Price has rejected the Weekly zone and then we have also see a test of the Daily zone with another rejection, this gives some indication that this level has more sellers that buyers.
Based on this price could fall and test the 4hr zone
Price is currently in the middle of 2 weekly zones which have both been tested at least 3 times.
The upper zone is a zone from Nov 2009 and has had some big drops in the past, because of this we may not see strength at this level.
We are seeing price respect a daily level, due to the zone below having been test 3 times, we could see price make a break lower to...
Price is currently in-between 2 Zones currently, price has touched and rejected the Weekly area 3 times but hasn't moved away with any real force.
Price could re test then move to the lower level, as it stands I will wait and see which way price decides to move before looking for any entries
Price has now touch and rejected the current weekly zone 3 times, if we see a further test of this area then we could see prices break lower to the fresh zone below, similar to the DXY breaking higher to the higher zone.
If price does respect this level there is a 4 hr zone to be aware of
Price has pushed to the upper level of the current weekly zone.
Price has attempted to break the top but has failed a few times, however there could be a push higher to the Daily zone mapped out where we could then see a stronger fall back.
There's a cluster of resistance at $3,564:
Supply line (red line)
Fib line 23.6%
The price had already bounced off of the resistance and is headed downward.
The interesting part is the weak volume on which the price had been climbing for the past 3 candles. This indicates bullish divergence as the volume bars are way below average.
As Bitcoin is in free fall and trending in confined range, the price will bounce between $3,000 and $3,500.
If the daily candle closes below $3,000 at any point, the test of $1,850 (S2) is highly likely as there's literally nothing in between to stop to price from falling.
S2 is the major support established in July 2017 which was the start of the Bitcoin run...
Have been watching DXY Closely the last couple weeks, as I was anticipating this move to the downside
As we should all know with the dollar weakening, a good indication to Buy XXX/USD and sell USD/XXX
We have NFP tomorrow so will be keeping my eyes on the dollar index
Elliott wave had confirmed my idea of the move to the downside as DXY created a nice double...
Whenever you are looking at a technical level, always ask yourself the following:
- Am I buying at a potential bargain/wholesale/discount price? (supply or demand zones)
- Why is there more likely to be more supply/demand orders at that area? (new traders entering/traders taking profit at horizontal, diagonal & dynamic support/resistance areas)
- What are the...
EURUSD 0.33% – As we can see, the EURUSD 0.33% created a great new supply on Friday, this supply is fresh and seems to hold unfiled orders, if the price will back to this supply before Creating A new low, I’ll sell there as a continuation trade, my target will be the support zone below. for those who want to take it further, the next target is 1.0950.