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.
ETHUSD update: Short term price action is poised to test the 423 reversal zone boundary as an inside bar is now present on this time frame. A break of the 454 low would be the signal for further weakness, but as ugly as this market looks, do not lose sight of the broader location.
When things look obvious, that usually means everyone is thinking the same thing. ...
As we see BTC still try and bulls still defend About the $6035/$5500, the edge of the second part of this bearish trend
But what will happen if BTC dips and breakdown this support?
which levels will be good to open new long-term positions for BTC?!
and is this dip will be useful to us?
At this post, we will try to answer your questions.
we ask Allah reconcile and ...
Today will be the day that we broke below our major support : $ 6,000. As we could have expected it, there was a lot of liquidity for longs below 6k. Indeed, a lot of stop losses were triggered when we broke 6k and retail traders market sold (by panic) or to play the breakout. This is a typical move that market makers can take advantage of by pushing the price ...
BTCUSD update: Bearish momentum is still asserting itself and price may be entering the 5956 reversal zone boundary. Often movements like this will have the attention seekers out in full force screaming that 3K is coming. Pay attention to the price action and nothing else. In terms of probability, price is now in an area very attractive for buying, not ...
Today Bitcoin has reached the support at $5900, that has been rejected cleanly so far. The support is based on 127.2% Fibonacci retracement level applied to the last corrective wave up.
On the other hand, Fibonacci applied to the previous corrective wave up shows, that the resistance is also at 127.2% Fibonacci, that is $6800 area, which was rejected cleanly as ...
Looking at other exchanges' charts, we didn't break Feb 6th low on Coinbase, Binance, Bitstamp nor Gemini.
This gives actually less credit to the SFP theory we saw on Finex. We could interpret it like sellers panic sold a little more than in other exchanges. But when they realized that major support wasn't broken on other exchanges, they pushed back price up.
I ...
The most of traders forget about mining side of BTC. They only see TA. I think that is not true.
The average costs for mining BTC is $4758 + 15% extra costs = $5471. $5400-$5500 would be a competitive advantage certainly for miners, but also for traders.
That’s because once the price goes below that cost, miners would no longer be in profit. So you’d think miners ...
BTCUSD Depends on what happens with the tube/downtrend we are in now. If we break 6000 we may see the 5000 downside target. If we break out of the downtube we may get back in the wedge we are creating. This wedge isn't finished. So we will continu with building this wedge till I think somewhere August and could fly up again!
If BTC breaks down from the 6k support again I am anticipating a move down to the original trendline.
I've been calling the downside (and upside) not a crypto bear just playing the charts.
Finally gold has come to a fork. The dollar on the other hand also reached its long term, major resistance level. Though anything can happen at this point, one thing I know for sure is 'Trend' is your friend.
Happy Trading, folks!
Cheers!
Price has bottomed out at a strong area of weekly support, & recently broke a supply area now holding as new potential support here on the H4 timeframe. Watching for a pullback up to the next zone for a rejection back to the downside to monthly support 1.14600
Yesterday we moved the stop loss down on the short positions for the first time. My short on ETH:USD and ETH:BTC has been open since 6-5 and it is a relief to be able to move the stop loss into the money. I use Bill Williams Fractals on the daily chart to manage my stops.
Today we are waiting to see if the major area of support will breakdown below $5,945 and I ...
Price rejected off weekly resistance, & is showing signs of making a pullback to make a "higher low", after breaking the major weekly descending trendline. Buy on pullbacks is my best advice, & ride the uptrend..
Price showing sensitivity to key daily supply area / 50 fib pullback region. Ending off the week with a bearish engulfing after multiple rejections, I now will wait for a break of the counter trendline for shorts for a new potential lower low..
Resistance broken along with the counter trendline. Watching the pullback region for a rejection to send price up to make a new potential higher high ..
Wa can see an ascending range since 2016. and since the beginning of 2018 wa have a flag.
Wait and see perhaps until in AUGUST to see ETH touch the support line at maybe 380-400$
