Support and Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.
Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
Good evening traders!
I know... I know... I know... the chart is ugly. I apologize.
Also... It's XRP.
The ultimate, centralized shitcoin.
The key thing to remember is that we are traders. The fundamentals of a project are irrelevant to our technical analysis.
Wasa... wasa... wassssup!
We always trust our charts and look for patterns to repeat. In this...
For a while, I've been educating traders as I do technical analysis for crypto. I've been doing this for a long time and understand the moving patterns of trading is key to making profits and keeping them. I have been giving out signals when to buy and when to sell based on this knowledge. Not sure how many of you are benefiting (Let me know in the comments...
- In my previous chart published on gold yesterday I indicated a bullish triangle using a descending trend resistance and ascending trend support here:
- I expected, if gold were to drop that we would encounter support at both the indicated trendline as well as...
The market looks interesting for selling. The price broke the local uptrend line, and it gave a trend reversal signal. The bearish divergence also confirms that the uptrend can be reversed. RSI confirms the price reversal from 135.400 resistance level. MACD histogram and lines support the downward movement. DMI does not show the strength of buyers, and it allows...
XRP went higher than expected in my previous plot (click).
But the basic "12345" impulse then "ABC" correction applies.
We currently in a "decision zone" between 2 different paths.
Top chart shows how our ABC "might" be completed already.
The wave being from .618 retracement to -.618 extension.
Break below the -.618 ($0.0297) makes this option Less...
This might have looked like a sell-off in the past hours, but we are still moving in our range and therefore we don't have a signal to either long or short now.
If we close below 9700 USD today, this whole situation will turn bearish in short-term. We will open a short position and eye the next major support zone to close our position.
If we are again...
big 2 point consolidation. I will be trading this range until it breaks. so long and short inside and with direction when it breaks. Very simple plan today
Much capital was waiting for FOMC rate decision to be deployed.
Markets seem to treating the .25% reduction as a "Hawkish Cut".
Thus Gold and non-interest bearing assets dropped on the news.
Gold was already postured to correct and now it seems inevitable.
Plotted is a possible "ABC", which had good "EW Structure" thus far.
How deep this correction reaches will...
This analysis is an update to the linked analysis below. Analysis is subject to change as we monitor price action. Price testing key zone in the market. Sometimes the best position is no position until it becomes clear. Watch for bullish or bearish break to the downside or upside. Short term moving averages appear to be due for a cross, possibly to the downside,...
Add 4 points to the lines to get ES values.
Indices are in a massive range and I will trade the inside of the red zone as we remain inside this range. Will watch for a break of the orange lines for a probable big move when they break.
The dash line will be target of my trades from each edge.
EOS look also bullish, like all major alts.
Looking for a retest of first target (blue line) to open long position.
Targets are shown in the chart, also stop losses
BUY & SELL As Per Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !
The price bounced from the local downtrend line, broke 10 000.00 support level and gave us a strong bearish candle. The bottom line of the triangle chart pattern stopped the falling. This line also acts as the uptrend line for the 4H timeframe. Now the price stays at this uptrend line, and the price action in this zone will be able to tell us something about...
Hello everyone.
I am trying to explain my view about how I see BTC.
Bull market to ATH on December 2017, above 100 EMA until January 2018.
From there, BTC entered on a bear market (below 100 EMA) inside a dencending triangle (red). As BTC came from ATH, this descending triangle finally broke down (normal behavior in bear market) from 6K to 3K.
Later BTC got a...
COINBASE:ETHUSD hit old support, now acting as resistance. If ETH cn get by this line, 254ish gets opened up. Mid-term target lies at 622 area, longer term 2368ish. Not much time to post lately, got tons going on at home, so my apologies. I'll get back on track. Trade safely in the meantime!! Happy hunting and GLTA!!
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