As clearly shown on the chart, the market is not in a downtrend as many may suggest. It has rebounded off of the underlying support line multiple times yet to break through. However, if it does make it through this point, it could very well go into a free fall towards the previous support dating back to 2016.
Its been a very nice rebound thus far and as you can see on the 4 hour chart we now have 3 candle closes above the ever-important buy/sell line (50MA), renowned technical analyst Steve Primo has often said that once you have 5 closes above the buy sell line you are in a buyers market and 5 closes below puts you in a sellers market, so we only need 2 more closes...
As you can see we have busted up out of the bull flag and thus also upward out of the bear flag as well...I have posted 2 price targets for a bull flag breakout one that considers the pole of the flg to be just one of the green candles a price point we've already reched...and then another prie point in case the entire bull flags pole was also the long green...
A great outcome seeing the 4hr candle close not just above the 50MA(averting going back into the sellers market for now), but also climbing up and closing above the 4hr T-Line. For now I remain neutral but I would say one more confirmation candle on the 4hr chart closing above the tline would make me officially switch back over to long. A close above the t line...
Now that we've closed 2 candles below the 50 MA it's looking like probability favors the short game over the long game. Usually we wait for 3 or 5 closes below the 50MA to confirm we are back in a sellers market first so this current 4hr candle is very important....if it closes below odds are good we have more downside to follow. A short at that time would not be...
We plummeted and after we started to go below the 50% green fib line that was officially creating a new lower low/lower high which is often a signal to short. Had youd one so and follwoed it all the way down to the 50MA you would have come out quite a bit ahead. I would mark this idea as a short if it was being updated at that point...but now we have been already...
Ever since we confirmed the last bear flag breakout the price action was sent down and has tested the 50MA multiple times on the last couple candles....but has only wicked below it maintaining very strong support....however as you can see the projected drop target from the bear flag breakout has not yet been met....what's more we are now essentially forming...
Just a quick update. Still inside bearflag...probability favors a bearish breakout but best to wait and see what the outcome is as there have been many fake breakouts during this consolidation period. If it breaksdown the 2nd red vertical dotted line is the price target it wil hit, the first vertical redline is the price target were expected to hit becaue of the...
As you can see the BUlls broke upward out of the pink triangle and climbed to almost the exact projected price before going back into consolidation mode....We have still yet to hit the projected target for the purple descending wedge breakout however so I anticipate this current consolidation will likely result in another bull flag break out. The probability...
Just a quick update on which lines are now support and which are now resistance....also We have officially closed 1 4 hr candle above the buy sell line (in orange). A few more closes above that(which I'm confident we will get) and we are back in a buyers market! Onward and upward!
Dear trading friends, Monero chart have formed a double top pattern on the 1H candle chart : * High volume entry 02th March * Double top at 32898 * Pullback at 30317 While the coin has been quite bullish since March 01th, the bullish trendline was broken (at least briefly). I see a shorting opportunity here in case the double top pattern completes. With...
i see 2 level of resistence, level 1 was break, and on resist level 2 won't break out, downtrend still going
Todays candle has been stuck between the T-line(yellow) and the 200 EMA(orange). Being that the market is currently bullish and we finally closed above the t-line yesterday I anticipate the candle to eventually break and close above the 200EMA when it finally gets squeezed over it by the t-line. In the meantime I anticipate we will see the candle wick below the t...
As often happens, the short-term 2/1 Gann Fan line happens to line up perfectly with the downtrend line that BTC has been following since this corrective cycle began in mid-December. You can get a better view of the downtrend below: In my opinion, this line simply has to be broken before we can be confidently bullish. Personally, I'm slightly, very...
The validation of the 15-minute timeframe uptrend would be having the Chikou Span Line (Lagging Span Line) getting over the Ichimoku Kumo Cloud.
hi.guys GBP/USD start making triangle on 1h time frame hopefully we broke upside to touch or previous resistance level at that time we can't able to say in which direction it moves bear with me i will update you guys . you u guys like my stuff pls don't forget to like and share so other can also get benefit .................see u soon. hamza malik.