IMX Analysis: Daily Review and Bitcoin Update

22 июн.

🔍Let's dive into today's analysis. Today, we're focusing on the IMX coin, examining it in the daily timeframe. But before we get into that, as usual, let's review the daily Bitcoin analysis and provide an update on yesterday's analysis in the 1-hour timeframe.

👑 Bitcoin Analysis
1-Hour Timeframe
Bitcoin analysis is in the 1-hour timeframe. As mentioned yesterday, the market needs to establish a new structure. Given that today is Saturday and market volume is low, it is advisable not to open any positions today and tomorrow.

📈 After the recent drop, we saw a slight upward movement with very low volume, which appears to be a pullback to 64530, overlapping with the middle line of the descending channel. If selling volume enters the market simultaneously with a rejection from this area, despite it being Saturday, I might open my position with less risk. The target for this position could be the channel's bottom or 63343.

🔑 Breaking 44.53 can be a good confirmation for this risky short position.

⚠️ Currently, I don't have a trigger for a long position and won't open one until buying volume enters the market. If you want to open a long position, breaking 64530 could be suitable, but I don't recommend opening a position with this trigger, and I won't either.

🎮 IMX Analysis
🔫Overview
IMX operates in the field of crypto games, providing infrastructure for other projects. It allows both game creation and gameplay within its ecosystem, making it a comprehensive platform for enthusiasts of crypto games and play-to-earn models.

📅Daily Timeframe
Looking at the chart in the daily timeframe, the first thing that stands out is the head and shoulders pattern, with its trigger already activated. This pattern emerged from the coin's upward movement from 0.4915 to 3.6567, with the trigger appearing at the 0.382 level. Upon breaking this trigger, we can aim for the targets indicated in the chart.

🎯 The first target is the 1 Fibonacci extension point on the downside, overlapping with the 1.2463 support, forming a strong area. The second target is an extremely strong area for several reasons: it is the 1.618 Fibonacci extension point and one of the most important support levels for this coin. Additionally, it is the 0.786 Fibonacci retracement point and the first target of the head and shoulders pattern.

🔻 Currently, the trend for this coin appears bearish. Breaking 23.75 in RSI can introduce more downward momentum into the market. However, for a long or spot purchase, I'll wait until the price moves above the 1.7739 area and RSI breaks 39.60. Only then will I consider a long position.

📝 In summary, while the current market sentiment for both Bitcoin and IMX is bearish, careful observation of key levels and triggers can present potential trading opportunities. For Bitcoin, caution is advised with low market volume over the weekend. For IMX, the head and shoulders pattern indicates possible downward targets, but significant levels must be watched for potential reversal signals. Always wait for volume confirmation to avoid false moves and optimize your trading decisions.