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MAGICUSDT trade ideas

magic analysis 1Hanalysis magic/usdt/perpetual/bybit/1H In this time frame, the price chart has an ascending bullish flag pattern. As you can see, the price is moving in a downward channel, and due to the price hitting the ceiling of the channel, we will expect the price to correct to the support floor of the channel, i.e., the range of 0.786, and after hitting this level, expect the impulsive movement first up to The ceiling of the channel means the 0.5 Fibonacci level, and if we cross this level, we will expect a further rise to the 0.236 Fibonacci level. Price targets: 1.6118 - 1.8454 - 2.1068
by DanelloNZ
Shockingly effective way of catching crypto peaksHello friends. We have evolved our understanding of open interest by looking through hundreds of different altcoin charts and ultimately came to the conclusion that everything we thought we knew was a lie. We had thought that open interest functioned like this: Rising open interest means the current trend is strong, and falling open interest means the current trend is weak. This could make sense because let's say the price is rising and open interest is rising, that means more people are shorting and the shorts will fuel a move up, right? We learned this idea from Bitcoin Trading Challenge. But in this case, he was dead wrong, and the charts demonstrate this clearly. Go on Coinalyze right now and pull up a chart of Dogecoin. Scroll back to a time when Dogecoin pumped. Literally, any time when it pumped. Then add the aggregated open interest onto that chart. What you will find is that when this coin pumps sharply, and open interest also increases sharply, the move almost always leads to an equally sharp crash which causes open interest to fall. How do we explain this occurrence? coinalyze.net I have a new theory that I came up with myself this time. Sharply rising open interest means that retail traders have become very exuberant and are opening lots of highly leveraged long positions. Since these positions are high leverage, the open interest also falls when prices start to tick down, as their positions are closed off at a loss. It's true that shorts are also opening, but this is not very relevant since retail is crowding the long trade and the market thoroughly enjoys punishing retail exuberance. The strategy: Look for an altcoin that rises sharply in both price and open interest and then ticks down sharply to show a change of trend. Short with a stop clean above the local high, and ride the crash down to the base of the pump. Notes: This strategy should not be used on heavily illiquid shitcoins. These should not be traded at all, in our view. They present too much risk that the trade may have high slippage for an exit. Additionally, if there has been a strongly positive news event like the Elon Musk Twitter buyout for Dogecoin, you will see that this strategy is not effective.
Short
by bowtrix
3
Magic Coin Price Prediction 0.87 Key LevelThis is a chart of the price of the Magic coin, presented on a weekly time scale. We've been tracking the Magic coin's price movements over the past few weeks, and have identified a key level of resistance that the price has recently broken through. Based on our analysis, the Magic coin appears to have broken through a key level of resistance on the weekly chart, indicating that the market sentiment towards this coin is bullish. However, as with all investments, there are no guarantees and it is important to be aware of the risks involved. Given this, if we see a dip in the price of the Magic coin back to the 0.87 level, it would present a good buying opportunity for those looking to invest in this coin. However, it's important to keep in mind that this analysis is based on past price movements and should not be used as a sole basis for making investment decisions. Other market indicators, economic and political events, and fundamental analysis should also be considered when trying to predict future movements of the Magic coin's price.
by SuperTradeish
At near bottom of 7-Week Cup & Handle formation on $MAGIC $MAGIC looks to be forming an approximately 7-week Cup & Handle formation (C&H) expected to pan out marked on the chart. Definition : As a stock forming this pattern tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities. It is worth considering the following when detecting cup and handle patterns: Length: Generally, cups with longer and more "U" shaped bottoms provide a stronger signal. Avoid cups with sharp "V" bottoms. - CHECK Depth: Ideally, the cup should not be overly deep. Avoid handles that are overly deep also, as handles should form in the top half of the cup pattern. - CHECK (so far) Volume: Volume should decrease as prices decline and remain lower than average in the base of the bowl; - CHECK ; it should then increase when the stock begins to make its move higher, back up to test the previous high. - PARTIAL CHECK (some volume spikes but still below average at this price) Inline with the C&H Pattern, my own take is that $MAGIC is a well established token gaining traction in the "P2E blockchain metaverse" gaming space. The devs are working to launch their own chain at which point $MAGIC will be migrated from a coin, and tokenized (token), opening up opportunity to be listed on large exchanges such as Coinbase, Binance, Kraken, etc. Should that happen, the volume traded will 100x and the value could sky rocket.
Long
by PyleStyle
1