GC (GBP/CHF) is building Inverted hammer in 4hr Tf Vwap good for entry, Z distance from Vwap is highly overbougt
Day Range is +200 pips so be very careful and mindful. Sterling falls below 1.30 in 10 months.
Tomorrow Economic calendar event & news can affect pound heavily!!
Currently Bitcoin is trying to attempt to make a pullback up to 6800 area. This is where everyone should have been bullish in the first place. But because millions of orders flooded the daily 50 area. We could heading thru the $6k area. Be careful bulls. I am still short from 7250. I would take a temporary buy according to the 4hr chart up to 6700-6800.
Setting up very nicely. In the flag portion on the bull flag. A buy any where around .50 is good. Stop below the latest pivot low on the 4hr chart. Fib levels for targets. Can also buy the flag break out.
BNBBTC Elliott Waves 12345 have done, Elliott Correction Waves ABC - in the process. BNB broke the strong support line and returned to testing it(touched the ex-support line), bounced from the line down with broke-thought the flag and completed Wave B by this. Now it's forming the bearish pennant.
Today a big update on BTC price action. I will talk about the daily, 4hr, BTCUSDLONG, BTCUSDSHORT charts today. Could this be a potential trend reversal? Let’s get straight into this!
-So we can clearly see our downwards trendline, we are creating lower lows and lower highs, which is very bearish.
-So I drew the most bearish...
The significance of monthly base trend line is in play at this week. Price rebounding from it and momentum unclear.
On 4hr and 1hr chart prices seems to move in ranges channeling up, which in my opinion will retest last week's target at 2238 again and move into the range then.
Simple double H&S trade set up, Watch closely on 1h and 4h chart, RR = 1:7
Short at 1st H&S, loaded some more on 2nd H&S, 130ch support is a potential target.
SL already on breakeven, be careful with wicks Bulls are trying to take over.
Emotions on control.
Happy trading guys
Disclaimer: I just returned from my good friends birthday party and am well above the legal limit.
I have been drinking and my analysis should be taken with a grain of salt. Long story short - resistance at $6,725 has failed to push the price below $6,390 and we are primed for another $750 - $1,000 pump.
Short story long, there is a lot of resistance built up...
Yesterday we narrowed in on major areas of resistance and outlined why I believe $7,770 - $8,150 will be a great area to build a short. Since then we have shown weakness as the price failed to rally through $6,800. Today we will be checking to see if it still looks like the rally can get to $7,700+ as well as going over the reasons why I am staying out of the...