GBPUSD Sterling is unwinding its oversold condition by flipping within a near term range bordered by resistance at 1.3614 and support at 1.3462-1.3455. A break below 1.3450 will trigger the next short down to 1.3301. And on the upside a break above 1.3615 is required to arrest the downtrend and to start flipping more short stops for a 100 pip rally to 1.3715.
GBPUSD Update 31st May Month End Streling has fallen to the downside target at 1.3301 after a low at the old 1.3219 support line for a 150 pip or so profit. Eventually it should fall away further to the next support line at 1.3029 but in the near term the counter-rally is already pushing the upper dynamic at 1.3345. It should stop here really looking at this...
Dax Index Update 31st May The Dax fell 10 points shy of the first target at 12599 before bouncing along with FTSE at 7600-7580. It's since started to make a continuation pattern which can push higher to 12798 -12830 but should eventually break the lower smaller parallel and offer another shorting opportunity once it does so back to 12609-12599. Any...
EURUSD 30th May EUR has finally reached the month-long downside target at 1.1558 just in time for the end of the May. It actually exceeded the target by 45 pips before reversing higher and creating the first strong green candles of buying intent the market has seen for months now. But the counter rally is running out of momentum now whilst DXY holds above...
We're below MA100 so is more probable that triangle is going to be break on that support and downtrend is going to continue.
ETHUSD Bitfinex Although it's bounced off the support line at 543 after a spike low at 538 ETH is still vulnerable until it clamber back above the 593 line here and hold up on the restest once it does so. If you bought off the 543 line here it's not a bad idea to take at least half off the table again if not all. It will follow Bitcoin as usual. Can buy again...
Bitcoin (Bitstamp) Update Just flipping up and down inside the continuation pattern so far still. What looks like 3 minor waves up so far - can be another one soon but still the pattern here is not worth trading unless playing off the minor parallels for scalps right now. As before it has to break the 8468 line here for a rally to 8539 where there is quite a lot...
The TA currently looks promising. I will continue to monitor NXT and keep you informed. Let's see what happens. Happy trading. :-)
BTCUSD: Bitcoin Next Trades from Here 19:41gmt 12:41est This still looks corrective at this point. No big green impulse wave starting yet which would be the first signal that this is a real bottom here. It's the weekend coming up and still no sign of buyers in any numbers. But there is a chance so we need to cover it in case - it is holding here still at...
Bitcoin Trade Points Today Bitcoin was left looking at a counter-rally 'towards 9700 before it comes off again'. It took another 7 hours or so of whipsaw and confusion to get there but by 01:00 gmt/20:00est Bitcoin made a high at 9671, taking out more stops placed just below here in the mind-numbing game of Pacman/hunt the stop that lasted right through the...
LTCUSD Litecoin Local resistance at 165/6 - can come back to the smaller dynamic and to 156/5 likely lowest before it rallies again. Once it breaks above 166 it should move up to 174/5 in near term and to 194/5 over more medium term. Needs Bitcoin to break higher for this do the same, most likely.
Bitcoin Bitfinex Update 14: 24gmt 09:24est Having hit the near term target Bitcoin is unwinding off the underside of the upper parallel of what is still a large continuation pattern - it should spend some more time moving sideways to downwards as it consolidates the recent break higher and day traders take their profits and some reverse short too. It can come...
NEOUSD Bitfinex Feed NEO is still positive whilst it holds up off the support lines underneath it and should rally to to 94/95 again soon. A buy between 84 and 82 with stops below 81.
EURUSD: Another Counter-Rally prior to decline to 1.1915 Target Having made the counter-rally back to the upper parallel EUR has continued its expected down-trend. It's now touching the next support line at 1.2027 and likley to make another small counter rally to 1.2067 and at highest to 1.2094 before it falls away again to the 1.1915 downside target towards mid May.
Bitcoin Bitstamp Update After the break higher Bitcoin has spent the night consolidating recent gains. It's a buy again once the dynamic from the overhight high has been broken above with stops below the 9224 line when the dynamic is broken above. Until then Bitcoin is still in consolidating mode and moving sideways to unwind using the 9175 line as support as...
BTCUSD Bitcoin Bitfinex Update: Next Trade Points from Here Finally a break - so quick it's over - justa quick 100 points. But these trades can happen so quickly because other traders have trigger levels and limits pre-set in the market - often on both sides - They hit and trigger or they don't. This has to break 7810-7800 range to add or open a new short...
Bitcoin Overnight Bitcoin is still stuck within a larger continuation pattern it's been cranking out since the lows 24 hours ago. There's a useful dynamic underpinning the rally so far which has just been tested and held. Day traders are using it as the final stop/reversal short for longs by look of it. If long here it's not a bad idea to adopt the same...