Clear bullish sentiment on higher timeframes (Weekly & Daily). Price attempted to pierce through support however very strong wick rejection. Expecting price to continue to rally up to 0.779 zone and push back down to form new LL. 1:5 RR
Higher timeframe signalling uptrend pattern. HH and HL formed, however price failed to break previous HH and formed LH instead signifying a change in direction of market. Expecting price to hit around 1.204 and to form another LH and then continue to push downwards after. 1:5 RR
Significant push to the uptrend with higher lows and higher highs forming. Expecting this third Higher Low to push price to resistance 1 and possibly break Resistance 2 turning it to support to form new higher high. Similar pattern on lower timeframes, H1, and M15 too.
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Buy Bias, after break of previous structure low.
Price created a head and shoulders pattern on the weekly. going into the 4hr, I notice market is still is an uptrend due to higher lows and higher highs.
Price at the moment connects with both blue trendlines with one of them acting as a bullish flag. Waiting for price to react off that according to previous...
In short, looks like bottom is in (white lines), bullish reversal from lower lows to higher lows (green lines), still stuck under descending trend-line (red line).
BTC still needs to make higher highs, a break above descending trend-line could lead to this.
GOLD currently trading at a Key resistance and has previously made higher highs from failing to eliminate previous lows to continue down to 1200s, as the dollar makes lower highs looking for XAUUSD to proceed to a target of 1260, 1300s before coming back to retest its low.
Look below for DXY outlook.