So i took the fib timezone indicator from our ATH to our recent swing low and dragged it to the Last Swing Low before the initiation of the last bull run and it gave out some interesting results.
Each Time fib managed to almost perfectly correlate with a major price action and also a change in market sentiment.
I was actually quite shocked with this thought it...
Few reasons to go short on this pair:
1. We had a rejection on a major trendline on a Daily/4h chart.
2. Price broke out of a rising channel and at the moment is retesting the trendline.
3. We had a cross on ichimoku cloud on 30m, also MACD and RSI are matching their movement to the downside.
Price found support on the gann 1x2 line at 11170 the 14.6% retrace from 13k peak.... price bottomed just below the 23.6% retrace from peak, and the 61.8% it broke from ath... target for next two subwaves is 25k which is potentially subwave 1 of wave 3 (if wave 1 was 13k peak)... the 1.618 of 3k to 13k is 120k... the 5th wave will likely be apart of a huge...
Based on the news from Thursday, we saw 600 pips rise. This was a pure speculation, and now we are in a big overbought situation. At the moment the pound got rejected at a key fibb level on a monthly/weekly/daily chart. I expect a retrace to 61.8% fibb on a daily chart and then continuation in a bear movement.
Friday, October 11, 2019
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First & Foremost this is Based on monthly timeframe please do not follow this for Bitmex or Any other leverage trading, This should only concern the INVESTOR or A swing trader who is looking to Buy Low & Sell High.
Trade the market in front of you, not the one you want!!!
– Scott Redler
LINK/USDT had been looking surprisingly well recently even after the breaking down of an important support line - the .618 fibb, breaking back up through the resistance of the fibb line and into positive territory.
However, it has yet to successfully turn the resistance into support. And while it initially made a positive break up through the pennant it had...
Hello dear traders.
as you can see a perfect bearish bat pattern is formed in daily timeframe.
not to mention that the prices has just retested the uptrend.
132.146 would be a good target(long-term support zone which concides with 38.2% fibbonacci level)
thanks for your visit.
In last short-term analysis I used Elliott Wave:
This chart maybe more exact I think, that suggest a short-term correction to 1450$.
Keep in mind that long-term outlook is still Positive and if this analysis remain valid, next upward wave could last to...