Issued on: 18th May’23
Valid upto: 23th May’23
Token: BTC
Category: Store of Value
Market Cap: $529,109,630,441
Circulating Supply: 19,376,656
Total Supply: 21,000,000
Price Update: BTC price at the time of writing (18th May, 10:30) is $27,300 with 24-hour trading volume of $15,034,368,080. BTC price is up by 0.83% in the last 24 hours according to coinmarketcap.com
Source: Tradingview
Analysing the above Chart:
- In early May ’23, BTC formed a bearish rising wedge pattern and price action took a correction dip from the resistance near $29800.
- Currently, BTC price made a massive downside wick which was taken over by bulls and prices saw resistance from 55 EMA (orange line) at $27600.
- After getting rejected from 55 EMA, the wave retraced to 0.618 Fib levels and price action is making another attempt to break it.
- A Long Trading strategy can be assessed between $27,100-$27,350 with invalidation below $26500
- On the upside, one can see a rise towards $27,800 as first level, and if markets are sustained we can also see moving towards $28,400.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
Note: BTC is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade BTC in Futures Market at CoinDCX
Trade BTC in Futures Market at CoinDCX Pro
Token: ARB
Category: Layer 2
Market Cap: $1,526,140,938
Circulating Supply: 1,275,000,000
Total Supply: 10,000,000,000
Price Update: Arbitrum is an Ethereum layer-two (L2) scaling solution. It uses optimistic rollups to achieve its goal of improving speed, scalability and cost-efficiency on Ethereum. Arbitrum(ARB) price at the time of writing (18th May, 16:00) is $1.190 with 24-hour trading volume of $257,537,889. ARB price is up by 2% in the last 24 hours according to coinmarketcap.com
Source: Tradingview
Analyzing the above chart:
- As we can see, ARB formed a local bottom on 8th May, and is moving in an upward channel.
- This momentum was able to breach 55 EMA (Orange Line) and is currently taking a flat retest.
- If the momentum is sustained, we can see it chasing 200 EMA (Blue Line) and ultimately the previous support held (which will act as resistance).
- A Long Trading strategy can be assessed between $1.18-$1.205 with invalidation below $1.15 in 2 Hour candle closing.
- On the upside, one can see a rise of 6-9% towards $1.3 as first level, and if markets are sustained we can also see moving towards $1.39.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
Note: ARB is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade ARB in Futures Market at CoinDCX
Trade ARB in Futures Market at CoinDCX Pro App
Disclaimer:Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
