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Crypto SnippetNovember 4, 2020

Crypto Snippet - November 2020

Neeraj Thakur
November 4, 2020
What's in this post?
    Crypto Snippet is a brief overview of the crypto market; focused on Derivatives. This is not financial advice.

    Crypto Pair: COMP-USDT

    Date: 23rd November 2020

    Top DeFi coins have been consolidating since the last couple of days while ETH and other coins have gained parabolically. There has been a thematic rotation in this bull market. Coins that didn’t participate in the rally earlier are likely to gain over the next weeks. COMP has been trading in a tight range of 110-130 USDT. One can look to initiate a long position with a target of 140 USDT and a stop loss below 110 USDT.

    COMP USDT Delta Exchange

    Trade COMP-USDT on Delta.


    Crypto Pair: YFI-USDT

    Date: 20th November 2020

    YFI has been amongst the fastest DeFi coin which has run up sharply after the US election results. It is currently at the striking distance of the key resistance at 30K USDT. It has broken out of the down trendline at 25K. One can long above the breakout at 30K for a target of 32K and 36K. However, on the break down below 25K, levels near 20K can be expected.

    YFI - USDT Delta Exchange

    Trade YFI-USDT on Delta.


    Crypto Pair: UNI-USDT

    Date: 18th November 2020

    BTC continues to hit the new yearly highs and within striking distance of ATH. DeFi has also participatedin the rally led by AAVE and YFI.UNI, on theother hand, has seen momentum waning after Uniswap closed the liquidity mining reward program. TVL on UNISWAP has fallen down by 50% after the event. UNI has formed a head and shoulder pattern on the charts with shoulders at 3.9 USDT and head at 4.2 USDT. One can look to short for a target of 3.3 and 3.0 USDT with a stop loss above 3.9 USDT on the hourly candle.

    UNI - USDT

    Trade UNI-USDT on Delta.


    Crypto Pair: AAVE-USDT

    Date: 16th November 2020

    AAVEhas been in the consolidation range for the last week. Breakout of this range will result in a sharp move. One couldlook to long above 70 USDT for a target of 90 USDT. On the other hand, breakout of the upper trendline at ~63 USDT may lead to a sharp down move downwards below 50 USDT.

    AAVE - USDT

    Trade AAVE-USDT on Delta.


    Crypto Pair: YFI-USDT

    Date: 13th November 2020

    DeFi coins have been consolidating after a sharp move from lows near the U.S. election result announcement.YFIhas formed a head and shoulder pattern with shoulders near 17000 USDT and head at ~20K USDT. A successful breakoutof 17K USDT may lead to a quick move to 20K and above. On the other hand, if YFI breaks 15K, one can expect levels of 12K and below.

    YFI USDT

    Trade YFI-USDT on Delta.


    Crypto Pair: COMP-USDT

    Date: 11th November 2020

    DeFi universe continues to get traction with major coins holding the gains. There are many coins which haven’t bounced yet. It’s expected that these coins will follow the lead. COMP has broken above crucial level of 100 USDT which should act as a support now. One could expect COMP to regain levels of 120 and 140 USDT with a strict stop-loss below 100 USDT.

    COMP Delta Exchange

    Trade COMP-USDT on Delta.


    Crypto Pair: REN-USDT

    Date: 9th November 2020

    DeFi universe has sharply bounced after the results of the US election. Major coins including AAVE, LINK have seen rallies exceeding 50 percent. Other coins are expected to follow up on the lead. REN looks good on charts with a price above 20 DMA and an inverse head and shoulder pattern at 0.28 USDT. One can look to long for a target of 0.34 and 0.40 USDT and a stop loss below 0.28 USDT on the hourly chart.

    REN-USDT Delta Exchange

    Trade REN-USDT on Delta.


    Crypto Pair: AAVE-USDT

    Date: 6th November 2020

    BTC hit a yearly high with YTD returns exceeding 100%. Altcoins have also started to follow up after the US election with a rally in major Alts. DeFi Universe has also sharply rallied after capitulation a couple of days back. AAVE looks good on daily and hourly charts with price moving above 20 DMA. The rally can continue till 37.5 and then 42 USDT. Risk reward for longs looks attractive with SL below 27.5 USDT.

    AAVE - USDT Delta Exchange

    Trade AAVE-USDT on Delta.


    Crypto Pair: AVAX-USDT

    Date: 4th November 2020

    DeFi universe continues to be under pressure with the majority of coins below their 20 day moving average. All highs are being sold off and coins are hitting new monthly/yearly lows. AVAX has broken its support at ~3.4-3.5 USDT. One can expect a downward move to 2.5 USD with a stop-loss above 3.8 USDT.

    AVAX-USDT

    Trade AVAX-USDT on Delta.


    Crypto Pair: LINK-USDT

    Date: 2nd November 2020

    LINK continues to follow the up trendline despite weakness in other DeFi coins. Longs could be initiated with stop loss below the trendline at 10.8 USDT. LINK can be expected to touch the handle of 12 and 13 USDT. On the other hand, there can be further weakness in LINK and other DeFi coins if LINK breaks the trendline below 10.8 USDT.

    Trade LINK-USDT on Delta.


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