Check out GoonTrades’ debut article to his series Monday Market Recaps (MMR). This weekly post will contain his insight on the overall crypto markets and the BSC through technical analysis.
Happy Monday all; this will be an introduction to my new series, Monday Market Recaps (MMR). Every week I will take you guys through my daily charting process and give you guys my insight on the market. This series is by no means any financial advice but is created as a tool for those interested in technical analysis. With that being said, this is not only a tool for readers, but it also allows me to interact with the BSC community and get feedback on my analysis as well.
I consider myself a high time frame trade (8hr); I use this time frame because it gives me a decent idea of what each session is doing, a candle per session. Typically while I find all entries, exits, and targets using the 8 hour, I pull these levels from more significant time frames, weighing monthly, weekly, and daily closes, respectively. On top of this, I incorporate “long term” trend lines to add confluence areas to significant horizontal support levels.
For those interested in my trading plan, you can always feel free to reach me on Twitter. Below is an old copy of my trading plan:
Enough with that lets dive right into the markets. I typically start with BTC:
For those seeing my charts for the first time, this may seem a little messy, but it’s BTC; get over it. Let us start with the fact that BTC is bullish in my eyes until it breaks its primary trend line. I will not be looking for any BTC shorts until we see further downside, breaking the prior uptrend. Currently BTC is into some resistance at 19450, and I am not looking for any entries at this current level. I would look into a couple of entry triggers on a breakout above the pseudo-bull flag we are currently in (Small secondary downtrend). If we fail to hold this level, I may also be interested in getting long around the 18,000 range.
Currently, as BTC sits, I am still bullish, but we are currently into too much resistance and wouldn’t be surprised if we set in a range and began to chop for a bit. I am more focused on some ALTS and De-Fi currently, just watching BTC from the sidelines.
Next well jump right into BNB, for all you BSC folk:
The first thing to note here is the green box; this is a monthly support level that I am watching. A break below this would invalidate the primary uptrend, which gives a long on BNB with a very well defined risk. I am bullish on BNB here; even if we see a break of this level, there is still plenty of support holding BNB up. Overall, BNB has a lovely R:R (Risk to Reward) profile long here, just looking for confirmation of the breakout above 31.
Moving forward, take a look at FTX’s DEFI index to get an idea of how ETH “Blue chips” such as SNX, RUNE, SUSHI, CREAM, UNI, and YFI are performing. The index total over 25 tokens and the complete list can be referenced here.
Between the individual blue chips getting bid up at the time of writing and the DEFI perp looking strong, we could see a lovely week from some of these DEFI plays. Currently, the index is attempting to confirm its breakout, and it offered an excellent R:R trade at the time of writing. I am looking for a confirmed breakout above 2675, which could warrant an add. Between the narrative’s building around De-Fi and the technical, I bullish on these names.
Editors note, I am currently long a couple De-Fi bluechip names.
To keep this weeks recap short I will only be including these select names, I have an entire De-Fi and Alt-Coin watchlist and also a few more indexes I watch. If requested, I can add specific names.
I typically don’t find myself charting too many BSC tokens due to a lack of chart history. For this article, I am solely going to tabulate some data concerning the market cap of some popular BSC De-Fi tokens. As more history develops, I will be happy to begin releasing charts on some of these tokens.
With the BSC being such a small market, lots of these figures will be subject to change upon this article’s release. A trend I see in this data is that many BSC tokens are strong holding themselves into the BSC ecosystem. Tokens such as DRUGS, THUGS, BIFI and even NAR are beginning to compete for the leading AMM’s (CAKE & BAKE) market share. Many of these tokens are even holding market caps over $1 million.
On top of this, development is not slowing down on the BSC with tokens such as BLIQ and FUEL hitting the BSC recently. These by no means are all the leading BSC tokens, but just a few I have been keeping an eye on. Next week, I will update these figures and give you guys some percent changes and provide a top movers list.
For tokens you wish to be added, go ahead and hit my Twitter!
I’ve decided to throw in a bonus chart, since SUSHI has been a buzzword in the BSC community:
This chart screams bullish. Breaking out once again SUSHI’s next area of resistance is around 2.70. The critical level I am watching is the green box, which is a sizeable daily support level. There is no good entry on SUSHI currently, but any pullbacks into confluence of the primary trendline and daily support could warrant a solid entry. This is definitely a name to watch, especially for those involved in the numerous SUSHI forks on the BSC.
Be sure to check out the next release of this weekly series on 12/14/20. I would greatly appreciate all and any feedback to continue improving this content and my trading abilities.
Feel free to reach out on Twitter!
For those looking to get started trading, here are my referral links to exchanges I prefer (You will also get a 5% discount on trading fees):
It is still crucial that individuals make financial decisions based on their behalf or consult a professional financial advisor at the end of the day.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.