Bitcoin is currently testing the key flip level on weekly chart for the first time since we broke it.
In my opinion this is the bottom for now and we get a bounce first.
I personally longed at 55600 area.
ETH is following this path since the first rally in January. Broke out on the upside and got a huge fallback below the line. Now it is back in the range. Right now it is trying to flip the upper black line for support, which mean another move up like in May is a considerable option.
From the weekly chart, the key level has been conquered. That means a lot for bullish buyers.
On the daily chart, price closed above all 3 MAs. That's the first time since last June
Consolidation is expected, and price may seek support to the lower control low zone before going up again. USDSGD is likely to go back to the normal range of 1.37-1.39.
Good Morning Guys and welcome to a new trading week ..
Long idea on USDJPY 4h TF
As we see we have a rising Trend Channel and we are in Bullish environment at the moment .
On the way up we have several demand zones used or missed closely .
My idea for a long position here would be price coming down to test last zone of demand + S/R flip zone just below that +...
The Market is forming RP07* after grabbing liquidity*
We also have a small Flipzone* that formed around 17.5
Looking to get long on completion of the reversal pattern, targeting the other side of the range, where we also have a larger Flipzone*
*These concepts are covered in our free Advanced Price Action Trading Program.
Here we are looking for a short if price corrects back to the market flipzone area. The first target is shown although price could swing much lower on this one. Very important to look for corrective price action or any of our 12 reversal patterns on the LTF
Technical Analysis :
Weekly: It's the first flip zone since the correction. It's still in the bull market on the weekly time frame.
Daily: I just refined the zone a bit. Though, still too wide to place trade.
Hourly: Patiently waiting for the formation of the candles. I would expect bull candle patterns show up! e.g. bullish engulfing patterns...
Reasons to buy from simple analysis :
1. Flip zone with key structures.
2. Model valuation around 25 based on a research report.
Some news I grabbed from the internet :
Niu, which had previously reported better-than-expected sales volumes for the third quarter, said that revenue in the period rose 36.7% to $135.8 million, well below analyst estimates at $149.3...
The demand zone in which the price is ranging right now has already been tested 3 times as a Support. Logically, we can't blindly trust this Demand Zone and just place Buy Limits. The more a price level has been touched or tested, the more likely it is to be broken. Therefore, we will wait for clear rejections in lower timeframes to confirm the Bullish Volume....
NZDCAD has has just broken through a major resistance area. I'm expecting a pullback into this area after which i will be looking for buying opportunities. If we do pullback into this area, i will waiting for any signs of rejection by looking for bullish candlestick patterns. I usually look for these candlestick patterns ion the H1 chart. Any signs of rejection...
EURNZD we have just broken through a key level marked out by the green zone. I'm expecting price to retrace back into this level and retest it as resistance. I will be keeping an eye on this paid for the next few days to see if we get the pullback into the flipzone where i will be looking for selling opportunities to continue the move down.
What I will be looking...
After the inverted Head & Shoulders pattern has been completed, I am expecting a pullback into the neckline which is also a daily flipzone. Remember that no trade is guaranteed no matter how good the setup look, therefore you should always have good risk management. Once we reach the buy zone i will be looking for any bullish candlestick patterns.
GBPCAD Has been in a downtrend on the daily for a while now. If we look at the H4 we can see that price has pulled back into a flipzone (Support turned into resistance). I will watch price action at this level and look for possible entry opportunities on the smaller timeframes such as the H1 to short the market and continue the downtrend. If I see no candlestick...