The price has been moving in an Upward Channel and is around the Lower Trend line of the channel and there is also a Demand Supply zone around it. So there is a Confluence of both. A Confluence of 2 or more lines indicates a zone to watch out for some price action either side.
But watching the buyers buying on dips and being active on the lower trendline and RSI...
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ETH looks like its forming a Head and Shoulders pattern with the left shoulder and head mostly completed. I am expecting the right shoulder to complete its formation around the 0.5 mark ($1025) which just happens to be where the moving average also lies and has acted as support in the past.
This setup is freakishly similar to that of the bull run in 2017/2018...
Does this chart indicate a potential period of consolidation before strong bullish momentum?
This is my first attempt at "detailed" analysis of a chart form my last few weeks of learning. Please be mindful of this. 😬
From the notes on my chart my analysis is that there may be a period of consolidation that might give a buy point of SEDG around 311.
Top-down analysis from the Daily --> 4H --> 1H charts. Obvious its been on a bull run, but this is a good entry imo. Looking at the 1H chart you can notice:
1. Price Action
2. Trend Line
3. Support Zone
My first publish :)
The long showed an uptrend Prior to Covid. With the second wave on the rise we could see a deeper bearish take over creating new resistance along the way. The report tonight will help guide use on which path to take. The plan is to hold for about a week. I am new to the game so please give me feedback! Thanks
OANDA:GBPAUD GBPAUD is currently on strong support, and it seems like it's going to have a trend reversal. RSI also indicates a support level, I am looking for an uptrend from here onwards, with multiple Take Profits. If it goes as per my prediction i will keep taking intermediate profits and keep moving stop losses upside.