 200 is in a strong upward trend, with both orange wave 3 and navy blue wave 3 in progress. The completion of orange wave 2 and the ongoing impulsive phase suggest continued bullish momentum. The key invalidation level to watch is 7,625.9, which could indicate a potential change in the wave structure if breached. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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