Looking back into August we hit walls at these levels multiple times.
Even if you were stopped out below the boxes and came back into the trade, you should have a 20% roe or more from directionally trading said range.
The green is a trend initially starting on June 28th - the current price drop has respected and bounced from here at the moment.
I don't like ...
DGB success to break channel down at previous pattern, and perform channel up.
Right now DGB at fibonacci support area. If this support able to hold bearish movement, we can aim 31% profit projection at 552
If this pattern failed, we have 2 support line, at 351 as triple bottom suport and 302 as major support
Although SPY's counterpart DIA broke through resistance last week, SPY has maintained itself within the ascending rectangle pattern.
While this provokes the idea of continued bullish activity in the longrun, we will not be seeing any big moves in the near future.
Market is still looking great though.
Not a pro trader, not advice.
Looking at BTC on the 4hr bitfinex chart, I think we’ll likely see some downward movement in the short term. Since August 21st, we’ve seen 5 failed attempts to breakthrough the range in the orange rectangle. Additionally, the 200 SMA is converging on this area creating addition resistance in this area.
Should we break downward, ...
Breakout of the triangle pattern. but hold till $6200 as i mentioned in previous briefing.
Then, let's analysis BTC shortly.
. Bearish Engulfing Candle on Daily
. Breakout of the triangle
B. Daily Chart
Bearish Engulfing Candle -> possible more drop
C. 4H Chart
This is Aussie/Dollar Daily chart and as we can see, this market is in long term down trend and price has pulled back towards the trend zone which is also a broken old support near 0.7330 and now we can expect that market will turn and resume in trend direction once again. We have good confluence factors here aligning such as trend, trend level 0.7330 and dynamic ...
-9 Week horizontal range
-Strong telecom sector with a lot of focus on the largest market share stock TLS, could help push this up
-Earnings on 27th so the later into the week the setup takes to follow through, the less likely I will be to enter
-Measured move to 4.22
Will wait for a daily low to set a stop against and will look to place orders for tuesday if R/R ...
Strong upward momentum in upward trend. Rectangle was built.
Price too choppy for front running on an upside break of the rectangle. Prefer to wait for a breakout on the upside of the current consolidation for enter long.
Both TPs provide good chance-risk ratios.
Before I discuss about this chart, lets take a look at supply and demand chart.
We can see at buyer chart (long chart), BTCUSD already reach support line at 24807, this support will bring new power for buyer, and if it not break down, buyer target at 36263 at long resistance.
And if we look at ...