-Over the Weekend we got fundamental news that skyrocketed the Oil to the Highs of $63
-Couple of hours ago, news came out that Saudi oil output will return sooner than normal
What does that mean for us?
-if we didn't get that recent news there was a good chance oil would have continued to rally without any major retraces due to oil shortages
-with the news...
I am looking to enter short on USDCAD once we see a break of the 4H uptrend. On weekly we can see price making an impulse move down, followed by a retracement tapping my order block where my ideal entry would have been. However when this TL is broken I will be looking to short and hold for a couple weeks. First target being the previous swing low @1.3020...
I will be waiting for a break and retest of my boxed zone and a 4H confirmation candle before entering short to around 1.5800.
II must wait for a break and retest as price is currently at 1.27 fib extension so price could still reverse from here. However confluence for EURAUD start with a strong bearish close on weekly showing momentum for the bears swell as price...
Here's a long term idea for Bitcoin on the monthly chart.
We present 5 rough Elliot waves up to the Jan 2021 target right at the 13.618 fib extension.
The 13.618 Fibonacci extension (retracement drawn from the 2017 ATH to the 2018 bear market low) proved to be the top in the previous cycle). We project that it may also be the top in this current...
Enjoy this monthly chart. We're mainly looking at prior fib levels and extensions.
XRP on the monthly chart certainly likes its fib extensions. Look at the Spring 2017 bull rally, hot the monthly candles hit the 1.618, 2.618 and eventualy the 4.618 to a tee!
Let's see if history rhymes and we see $XRP hit those fib extensions again on the monthly...
I believe we are forming an Elliot wave and will be looking for buys on USDCHF at around 0.9700.
I will be placing an order and expecting a snipe trade straight into profit.
If I was to be more conservative I would wait for a bullish candle on 4H.
My analysis predicts we will have a corrective wave from 0.9700 to my highlighted zone between 0.5 and 0.618 fib...
The bearish scenario and bearish similarities:
Most are long and expecting a move to $5k so it's always a good idea to cover the contrarian view and see if we can pick holes in either argument.
We retraced to around $3900 (not too far from the $3930 retracement target in my previous post) but it looks like we'll be retesting this uptrend support soon.
I was able to spot a W,X,Y pattern early on USD/CAD, Right now it's finishing off the (b) correction on the (X) wave. Im hoping for it to retrace to the .618 as I find the X wave to commonly retraces to that spot. After the X wave is complete, I'm hoping for the Y wave to finish up on the major trend line holding as support starting from September 2017. The Y wave...
Please note that this is my first post on TradingView so don't go all in based on this. Always Mind Your Trades and make sure to make your own analysis before investing your hard earned money.
1. But here is what we can notice on BITFINEX:BTCUSD:
*Multiple rejection from the 50 MA 7 days in a row
*Multiple rejection from blue descending trendline
Momentum is still light, so I am holding.
I will likely sell stop below a new low under $3200 unless momentum kicks in earlier and I will sell quicker.
A break of a new low has Fibonacci extension targets attached.