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Thursday

13 May 2021

Gnosis, Balancer and PancakeSwap breakout as Bitcoin looks for direction

Gnosis, Balancer and PancakeSwap breakout as Bitcoin looks for direction


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Traders may be buying DOGE with the expectation that Elon Musk will shill the token during his upcoming appearance as the host of Saturday Night Live.

This could attract several traders who have been avoiding trading on DEXs due to MEV.

A strong rebound off either support will suggest the sentiment remains positive and traders are buying on dips.

This bullish view will invalidate if the price turns down and breaks below the 20-day EMA.

Such a move will suggest that traders are booking profits aggressively and that could pull the price down to the 50-day simple moving average ($174).

During this period, the price climbed from the support line of the ascending channel to the resistance line of the channel.

If the price rebounds off the moving averages, the bulls will make one more attempt to push the price above the channel.

While professional short-term traders may be successful in such predictions, novice traders should be careful as this could become addictive and one could quickly lose a lot of money within a short time.

That could have attracted profit-booking from the momentum traders, resulting in the current correction.

The bears have not been able to sink and close the price below this support since March 23.

A strong rebound off this support will suggest the sentiment remains positive.

The bulls will then try to push the price above $44.27 and resume the uptrend.

Contrary to this assumption, if the bears sink the price below the 20-day EMA, it will suggest that traders are booking profits aggressively

That could pull the price down to the breakout level at $30

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Why Fiat Experts Don’t Get Bitcoin
published: 1 hour ago
There are various reasons traditional experts do not understand bitcoin and thus have negative views on it.

sentiment (-0.2) Negative

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