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Is it Time to Short or Long? #SAGA what are your thoughts? Based on the daily chart of SAGA/USDT, the token has recently experienced a sharp decline from a peak of $0.4556, followed by a brief consolidation phase around the $0.315 range. The price is currently below the Bollinger Middle Band ($0.3320) and trending near the lower half of the band, indicating bearish pressure. The MACD histogram is in negative territory with the MACD line also crossing below the signal line, confirming momentum weakness. Furthermore, the Stochastic RSI is deeply oversold (around 18.55), which might suggest a short-term bounce, but not enough for a confident long unless confirmed by reversal signals. Given this setup, a short position is technically more justified in the short term. The price has failed to recover back above the key support-turned-resistance zone near $0.343–$0.35, and trading volume is declining, suggesting weak bullish conviction. Until SAGA breaks and holds above $0.34 with strong volume and MACD starts flipping, downside risk remains. A short entry with a stop-loss above $0.34 and a target near $0.28 or lower aligns well with the current momentum and volatility setup. #technicalanalyst #short #MerlinTradingCompetition #trade
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Stablecoin Shake-Up & Solana Surge: Crypto's New Era Key Insides: U.S. Senate Advances Stablecoin Regulation: The Senate has moved forward with legislation to regulate stablecoins, marking a significant step towards federal oversight of the $250B market. The bill includes restrictions on tech giants like Meta and Google from issuing their own stablecoins. Solana (SOL) Surges Amid DeFi Activity: Solana's price has increased by 6%, reaching approximately $180, driven by a bullish reversal and heightened decentralized finance (DeFi) activity. Quick Bytes: UK's HMRC Targets Crypto Tax Compliance: Starting January 1, 2026, the UK's tax authority will require crypto users to provide personal data, including name, address, and tax ID, to enhance tax compliance. Non-compliant platforms may face fines up to £300 per user. Ethereum's Vitalik Buterin Proposes Lightweight Nodes: Ethereum co-founder Vitalik Buterin has proposed a design to make running nodes easier by allowing users to operate lightweight nodes without storing the entire blockchain, potentially reducing costs for node operators. Minnesota Cities Crack Down on Crypto ATMs: Several cities in Minnesota, including Stillwater and St. Paul, are moving to regulate or ban cryptocurrency ATMs due to a surge in fraud cases linked to their use, particularly affecting seniors. Kraken Launches Regulated Crypto Derivatives in Europe: Kraken has begun offering derivatives trading in digital assets, compliant with Europe's Markets in Financial Instruments Directive (MiFID II), expanding its services in the European market. Ripple Expands Cross-Border Payments to UAE: Ripple has launched blockchain-based cross-border payments in the United Arab Emirates through partnerships with Zand Bank and Mamo, aiming to boost crypto adoption in the region. *Stay tuned for more updates as the crypto landscape continues to evolve. #MerlinTradingCompetition #GENIUSAct #BinanceAlphaAlert #MyEOSTrade #SaylorBTCPurchase
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Technical analysis of Bitcoin’s (BTC/USD) price movements over the past week, highlighting key levels, patterns, and market sentiment as of May 20, 2025. 📈 Bitcoin Weekly Technical Snapshot Current Price: $104,787 Weekly Range: $101,000 – $106,700 Weekly Close: $106,669 (May 19) Trend: Bullish continuation within an ascending channel Key Support Levels: $101,300, $106,000 Key Resistance Levels: $108,000, $110,000 🔍 Technical Patterns & Indicators Ascending Channel: Bitcoin continues to trade within a well-defined ascending channel, indicating a sustained uptrend. Bullish Triangle Formation: A bullish triangle pattern has formed, suggesting potential for an upward breakout if resistance levels are breached. Support at $106K: The $106,000 level has acted as a strong support, with buyers stepping in to maintain the uptrend. Breakout Potential: A decisive move above $108,000 could trigger a rally towards $120,000, while a drop below $101,300 might lead to a retest of lower support levels. 📊 Market Sentiment & On-Chain Metrics Spot Bitcoin ETF Inflows: U.S.-based spot Bitcoin ETFs have seen significant capital inflows, totaling $6.4 billion over the last four weeks, indicating strong institutional demand. Investor Sentiment: The Bitcoin Fear and Greed Index stands at 74, reflecting a "greed" sentiment, which often precedes bullish market movements. 🔮 Outlook Bitcoin's technical indicators suggest a bullish bias, with the potential for further gains if resistance levels are overcome. However, traders should monitor key support levels, as a break below could signal a short-term correction. Overall, the market sentiment remains positive, supported by institutional inflows and favorable on-chain metrics. *Note: This analysis is based on data available as of May 20, 2025, and is intended for informational purposes only. Always conduct your own research before making investment decisions. #BTC #MyEOSTrade #Bitcoin #MerlinTradingCompetition #BinanceAlphaAlert
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why would you open short position in a bullish market?
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why do people keep opening short positions during an upward trend. I would never get it.
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