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.
The price reached SMA50 which acts as a resistance line. We can see the previous two weeks when the market moved in a narrow range not far from this line. Such price action at the possible resistance zone gives us information that the market took a rest for some time. We have a period of consolidation which can give us a reversal signal or a continuation signal....
The market continues the upward movement after bouncing from 5000.00 support level. Probably some of you think about a missed opportunity to catch this uptrend, and you want to rush with opening long positions. If you a beginner trader or just a trader with lack of knowledge and you don't understand how the markets move - for you, it's the perfect time for making...
The market keeps the uptrend movement. DMI is bullish, ADX line confirms trend market conditions and the strength of buyers. If we look at RSI and MACD lines, we can say that the market is overbought and we are not far from a correction movement or maybe a trend reversal.
We can see also that the price is not far from the strong resistance zone at 2935.00 level....
By Andria Pichidi - April 23, 2019
USDCHF & EURCHF
Swiss under-performance continues strongly. USDCHF and EURCHF’s impressive rally, now in its 5th week. This is the loftiest level seen since January 2017 and early November 2018 respectively.
The CHF crosses have traded higher on each trading day bar since March 29, raising some suspicion of there having been...
I tend to believe we'll see a slight dip back to the green line before taking off again. We're in a falling wedge pattern currently. Expecting to hit .305 or so which will conclude the pattern.
I'll do another video in a week or so to assess how things have gone, and identify the buy-in moment. Thanks for watching.
This high tf Fib has been relevant since 7400 cliff.
It was clearly quite a struggle getting past Band 4.
Next is Band 3, and a higher tf fib line at 5800.
Still a concern that Band 6 was never tested as Support.
Do not be surprised at an engineered crash to that zone.
Not betting on that happening, but am prepared if it does.
Bitcoin hit a target from high tf fib below.
Now it looks like a retrace is under way.
This is an early guess as to possible retrace.
5475 is smallest retrace possible, and probably a wave A.
5437 would be an Ultra-Bullish bounce and almost suspicious.
5375 would be 'safest' retrace to provide uptrend supports.
Target of 5655 on Coinbase was forecast by this...
I expect to see a dump before 6K. 5650-5800 will be the top IMO (Bitfinex), Rising Wedge is a Big Bearish sign.
This will led to 4550 or maybe 42000.
I think 4200 would be healthier because if the Support hold maybe it'll be the new bottom and if it crash we are going to retest the Last Bottom and this will confirm it.
After that We are going to somewhere like...
Gold made a year low at 1271 last week, and it has rebounded to just under 1280 since then. A possible inverse head & shoulders pattern is spotted on the 1-hour chart. The neckline of the inverse head & shoulders pattern stands at 1280. A confirmed breakout above the neckline can lead to further pullback to supply zone at 1287-1290, which is the MA(200) and last...
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Usdjpy sliding on very strong top and on top inverted bowl / saucer. SL 112.40, TP 108.00- 108.50 (400 pips+-)
Price is in consolidation at strong support, & I will be watching for a breakout to the downside for price to finally break the range where a powerful move can occur.
# Ascending triangle pattern spotted
# Breakout of resistance and retest as support
Buying at market price 14.15580
# Stop loss below support at 14.04748
# Take profit higher up below resistance at 14.50171
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
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Gold has fallen quite a bit since it reached it's highest peak of the year at 1346-1347$ in February. However, the bearish market took over and has pushed it down to it's 3x tested support trendline around 1267-1268$. Now is looking like a good time to buy in as Gold should bounce off the trendline into either it's previous swap level (support turn into...
Last chart we were sitting down around $5200's and ideally looking for BTC to hold that support area between $4900-5200. Bulls continue to show up and were able to get another push higher. I am changing to daily time frame now as BTC is really starting to look good again.
Only near resistance I had left on my last daily chart posting was up at $5665 (a previous...
Trading Plan Week 17, 2019 (22nd Apr - 26th Apr 2019)
Plan 3: USDJPY - Breakout Soon - Target 112.264
If there is a strong bearish pattern to break the trendline, then USDJPY will fall.
1st target @ 111.264
2nd target @ 110.900
Best price for pullback @
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