As the BITCOIN plummets from its 20,000 peak we have to ask is this a major retrace or a collapse?
We have no answers only opinions.
The 200 day SMA on the Daily time frame comes in at 7890.
If the BULLS are still interested then they are likely to come in here.
I'll be watching this level and any signs of a bounce I may go long.
With no technical history though...
BITCOIN plummets further from its 20,000 highs and is now fast approaching a make or break level.
7890 area is the 200 day simple moving average on the daily time frame.
If we are to see a bounce in BITCOIN's fortunes it will surely come here or not at all.
With no history - its a guess but if there are BITCOIN buyers out there then this could be where they enter...
EUR/USD remains in a 500 pip channel extending from 1.2093 down to 1.1548.
T.D.I. (Traders Dynamic Index) on the higher time frames suggest we are moving lower and a re-test of the 1.1548 low is a possibility.
As the 200 day simple moving average rises to meet the price, the more price is drawn to it.
A projection of 200 sma meets the bottom of the...
I make use of the TDI indicator on my charts and look for when the price has extended through the lower or upper price bands and is turning either south (short trade) or north (long trade). Gold is sat nicely on a rising trend line and the TDI is favourable for a LONG trade.
Gold has been under pressure for some weeks and although we can't rule out a move lower a...
Where is BITCOIN headed?
Some of the forecast are suggesting that 10,000 might be just a dim and distant level looking back in a couple of years with the price heading to 100,000 and beyond.
No-one knows of course and everyone has an option. Is it here to stay? Is it in a bubble? How far can it go from current levels?
The answer to the first two questions is yes....
Some months ago I suggested that there could be sellers of the SPX500 at 2486 (area).
This was a technical suggestion based on a Fib. projection as shown.
We are edging ever closer to this level.
It seems highly likely we'll see a move away from this highly significant level but whether we see a mini collapse in the index remains to be seen.
RSI studies are...
If the UK wasn't holding a General Election tomorrow, the GBP/USD looks a banker SELL from a technical standpoint. Price has spiked through the 200sma on the H4 time frame and this move was strongly rejected and the current H4 candle has opened under the 200 and is struggling to regain that level.
Adding to the BEARISH pressure is the WR1 Pivot resistance at...
GBPUSD has 6 trading days been unable to break free of the channel it has found itself in. The support at 1.2780 is supporting the price but 1.29 looks out of reach from these levels. With RSI declining and H4 TDI very BEARISH, we could be about to see the BULLS give ground to the BEARS.
Adding to the possibly BEARISH picture is the downward channel edge that...
Signs of the EUR BULL run coming under pressure and with RSI dipping down towards 70 from overbought this looks a good place to SHORT EUR/CAD. First target will be the rising trend line although where price will hit this line is uncertain.
CAD Retail Sales at 13:30 will have to be watched so its advised to tighten stops before this release as a poor print will...
March put in an indecision doji candle and May appears to be doing the same. Coming at the end of a strong BULL run, this clearly shows there are increasing doubts as too how much further SPX500 BULLS can push the price higher.
The Monthly RSI reads 71.16 slightly down from last month and but still in overbought territory. If we dip below 70 this could be a good...
The AUD has performed well over the last week but with price now reaching overbought and AUDCAD approaching double resistance, we may see a decline from these levels.
Being a holiday, volumes will be down but this can lead to volatility.
We are taking a small position and SHORTING this pair from 1.0094 with a STOP at 1.0140 above all the resistance.
With the DTF TDI signalling SELL and the H4 TDI signalling BUY its unclear which way this pair are headed. EURCAD is in a down trend as long as we remain below the 200 sma on H4 and DTF so the BULLS will need to take the price above 1.4279 to change the BEARISH picture.
Price may head north initially but as long as we remain under 1.42 any pullbacks should be sold
With the price of EUR/CHF just 30+ pips away from critical support, it remains to be seen if EUR/CHF can break out of its long established channel.
Political turmoil and a flight to the CHF could bring pressure on this pair in the next few weeks and months but its more likely we'll continue drifting.
We are SHORT this because of current political uncertainty and...
More downside expected on EURGBP as last weeks candle was a BEARISH Maribuzo. With the H4 200 sma and the DTF 200 both together, it would take something quite remarkable for the BULLS to defeat this level (.8622) and the path of leat resistance is clearly down. Oversold on H1 means we cannot rule out a bounce from these levels but any pullbacks are an opportunity to SHORT.
There's little to stop EURJPY continuing its direction south and there's little support before 113.69.
Oversold conditions on H1 make a SHORT trade from these levels risky so it may be prudent to wait for the price to ease before shorting.
As with GBP/AUD, last weeks GBP/NZD weekly candle was just about BULLISH but price currently is 240 pips below the weeks high.
Technically a move down to support at 1.7739 and key support at 1.7696 looks likely adn then we will need to see if this support holds.
If 1.7696 fails (200sma on H4) then a move down to 1.7570 (200sma on DTF) lokms and under that we could...
Last weeks weekly candle showed that GBP/AUD finished the week higher then when it started but any encouragement that this gives to GBP/AUD BULLS is misplaced as the price hit 1.6722 earlier in the week and now stands 200 pips lower. Technically the picture is extremely BEARISH on all key time frames and its hard to see how the G/A rallies from these levels.