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.
Bitcoin update: Price continues to hold up and is now taking out the minor bearish trend line that has been in place over the previous week. It is nothing to get overly excited about, BUT it does add to the argument in terms of further strength. This entire space is not exciting enough to attract a constant flow of new money, so it needs surprise news or catalysts...
Please note that this is my first post on TradingView so don't go all in based on this. Always Mind Your Trades and make sure to make your own analysis before investing your hard earned money.
1. But here is what we can notice on BITFINEX:BTCUSD:
*Multiple rejection from the 50 MA 7 days in a row
*Multiple rejection from blue descending trendline
*RSI...
hey guys,
happy weekend!
this Saturday I want to share with you my trading plan on pound yen pair.
the market has recently approached 141 level.
Looking left we see that this level is very significant for the market participants.
Now the market is coiling in a bullish flag pattern.
Touching this level again we see a...
BitTorrent got off to an explosive start on Binance.
The wave up had a very well defined Fib Series (blue).
The 9.618 is a very common end to explosive waves.
The first retrace (A) followed the same Fib perfectly.
But the bounce (B) was not so locked into blue Fib.
Last leg (C) might be developing a new Fib (red).
Thus I have plotted some of the confluence...
Just like Before, BTCUSD will hit the oversold area in the RSI indicator for the second time. It will happen Before we are going to a accumulation phase. I have draw the trendlines as you can see and the most possible scenario is that BTC will make a lower low to 2600-2000 USD area around 16 April(Green rectangel area). The area is where all the trendlines meet ,...
I try as much as possible to keep away from any GBP pairs because of its currently manipulation and abrupt spikes to either the upside or the downside, courtesy of the Brexit politics ongoing. However, GBPAUD is moving smoothly along a descending trendline on the Hourly continuously respecting the trendline's linear resistance. This bearish movements is further...
ETH Daily SMA 50 has been rejecting price advance quite consistently. With this many rejections at/or around the 50, and a down-sloping trend line approaching, one has to think that the Bearish response to any price advance beyond the Daily SMA 50 illuminates the path of least resistance to the downside.
Since the surge last Friday, any advance has been met with...
By the looks of it Bitcoin will have decided which direction it is going to go by the 21st of February.
We could touch the double bottom break out zone, that looks like pretty strong support before making any moves higher. The monthly pivot never broke, neither did the diagonal resistance zone. Price is still sandwiched between the monthly and weekly pivot, with...
What will it be? "Bulls take the stairs up, Bears take the Window down". Two ideas that I think are in play, especially with much rejection coming from the Daily SMA 50.
Firstly, SMA 50 and 100 are soon to meet, and possibly one tough hombre to cross. That, coupled with a minor Round Top could spell a setup price down to POC @ $120 ($115 on other Exchanges), or...
Ordered Chaos ONT on Tap
every Wave is born from Impulse, like a Pebble into Water.
every Pebble bears its own Ripples, gilded of Ratio Golden.
every Ripple behaves as its forerunner, setting the Pulse.
every Wave is born of Impulse, like a Pebble into Water.
every Pebble bears its Ripples, gilded of Ratio Golden.
every Ripple binds into Rhythm, setting the...
Ethereum looking strong short term. Buy into the Demand and Sell into Supply. Those are the strongest points where you should look to take a trade. Price tends to wick those areas before reversing the opposite direction.
On the daily line, we saw that it was still in the downtrend channel. After the sos on February 8th,
there was a few days of decline. On February 14th, the bottom was at 3533.
Yesterday's UT confirmed the bottoming, and also said that the supply is exhausted, and the hourly chart must be able to see the infinite decline.
Today's rise is not the follow-up of...
Price currently hovering bellow the EQ (Equilibrium -- 50% ) of the range. Liquidity on the bottom side has been cleared multiple times, a close above the EQ would be the strong buy signal now. As long as we stay bellow and reject the EQ there is not Technical reason to long Bitcoin.
As we have stated before, when price moves tightly into a range two things...
See callout bubbles. Always measure your risk and be okay with being wrong ; ) Wait patiently and get the price that you want. Use the market. Don't let the market use you.
The US has been driving to push oil prices lower and they are succeeding, this correction should be short-lived, by the end of March we could see 48. US is increasing crude drilling and is the biggest supplier of oil to UK.
As per Fibonacci retracement and levels we have limited upside for oil, this is just a correction for the bearish movement we had from October...
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