With the Christmas holiday well underway, there are several names within this market that are showing some significant signals for general lows and major continuation drives with that said, welcome back to Elliot trade channel, I’m your host crown again today with some Christmas ta as we say, and I want to make this one nice and short and sweet. I understand everyone’s with their families today, so happy merry Christmas to everyone out there or happy holidays, whatever you might be celebrating whether it’s just a nice saturday, then happy saturday in your life as well i’ll quickly. Let you know that if you are interested in or might find valuable a daily bitcoin analysis, i do exactly that on my own channel. There is a link description below and it’s also free, all right cool. So, let’s jump into it right now, like i said nice and short and sweet, i just want to start it off with the chart of the day for bitcoin, something very simple right here, following up on uh, something that i put out on twitter like a couple Weeks ago, basically nailing things down into as as simplistic as possible.
The ranges, the big bad ranges for the daily. Specifically, we have bounced off the bad side, which is good. We have bounced off the bad side, which is good. Sorry, let me let me let me take that back for a second here. We bounced off the exact area that you want to see for bitcoin to remain in a good, long-term posturing.
Obviously, below 46 thousand dollars was bad on a daily closing basis, which bitcoin did not initiate and, more importantly, bitcoin now bouncing up towards the good area of which that would be the next major thing for the majority of this market to get these continuations off of These major lows, in this case with bitcoin or if bitcoin, were to close a daily above the top side of this next good area. Right here, which is 52 000, i would be looking for an initial move over the next following weeks somewhere into the 56 to 59 000 region and very likely the rest of the market will follow in varying degrees of strength. So i wanted to call out a few charts here, uh many of them suggest by the community and again i want to encourage you to continue to. Let me know what sort of names you’re looking at in the in the comment section and uh and let’s just see some charts and which ones are showing that strength right now that are worth paying attention to. That would very likely perform very well, especially if bitcoin were to make that next leg up which well spoiler, i do think very likely happens within the next week week and a half.
So, let’s move on to this first one: a lot of people requested dot, polka, dot, symbol, dot, so the good area for symbol dot would be above your daily range highs at 31.35. Above there. I do look for this one to go on a nice run. All the way up to 36 to 37 and a half dollars for the next major move long term still looking good here.
This would just be another macro cycle, high or low, which is overall good, but i should also – or at least i’d, be remiss to not talk about invalidations or where this one turns around, and that would be below 26.5 on a daily closure. That would be bad and very likely insinuate another test somewhere around our current low side structure and then we’d have to hold our breath after that. Let’S move on to the next one at mir, this one very powerful already making it a move ahead of most this market. I don’t know if we’ve ever looked at this one on this particular channel or if it’s just been on my channel, but regardless of that, we have taken out what i had marked off as the upside resolution at 12 and uh 35 cents on a daily closing Basis, so i’m looking for this one to continue on with a new all-time high party over the next week to week and a half to come with targets up somewhere around your deep 18 to low 20 region.
Let’S call it about – let’s just call it 20 to 21 before the next major consolidation. Of course, whichever way that bitcoin runs, this one will very likely uh well move alongside with it, but in this case you know not going to be invalidated as long as this one is above 12 and a half dollars on a daily closing basis. Until then, i’m looking generally sideways and up over the next week to let’s call it two weeks, maybe i’m moving on the next one uh theta this one approaching the top side of its daily range right at five and thirteen, a daily closure above there, and i Would look forward to initiate a move in the following weeks somewhere around six to six and a quarter at which point we’d very likely want to come back to it and re-analysis size it? If you will, of course, what would be bad for this one and insinuate another test towards the 370 lows that would be with the daily below four and a half dollars right here, all right. Moving on to the next one, a um metaverse one – and this is decentraland mana – and what do we have right here?
Low volatility momentum is suggesting a bullish divergence. We are approaching the top side or already above the top side of the daily range here, just want to see a closure above this uh three. Seventy four and a quarter area that we have marked off and i would be looking for the following weeks to trade back up somewhere around four and a quarter, maybe even as much as four and a half dollars, and this would really set it up for a Good beginning of 2021 2021
We got a time machine we’re going back in time. No 2022 is what i mean be saying uh, so this is again really a setup for the next well, the beginning of the next year, q1 of 2022..
All right another uh involved would be about on this. One, i should also you know, talk about that below three and a half dollars. I do look for it to base out once again three dollar lows. If that condition were to be met. Okay, moving on to the next one, we got sandbox uh my larp lines over here, still working, which is great but more importantly, with this.
Let’S actually go to it daily um. This one’s actually already tested the tops of the daily range uh, typically gon, na pull back just naturally, which is not a humongous cause for concern on a range like this, but upon validation above this 678 region, which we have essentially, you know essentially pulled back uh From there in the early morning hours, i would be looking for this one to very likely test back up to its seven and a half dollar highs and set it up for a new all-time high in uh, probably middle, to end of january. In this case, what would be bad or essentially, uh suggest another test back down to the bottom side of this range at about three four, four and a half to four seventy five or so that would be with a daily below 590
So far so good, however, i should say all right: moving on to symbol, ftm phantom another another, very popular one, testing around the tops of its daily range, just at 2 30.. This is good and we do have a nice obvious base, that’s 176 and a quarter which is going to be the invalidation for moves back down to your prior one and a quarter lows until then.
Pretty damn good setup right here just want to see a daily closure, above that 230ish region, with targeted areas back up towards this sort of swing. High right here after that, at about 258 to 275 region, again setting it up for a good start to q1 of 2022, all right and uh. I think i got one more on the board over here we’re very early on this video, but that’s all good and that would be symbol, cro crypto.com and uh my larpline’s working again here, but that’s well. It’S not really relevant too much anymore.
Apologies on that, but basically what are we looking at right here, same thing as all the ones before above 67 cents great, i would be looking for the next targeted region at 77 and a half cents to be hit after that and again very likely sets it Up for a great q1 of 2022 would be about on this one short term, obviously below about 58 cents. Long term would be below about a half a buck right there, all right cool. So we are seven minutes into this video. I think that’s about where i want this one to be. Maybe we just briefly go back on over here and i want to once again highlight the global leverage ratio, because there was a few questions about this yesterday, so i want to maybe speak a little bit more about this, so the global leverage ratio represents the ratio Between leveraged positions and non-leveraged spot positions, the reason why this is relevant is that leveraged positions obviously will have a pain point associated with those you know with with with those positions, because you have to borrow in order to put those positions on, so you will have.
What’S called a liquidation price, meaning that if price goes to what the liquidation price is for that contract position well, you’ll be forced to close that position. So let’s say that the position was a leverage short. It always has to be leveraged by the way, but leverage short well, if you get hit with your liquidation, then you would be forced to buy and vice versa, for if you’re long you’d be forced to sell now, here’s the thing, the global funny rates over here, Representing financing do suggest that this market is being a little bit more aggressive on the short side. Why is that? Because, as we looked at yesterday, cbds were obviously you know: net negative for our net uh net market set on the net mark itself for these leveraged positions, but also from the financing right here, we’re below what is typically parity, which is not 0.
1, which is essentially What you expect you know everything else equal where the your longs will be paying your shorts in order to finance those positions now whenever it goes below that it does suggest, or it doesn’t suggest it quite literally – is a function of the market participants being more sorry. Marketing more short than they market more long, suggesting that they are being more aggressive, as that’s typically who you know will put on a market, uh position or sorry position executed at market in this case. So when leverage ratios get very very high like this, we can assume that a volatile event is about to occur very likely this coming week and uh and well based off of this information and the information that we’ve been consistently seeing over the past month or so Now it would appear to me that most of these short positions are probably in a probably at the mercy of the market right now and will really start to come into a lot of pain, especially above this area. Right here marked off by the good. Not only would it be stop losses from your prior range highs, but also i imagine a lot of liquidation prices are positioned around there as well, so again until that, until that level is technically taken out, it’s not necessarily actionable, but you can see the domino of Effects kind of leading up and how it affect the rest of the market, which again i am more or less biased towards a bullish resolution here, based off of all the things that we’ve been speaking about on both my channel and this channel for the past uh Month to month and a half now with that said, i want to be wishing you well, i want to be wishing you the best, the best of this holiday season or christmas or whatever you’re celebrating out there kwanzaa, perhaps as well, uh and so i’ll, be signing Off now, we’ll be back on tomorrow and with that said, take care, [, Music, ],