-on weekly quite strong resistence almost reached ( order for sell already prepared)
-on daily little bit of a move needed to trigger the trade
-stop based on fibs
-take profit based on structure mixed with fibs
- quite good risk/rewards ratio
- a 15min downtrend in motion if you trendline from the bodys of each candle, price action is now retesting this trendline.
- a fibonacci proves that price action is now retracing off the 61.8% level
- break of countertrend line shows downtrend is confirmed
Look closely at BTC/USD on the daily chart and you'll see Bitcoin seems to have entered a downtrend channel. If it keeps going like this, I would say the next price target would be around $11,500/$11,000, although don't count me on this. I have family/friends with BTC holdings so despite being personally against it, this analysis is nowhere near biased. Please do...
From pure technical analysis. There are numerous confirmations of Gold, firstly, looking at the Fibonacci retracement; it tends to be trading between 78.6% as a resistance level and 61.8% as a support level. Using historical price action, this would indicate a bounce off the support level found at the 61.8% level. Although, I believe this price will be broken due...
After completing the head and shoulder pattern, the neck like was broken and price is now trending downwards in a bearish channel. Last week’s candle hit the bearish trendline support and could be on its way back up to retest the neckline.
A lot of bullish momentum from the dollar recently so i can see it going up to the 114 level which has been tested two times before in uptrend before reversing. However the trend based fib extension states the trend is at 100% of its peak and rejection at this level is showing so alternative short trade may be in order.
Based off previous structure (support & resistance), a descending channel, Fibonacci confluences, fundamental analysis and psychological analysis (interpreting what other market participants will do).