(MMR:2 12/14/20) Monday Market Recap With GoonTrades

Check out GoonTrades' latest 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.

By
Goon Trades
on
December 13, 2020
Category:
MMR

New Charts

Happy Monday all; there isn't much introduction this week, except that I have updated my chart format. My strategy is pretty much the same, just trying to make my charts cleaner for me and others who reference them. I switched to orange and yellow for my support and resistance levels to dissociate them with buying and selling (as they were previously green and red). 

I have also gone ahead and labeled significant levels, Monthly (M), Weekly (W), Daily (D). These levels aren't the holy grail, but support and resistances seem to have a high conviction on these time frames. Overall I would appreciate feedback to continue improving the quality of this content as well as my trading.

Enough of that, let's jump into some charts.


King BTC

BTC was making some noise this weekend; let's see how it's sitting after the NY open.



BTC offered an excellent entry on the breakout of its primary downtrend. I would look to have some bids closer to the DAILY level and have somewhere the R:R tool is place in this scenario. BTC is now retesting its breakout and running into some W resistance. A breakout above here and 20,000 could send BTC up to 25-30k swiftly. 

(Note: Primary downtrends in overall trending markets are light support, but when in confluence with large levels, they can act as substantial levels.)

Overall, BTC looks strong this week. I would not be surprised if BTC re-tests 20,000. Keep an eye on BTC; my next entry would be on a flip of the WEEKLY level to support.


The BSCs' Gold: BNB

BNB also broke out this weekend so let's take a look at how it's sitting.


BNB also broke out this weekend, taking out its primary downtrend and a critical monthly level. It looks as though BNB has flipped this resistance into a support and confirmed the breakout. I had an eye on this name this weekend but was looking for a complete retest of the monthly level and did not get it. 

My next entry on BNB would be on a retest of the monthly level or playing a continuation of the uptrend it is now forming. A key resistance is coming up at around 31, so I would not be looking to buy into that resistance. Overall, BNB looks healthy here, not rushing to buy here as I already have a lot of exposure.


DE-Fi, De-Fi, De-Fi: DEFIPERP

Chart, histogramDescription automatically generated


The De-Fi sector is getting a nice bounce of its M support level as well as its primary trendline. At the moment, the index is currently butting into a M support coupled with a primary downtrend. The next entry I would look for would be rejection back towards the monthly level, or if it breaks out and retests the primary downtrend and the M level.

At this point, individual blue chips such as SUSHI, YFI, and SNX are leading the index. SUSHI specifically has seen explosive price action, with narratives favoring it over its competitors such as UNI. De-Fi will continue to be an volatile index so keep an eye on it! Also, if ETH based De-Fi is doing good we can expect a sort of trickle-down to BSC De-Fi projects, as the entire landscape will be bid up.


BSC Recap

Last week I had tabulated a bit of data on popular BSC projects. This week I will follow suit with a couple of differnet editions. Feedback is very much appreciated as I am still working on perfecting this section! Overall this past week, specifically the weekend, we saw most BSC tokens catch a bid.


This week BIFI and BAKE stole the spotlight, respectively seeing huge gains at 177% and 74% compared to last week. Other than this, we see mixed moves, with BLIQ, NAR, and CAKE seeing losses. The Thugs ecosystem held up pretty well, with GUNs and DRUGs seeing double-digit moves. Overall, we are seeing rapid growth in the BSC ecosystem, as De-Fi is beginning to heat up yet again.


Bonus Chart: CAKE

The only tokens I will typically chart on the BSC are CAKE and BAKE, as they have the most history. With that being said, let's take a look at the CAKE chart, as they have a lot coming down the road. 

ChartDescription automatically generated


Currently, CAKE is respecting its primary downtrend, rejecting off of the resistance at .50. Overall, CAKE is now holding a healthy M support and a primary uptrend, a buy zone. If CAKE breaks this support, it could see further downside closer to .37, so that is something to pay attention to. 

A continuation above .5 could send CAKE into its next weekly resistance at .55. I will be keeping an eye out for this token for the coming weeks.


Be sure to check out the next release of this weekly series on 12/21/20. 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):

FTX

Binance


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.


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Goon Trades

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.