Bitcoin has continued to impress after last year's drop. We're now approaching a key resistance. We might get a retracement here or a likely continuation to the golden box area, but overall Bitcoin looks bullish with a lot of upside potential. We're looking at buying the dips.
Alt-BTC cap ratio has developed a wave 1 + 2 and 'stepped' out of it's long-term deceleration channel at the end of a very long falling wedge.
Candidate wave 3 is now in progress which means it's alt-o-clock!
Zoom-out to see the whole deceleration channel.
so after a strong impulsive move now in the counter trend or the correction i will wait for a retest and a clear rejection from either 0.382 or 50% FIB and a rejection from the 50 EMA just wait for conformation before taking this trade as we could still move lower and impulse from the bottom of the falling flag lovely trade setup here
so after yesterdays post for gold and re doing some more analysis 100% still looking for longs with gold theirs 2 outcome with this setup, we keep corrective till we hit the downtrend and then drop towards this strong area which would meet up with a strong weekly zone or we move out of this area with some strong monument but adding with 618 FIB rejection once with...
Price has converged with the 38.2% retracement, top trendline AND the 200MA on the 4HR time frame, which is also also in line with the 100MA on the Day time frame.
This gives us a reason to trade as it seems to be a strong technical level to trade off..
Initially i will be selling of this level, however if price breaks these levels i will buy and target 50%...
Looking for a sell opportunity at 1576.93. If the price rally towards the said level but could not close above it, I am looking for a sell opportunity with an SL at 1595.35 and TP at 1519.53
On a different note, COT shows successive months of Long position for non-commercial, the natural behavior is to dispose their longs (or to take profit)
USD has extended a lot today, and seems like it is due a pull back...
Price is at major resistance which is in conjunction with upper trendline and 50% fib retracement!
Additionally, it looks like price action is forming a daily pinbar (bearish) !!
Good time to sell guys!
What do you think?
We can see price bouncing off the bottom trendline, is the USD starting to fall off a bit now and retrace?
Price is trending down, we never want to sell at the lows, instead the optimum place to sell would be when price retraces.
If price reaches my 38.2% retracement, which is in line witch recent resistance, i will look to SELL!
* * fundamentals **
This is my first published article on tradingview, I am not experienced however I am learning so would appreciate any and all advice
I will be taking a buy on 38.2 fib level (~1.96880)
TP1 - 1.97180 (30 PIPS)
TP2 - 1.97380 (50 PIPS)
TP 3 - TBD
Please let me know what you think of my idea!!