a. 1.3850 to 1.40 marks a zone that was the floor for prices in 2016.
b. Cycles of 60 Days has been a consistent predictor the past year, we are in the cycle peak zone.
c. The RSI is at extremes and previously at this level (see Oct-16) GBPUSD pulled back 3%.
Looking at recent events major support and resistance is forming up. The fundamental aspects of bitcoin are looking a bit more gloomy than the technical aspects. The mempool size is still at record levels around 120 000 000 bytes on a 7 day moving average, there are still stubbornly high unconfirmed transactions around 178 000 thought the average confirmation...
UK100 is at the moment touching the strongest 7600 resistance line. There are now 2 topping tail which indicates rejection of closing the price higher. Also RSI(14) is currently nearing the overbought territory. If price can close around 7570 level, I'm planning to short it with profit target is somewhere around 7445, which is the previous strong support line.
We've got Canadian C.P.I data coming out this Friday, expected to be higher than the previous. That might prove bullish for Canadian Dollar helping to push this pair lower.
On the other hand, we've got the much belated tax reform hoopla going on in the US, so the bill passing / not passing could add to the bullish / bearish pressure....
We have another week behind us and another increase in the capitalization of cryptocurrencies. Today it's over 594.5 billion USD. In seven days, it increased by approximately 181.5 billion USD. Bitcoin's dominance has dropped to 55.7%. However, the BTC rate in the last 24 hours has increased by over 6%.
The Bitcoin price has already reached almost 20,000 USD. As...
The retracement entry.
#1.All structure are only valid signals when reacting with important areas marked on your chart,for example: major support and resistance levels, the EMAs, range tops and bottoms,swing highs or lows, and significant trend lines.
#2.Some ways to avoid false breakouts is to trade in the direction of the trend close to...
Some ways to avoid false breakouts is to trade in the direction of the trend close to the EMAs. Don’t
buy into major resistance or sell into major support without a very good reason. With price squeeze
patterns, wait for a candle to close outside the pattern, confirming a breakout instead of just buying
or selling breaks as they happen.
Risk Disclaimer: This post is not a trade signal.
Trading Forex is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary.
We have returned to an area of support, previously resistance. Also, this could possibly be a re-test of a demand zone. And Stochastic (34, 3, 3) is oversold.
I am trading this with a tight stop. I need to see the support hold. If not, then I'm out and will look to re-enter when a firmer foothold has been established.
Remember, we never know how any one trade...
Volume is mostly selling over last few days.
Could break out upwards but I feel people are looking for a lower entry point and holders are getting nervous with lack of upward price movement.
The prediction I pulled out of my ass is a downward movement possibly followed by a bounce.
This is not financial advice, it's just lines on a graph.
It would be good to have a feature in the chart that allows me to sellect volume and price bars. Then this slected bars will NOT AFFECT the volume and price scale axis.
This is because often we see huge volume bars and extremally wide spread price bars which make the other bars so small that are impossible to be read and compared (for technical anlaysis).