Bitcoin has now reached the critical infliction level @ 30k where it meets with the 365 Day (Yearly) SMA, which as it turns out coincides with the 61.8 Fibonacci retracement when measured from the trend low in July last year to the ATH in April this year. This level is also the range low from the head and shoulders target from 19 May. So all considered we are now...
Gold has now pulled back to its 61.8 Fibonacci level which also coincides with the channel breakout level so a price action reversal from this zone would be a good opportunity to get long in my opinion. Failure below this level could see price heading lower towards 1736, while a reversal here should give targets of 1805 followed by 1860
The NZDUSD has triggered the inverted head and shoulders with the neckline coinciding with the yearly pivot. The initial target is the monthly R2 pivot level @ 2.009 with the full target near the yearly R1 pivot level @ 2.100. Initial stops can be placed @ 1.9680
The head and shoulders for this forex pair have been triggered following the rejection of the Weekly pivot. The price targets are 0.763 (Monthly S1) followed by 0.755 (full target). Dynamic stop to be considered 7-10 pips above the 4H 100 SMA (currently @ 0.774)
Gold has pulled back after a good run the last few weeks and is now resting on support from the Monthly and Weekly S1 pivot levels. Price action is also suggesting that the 4H 200 SMA is acting as a dynamic level of support meaning this is an excellent area for another move higher. The first long target is @ 1905 followed by 1955 with a dynamic stop 15 points...
Looking at the recent bitcoin sell-off it is easy to imagine the possibility for price to correct even deeper towards the yearly pivot level near 20k but I would instead like to focus on what a possible road to recovery would look like. The first and most important level that needs to be regained for any chance of recovery is the yearly R1 @ 37500. If this is...
In face of the highest U.S. inflation in nearly a decade the USDZAR is currently testing the 10-year diagonal support and appears to be forming a morning star reversal on the Daily similar to what happened during the first test in Feb 2018. This is potentially presenting an excellent opportunity for investors looking to hedge against the ZAR.
In order to put the magnitude of the recent crypto sell-off in perspective let's consider the fact that most major cryptocurrencies are still trading above their major moving averages. The sell-off was also in most cases well defined with lows finding support from important technical levels such as the Monthly S3 pivot. In terms of Bitcoin, we also see the lows...
ETH has completed a 50% Fibonacci retracement of its recent bullish run and it could be time to start looking for continuation. Perhaps the key level here for the next bullish move would be the reclamation of the Weekly Pivot @ 3770. This could set up targets @ 4280 followed by 4915. If however, the price falls back below 3410 a deeper correction towards the 61.8...
Since the previous head and shoulders have completed its target it has now reverted into what appears to be an inverted head and shoulders continuation pattern. The ultimate target here is in the vicinity of the current R3 Monthly Pivot @ 1.264. Support will be near the neckline @ 1.213 with failure possibly seeing a move to support @ 1.196.
XRP is likely setting up for the next move higher, with a break above 1.470 targeting an initial move to around 1.670. This can be followed through with a move towards 2.000. Initial support is @ 1.300 with addition support @ 1.150
On Monday morning I posted my weekly market overview and pointed out that a deeper correction for cryptocurrencies can be expected. I then pointed out that for BTC there is strong support at the Yearly R2 Pivot @ 46100 (which is also a 50% Fibonacci Retracement from the Jan lows). From this level I expect the price to recover to at least 55k before looking for the...
Judging from the Inverted Head and Shoulders pattern, and ETH's front run in the latest race for crypto ascendency, I suspect we will likely see this trend continue. The breakout sees ETH continue to strengthen against BTC in a move that initially targets 0.051 (YR2 Pivot) and looking for a full target near 0.067. Support will remain at the current inverted HnS...
Judging from a technical point of view Gold has finally broken out of the bearish channel after completing a double bottom pattern and trading above the diagonal boundary. The first real resistance will be hit around 1800 when it meets the 100 Daily MA which coincides closely with the Weekly R1 and Monthly R2 Pivots. The next milestone would be 1810 which has been...
Price has found some initial support from the long-term diagonal and currently facing off with the Daily 100 SMA. I am still of the opinion that the bottom is in at ~14.50 and that despite possible further tests of support the overall trend will likely turn more and more bullish. Support for this week is @ 14.70 with further support @ 14.33. The swing level is @...
After completing a double bottom starting in December last year, price has successfully broken out and are currently facing the final hurdle before a substantial move higher. Currently, price is testing a combination of major diagonal resistance, the Daily 200 SMA and Monthly R2 Pivot. If it manages to break this level, the Yearly Pivot @ 94.05 is almost certainly...
The existing bullish is already quite mature but based on the current correction I expect buyers to step in at around 32130 with a break back above 32800 likely setting up the next wave higher to ~33485. From there the final leg up could see price pushed to major horizontal and major resistance @ ~35500. If price breaks below 32100 there will be additional support @ 31450
If price can reach 56k there is an excellent high probability chance for 57k followed by 57.9k. However, if price breaks below 54k there will very likely be another leg lower to around 51k