Simply put, price can never go straight up, it MUST retrace before a continuation as it provides liquidity.
Bull markets are built on bear blood.
with this being said, we can see that on the weekly time frame BTC has been losing bullish momentum, signified by the doji candle - representing indecision in the market.
I have marked two possible buy zones,
GOLD has been playing out PERFECTLY
After the bullish flag / ABC Correction we received, we got a rejection off the longer term TL which has provided plenty of liquidity driving price up to the Resistance at 1345.
I expect price to pullback to the blue 50-61.8 sweetspot highlighted in blue, before another rally towards 1,400
On the weekly BTC finds itself within a thick ichimoku cloud. Bulls will like to test the upside boundary of the ichimoku cloud, but a correction to the downside seems likely. If we test 6530 support and hold then we will restart the upwards movement. On the contrary if we fall below 6530 then BTC heads back to 3500-4500 area.
As you may have already gathered, I am a Bullish Trader. My edge is bullish, so I only buy and I don't sell.
EURNZD reached some daily and weekly support where price then reversed Bullish. I have pulled Fibonacci retracement from the start of the bullish move at the bottom to the top where price started retracing. I always mark my entry points at 50% but do...
NZDUSD has seen some recovery over the last couple of days but looks to have run into some resistance levels now and we could see the bear market resume. We have the past support / resistance level of 0.67900, the 50% Fibonacci retracement level of the move down from Mondays high and the 50 MA. Stochastic is oversold, we do have a crossover but %D has yet to turn...
Gbpcad clean and simple short, we might see a stop hunt to the highs first before the midweek reversal comes in. patience is key for this pair as we saw a lot of fake confirmations on the 4hr chart.
This is drawn on a weekly chart.
on the gbp/usd I see a potential bullish set up while applying support and resistance lines. I see possible retracement towards newly formed support zone which has been tested before from previous data and I believe price will retrace towards the 0.618/0.7 level before shooting off. Price than formed an ABCD with D being the final confirmation of the pattern.
on the gbpaud, there seems to be a clear downtrend with price consolidating just recently, I drew u potential resistance zones from the previous triple top and hope price drives lower. Also, the weekly retracement zone of 0.5 from previous high indicates price may drive lower as well.
I review NVDA on larger time frames. There is a tremendous fight between the bulls and bears at a 23.6% retracement on the Daily time frame, with momentum heavily for the south. NVDA has suffered the worst fall in its history. It is still a bear market at least on the Daily and Weekly time frames.
on the 4hr chart I noticed a really nicely formed head and shoulders pattern come up which than turned into a newly formed support zone inline with the fib retracement of 0.618 so I can safely assume price will hold this support zone and go straight up.
On the eur/aud, I see bullish momentum followed up by retracement levels between 0.5 and 0.618 which indicates great pullback. Price seems to respect the support zone and does retest it as well so I'm hoping for a clean retest with the price moving higher.
EURUSD is a potential buy!
Price tested the support line at 1.13372 before and then the market pushed up. It then held the resistant line at 1.15614 and then the market pushed down. Minimal convergence/divergence at 1.13915 (0.618) but then price broke through and continued a downtrend. We are looking for a long order to complete wave 3!
- Wait for confirmation...
Breakout of the range this pair was trapped in since October and price retraced to the 61.8 to retest 1.15 psychological level and should bounce back to the upside.This zone holding as support and price action currently consolidating on the lower timeframe, implying a potential bullish impulsive move. Clean charts giving importance to pure price action and market...
GBPJPY failed to breakout from the zone making three tops that provide sufficient resistance.
Falling was accompanied by another attempt to move up, acting as retracement providing additional space to continue move further down.
Weekly chart provide sign of piercing through lower structure - potential to further down move.
Cumulatively nice opportunity to ride one...
Multiple Fibonacci retracements appear to show a 0.786 region history and current confluence. Will this region (which has remained valid in the past, even with 25% variance around the exact level) hold ?
Long Trend Continuation Set-Up based on 0.618 Fib Retracement.
After series of higher highes and higher lowes another move up could occure.
Stop Loss relatively tighter because of potential trend exhaustion.
Take Profit according to the nearest structure levels.
Still quite decent 1.3 Risk Reward Ratio.