GOLD has bounced off the 23.6 FIB level, and is currently at previous resistance
Looks to be forming a bearish shooting star doji.
RSI also oversold.
Will be looking for more confirmation of bearish move for trade entry.
EURUSD is in a descending channel where it is currently at the top of that channel. Waiting for the candle to fully form, expecting a bearish candle to be printed, but watching to see a move lower back towards the channel centre and further or a sure break out of the channel to the bullish side.
I have notification reminders set at 0.8740 and 0.8690 for further...
PRICE HAS BEEN IN AN UPWARDS NARROWING CHANNEL FOR A FEW WEEKS, IS NOW AT THE UPPER END TRAPPED BETWEEN THE TOP TREND LINE AND PREVIOUS RESISTANCE TURNED SUPPORT.
KEEP AN EYE OUT FOR SOME MOVEMENT OUT OF THE AREA EITHER WAY, HOPEFULLY IT WON'T BE BOGGED DOWN FOR TOO LONG!
PRICE HAS BEEN CLIMBING FOR A WEEK ALONG A RELATIVELY STEEP UPWARD TEND LINE, IT HAS NOW REACHED RESISTANCE IN THE FORM OF THE 38.2 FIB LEVEL FROM THE HIGH OF THE 15TH OF JAN 17 AND THE LOW OF THE 22ND FEB 17. RSI IS ALSO AROUND THE OVERSOLD POINT.
WILL BE WAITING FOR A CONVINCING MOVE EITHER ABOVE THE FIB LEVEL OR BELOW THE TREND LINE FOR A TRADE ENTRY.
I BELIEVE THE MOMENTUM IS STILL VERY MUCH IN FAVOUR OF BTC.
PRICE HAD BROKEN LEVEL OF SUPPORT FOUND IN THE UPWARD TRENDLINE AND IS RETESTING AS SUPPORT. I WILL USE THIS AS AN OPPORTUNITY TO BUY INTO A POSITION READY FOR NEXT WEEK. STOP LOSS JUST BELOW THE HORIZONTAL SUPPORT AND 50MA.