FET is forming a Bearish Cypher pattern against BTC, with the CD leg forming as we speak.
Price Rejected at the 1.272 Fib extension, confirming the formation of a cypher.
Also forming a falling wedge, indicating an upward relief rally.
1. Price has been using 20MA as dynamic resistance on its downward path.
2. 20MA is preparing for a cross with 200MA to the downside.
3. Price is at fib level of move AB. This fib level confluences with 20 and 200MA, acting as resistance.
4. Price is currently showing rejection around this area.
Though bulls have flexed their muscles strongly for this...
I see BTC forming an ascending triangle, which gives us the probability to move further up. If we take into consideration the hight of the triangle and the trend-based FIB levels, we can assume new target at 17.900 level. RSI also has room to grow in strenght. We may however test the breakout of the triangle first.
Here's an idea on the DOLLAR/ TURKISH LIRA which opened with a gap and an aggressive fall with the bears looking for some correction of this move but we'll definitely see continuation to the downside, now the structure aligning with our fib levels is the resistance level 7.96612 which will be our aggressive target going down with the bears for long...
A good opportunity to short. there is a nice downtrend forming as the price has broken out of the April range. A retracement to former support (MAGENTA HORIZONTAL RAY) also coincides with the 0.382 Fib and the S1 monthly pivot point. the COT data also shows speculators getting shorter on the pound and longer on the yen which can clearly be seen in this weeks price...
After today's situation, I came to the conclusion that we are in a 5th wave that can lead up to 25 300, AS LONG AS IT DOESN'T GET TRUNCATED
25 300 would match a 0.618 retracement of the big drop to 18 200
If we reach 25 300 and then move back down, it might mean that we would start the 3rd wave (3 out of 5) which would go lower than the first wave (at 18...
Traders, We are at a level where we could see further upside if we manage to close above the 0.382 , we've seen this level before . another positive point is the 21&50 moving averages crossing which is very bullish in our case if this happens . ADA Cardano could show you the way we are hopefully taking . a close under this fib should be seen as bearish . please...
See my previous post "Last leg of a larger retracement": The EDT was expected to unfold and the full retracement to stop at Wave 2 level. This occured. From there we see an impulse which is shown here on the 5 min !! chart. I would like to give you more insight how I interpret the chart based on wave analysis.
We see an impulsive...