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Hello Traders! Quick chart update today, a potential trade set up on Bitcoins current formation with a bullish divergence. Points to consider - Price respecting down trend - Structural support at .50 Fibonacci - RSI respecting trend line - EMA’s giving price resistance - Volume below average Bitcoin is currently at a price level that has historically been...
GBPCAD holds the level just below 78% fib quite nicely, if we get price action to the upside we can expect to see new highs.
Hello Traders Today’s chart update will be on the Russell 2000 Index , currently trading range bound in no man’s land. We have two distinctive levels to watch; Support and Resistance , to confirm a bull continuation or an establishment of a bear trend… Points to consider - Trend has been range bound - Major resistance at $1605 - Local resistance currently from...
Hi traders, here we have the GBP/CAD pair at an important 4-hour/daily support. The pair reached the lower trendline support, a horizontal support zone and the 61.8% Fib level while trading in an overall uptrend, signaling a potential retest of the recent highs. Notice the bullish divergence in the RSI indicator.
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Waiting for price to reach the 618 level which is also previous support/resistance area. Will only be looking take longs once price reaches the area. If not, will look for another set up. Possibly a continuation set up for this pair.
Considerable confusion about projection of this pair recently, this is my view. Straight forward price action.
USDCAD ENDING A RETRACEMENT ZONE, ABOUT TO CALL BULLS AND CONTINUE ITS DOWN TREND TO AROUND 1.31500 TP ZONE. SUPPORT AREA OF INTEREST AROUND 1.32425, TO WAIT FOR ADITIONAL SIGNALS OR POSSIBLE MINOR RETRACEMENT TO THEN CONTINUE ITS JOURNEY TO OUR TP ZONE. TP AREA 1.31500 TO 1.31450.
FIB trace tool used to identify retracement and confirm a continuation to its downtrend pattern of Sep. TP zone identify between two resistance / support areas. Between .62700 and .62550. Once in this zone, watch carefully for future indicators to understand if it switches trend or not.
The Rand is still refreshing, I think the trend is down. This looks like possibly a distribution on that 50% retrace. A tight stop and high RR is key. Maybe it will go down, maybe not. Don't need to be 100% sure.
POSSIBLE DOWNTREND CONTINUATION AFTER SHORT UP WAVE (50% FIB) TO THEN CONTINUE DOWN TREND.
WATCH FOR ENTRY SIGNALS AS MARKET RETURNS AND COSOLIDATES PRICE IN UPTREND SWING.
Update to previous chart behind the circles there’s a gan box the circles are never moved of fitted to price they are sized and positioned by a hidden gann box Check my previous published chart this is part 2 just copied and pasted next to the left hand one using the No.1 fib circle as the square boundary (hidden gann box) I like patterns like these for good...