After breaking down from its rising wedge, USDJPY has reversed but fails to get above the bigger descending channel that it's in. It finds resistance at the downtrending reistance line and support right at the 20 MA. I expect USDJPY to decline a little here as it can be seen to have formed a double top and it has bearish divergence (the short blue diagonal lines)...
In my last post I informed you that the BTCUSD pair was in a bullish pennant and it successfully broke out of it. However, there is a strong resistance level from 49,380 to 49,570 and so the price keeps hovering around this region. The red line represents the VPVR POC which indicates that there is also a lot of transactional pressure at 49,234 and so the price...
In my previous post about ETHUSD (see below), I informed you that Ethereum was in a rising-wedge. Now, it has broken down as expected but did not reach the target at 3,220. Instead, it found support at the trendline which it has mostly held since its move from 1,715. As long as Bitcoin does not make another dump, Ethereum might now be cleared for some more upside...
The ETHUSD pair is currently in a rising wedge pattern and this is typically bearish. It may not play out soon because Bitcoin is currently in a bullish pattern. However, this bearish pattern on Ethereum is something to watch out for. If this pattern plays out, the target will be somewhere around 3220.
Since my last post on the BTCUSD pair being in a bullish pennant (see image below), the price broke out and hit approximately 49,460. It has now formed again another bullish pennant (which typically breaks to the upside), with the target still being around 50,200. However, there seems to be some resistance at 49,380 (the red box). Wait to see the direction (up or...
After breaking out of the bull-flag some hours ago, the BTCUSD pair has formed a bullish pennant and this can be seen on the 1hr timeframe and lower. The target for this pennant, if it breaks to the upside is at 50295. Coincidentally, the 1.618 fib level is at 50688.
USDCAD is forming a rising wedge. This is a bearish pattern and I expect it to breakdown. The 15 minute MACD has crossed bearish and there also seems to be an incoming bearish cross on the 30 minute MACD. Wait for confirmation before placing a trade.
There is a descending triangle forming on the GBPJPY pair. It is more obvious on the 15 and 30-minute timeframes. This is a bearish continuation pattern meaning that the price might break to the downside. Coincidentally, this can also be seen as a falling wedge which is a bullish pattern. Wait for confirmation below the support level (or above the pattern)before...
Bitcoin is now breaking out of this descending channel. Waiting for confirmation before taking this trade. If it breaks up, the target is at 47600 but if it breaks down then the target is at 41040. Remember that Bitcoin is very volatile.
USDJPY is currently in a rising wedge and I expect it to break to the downside soon. Once it breaks the wedge and confirms, I will place a trade.
After forming a bull-flag, USDCAD has since trended upward. The target of the bull flag is at 1.27250.
Head and Shoulders pattern has formed on the 1hr and lower timeframes. I expect the price to fall.
Head and Shoulders formed on the 1hr and lower timeframes. I expect the price to go down.