Market News | Daily Main Token Trends Overview

2023-07-17, 03:08

The article is reprinted from the daily market overview of W-Strategy who is a guest streamer of Gate.io, a senior strategy analyst of cryptocurrency, and the founder of Wcollege. The article will analyze daily main token trends, short-term strategies, and long-term strategies for you in 3 minutes.

*The article is the original content of W-Strategy. Gate.io is only for reprint and distribution, and the copyright belongs to the author himself.

BTC

Concise Commentary: This week, the market continues to experience fluctuations and intense battles between bulls and bears. In the short-term, a possible retracement is expected, with a crucial support at $30,200 USD and a major resistance at $29,495 USD. On the upside, the targets are set at $32,235 USD and $33,085 USD, with top-level targets at $36,500 USD and $41,550 USD.

ETH

Concise Commentary: The daily chart shows a bullish head and shoulders pattern. Risk-taking traders should closely monitor the key support level at $1,918 USD, while conservative traders may wait for a breakout above the key resistance at $2,036 USD before entering long positions. The mid-term target is set at $2,358 USD, and a breakout above $2,036 USD indicates a bullish signal.

GT

Concise Commentary: In the short-term, attention should be given to the $4.1882 USD level, with a potential breakout towards the previous high at $4.4890 USD, and a higher neckline at $4.6420 USD. The mid-term support is at $3.6040 USD, while the maximum support remains around the quarterly trendline, targeting significant highs at $28.56 USD, $39.15 USD, and $45.05 USD.

COMP

Concise Commentary: The price has realized gains and losses of 26.52%. There is a possibility of a direct upward move towards the target level of $98.30 USD, with the base at the 0 axis. The upper target is set at $98.30 USD, with the 0.618 Fibonacci level at $83.13 USD serving as a support and the maximum support at $54.82 USD.

BCH

Concise Commentary: The four-hour chart shows a converging pattern at the high, indicating a potential demand for a pullback in the short-term. The support levels are at $239.00 USD, and the maximum support is at $210.83 USD. Short-term resistance levels are at $345 USD and $385 USD. The strategy of maintaining stability above support is considered effective.

BNB

Concise Commentary: After breaking through the four-hour trendline three times, there is a clear bearish pattern with slanting shoulders at the top. The focus is on whether the price will break below the convergence pattern. The first rebound target at $260.10 USD has been reached, while the lower support at $230.10 USD is holding steady.

ADA

Concise Commentary: The ascending triangle pattern has achieved a significant return of 31.88%. The short-term pullback is expected to reach $0.3070 USD. Traders may consider taking profits during the converging wave. The key levels to watch are $0.3070 USD, $0.3259 USD, and $0.3436 USD.

XRP

Concise Commentary: After a significant price action, XRP is experiencing a high-level convergence. The current price momentum suggests potential targets at $1.0105 USD, $1.3705 USD, and $1.9755 USD. A shrinking price movement and volume are considered bearish signals.

ID

Concise Commentary: The risk-to-reward ratio for this entry strategy is at $0.2515 USD. In the short term, it is touching a large downward trendline. With a gain of 12.58%, it is advisable to consider taking profits. For long positions, waiting for a breakthrough above the major downward trendline is recommended, while a price drop with reduced volume is seen as a bearish signal.

LTC

Concise Commentary: The short-term trend has seen multiple converging necklines, with strong bearish resistance at $104.02 USD. To sustain bullish momentum, LTC needs to stabilize above this level and challenge the $126.26 USD resistance. If it continues to hold, the upper target is set at $128.15 USD.

TRX

Concise Commentary: The four-hour chart indicates a bearish triangular pattern, and the short-term target of $0.08016 USD has been achieved. A possible pullback is expected, with support levels at $0.07510 USD and $0.07192 USD.

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Author: W-Strategy

*This article represents only the views of the author and does not constitute any investment suggestions.

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