#SYN
The price has been moving in a downward channel since June 2022
Due to a strong support area at 0.2850
We are about to break the downtrend supported by oversold conditions on the MACD
Current price 0.4166
The first goal 0.7922
Second goal 1.0500
Nearly 240% of the current price
Powered by the Moving Average 100 breakout.
And break the reversal patterns...
Hi, dear friends hope you are well and welcome to the new trade setup of Synapse (SYN) with US Dollar pair.
On a daily time frame, SYN has formed a bullish Gartley move for next price reversal.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Synapse bounced off the support area. Asset broke through the descending trendline. Bullish movement to resistance level at 1.125 is expected to happen.
After hitting the top of the major down trendline, the sellers have started stepping in to push the price down.
Consecutive bearish price bars show that selling is strong.
Will continue to ride my short positions.
The USD (as indicated by the DXY dolalr index) seems to be unable to make new highs, which means the odds of sellers stepping in are pretty high.
I am establishing a short position for a medium-term swing on this counter.
The last few weeks saw a large correction in the stock market (which netted us some handsome profits from our short positions), and after the extreme sharp selling, this week we are seeing a rebound in the market.
But the main question on everyone's mind now is whether the market will continue falling in 2019, or whether it has seen a temporary bottom and will...
After months of continuous decline, could Bitcoin finally see some buyers stepping in at $3000-$4000 to cause a rebound?
Weekly RSI has rebound from 30 levels, last time it reached there was in 2015.
Long-term trend is still down, but we could see the rebound go to the $5000 level.
The US dollar index (DXY) is unable to cross the resistance ahead after multiple tries, and might continue to head lower, especially after the FOMC rate hike yesterday.
There are a couple of good shorts like USD/CHF or USD/JPY, which have had decent moves on the dollar weakness.
With the bearish news surrounding the Pound, it is no surprise that it has broken down from the bearish descending triangle pattern, and has gone on to hit new lows.
The next support level is around 1.208, so I will be expecting prices to continue drifting down in the absence of no good news.
I am currently holding onto shorts for this.
This counter is finally looking bullish after being bearish for most of 2018.
If there is more "risky" news that comes out, it could cause a sell-off in the stock market, and a corresponding increase in Gold (safe haven).
I am looking to see a rebound to the 1300 level at least.
This pair is starting to show some signs of bearishness after running into the long-term down trendline.
After nearly hitting 80 on the RSI (which shows some level of overbought), it now shows a bearish divergence which hints at further price weakness.
Hence there is a high chance we will be seeing some correction.
This pair is nearing the top of the large range, meaning the odds for a short trade are becoming better.
The biggest question is where the bears will start stepping in.
Currently, the momentum is still bullish, so I will continue to monitor for signs of red bars forming to signify the sellers coming in.
It could happen at the current levels, or near the 0.96079 level.
After a sharp move downwards, this counter has fallen to the prior support level, and also into the oversold region based on the RSI.
This actually confirms that the overall trend is bearish, but we could see a small rebound before the major trend continues.
After running into overbought levels, this pair has seen a slowdown in the buying momentum, and most recently printed a bearish pin-bar (shooting star).
This is a sign of sellers stepping in, and we could see price head down to test the prior support.
I currently am short on this, and will continue to provide updates in my Telegram channel.
This pair has been moving in a large sideways range, but the odds seem good now for a counter-trend long:
- Short-term trend is pretty extended
- Resting on major support (blue line)
- Nearly bottom of bullish trendline
- Trend channel overshoot of latest bear channel line
- Good R/R
I will take a small position and see how it goes.
After a rapid selldown, this counter reached strong support, where buyers were ready to step in.
This is likely to lead to a rebound.
Took a long position after I shared in my free Telegram channel last week, and will continue hold as long as the bullish momentum does not fade.
Over the past 2 weeks, we saw a very strong rebound from the selldown, but the big question is whether this is a temporary rebound or the start of a larger downtrend.
I think the key level is the yellow zone I highlighted, because if prices manage to break below it, then the downtrend is confirmed.
Currently, I expect a lot of sideways trading in between this...
After a prolonged bearish sell down, this counter might be overdue for a rebound, which we might see this week.
There is strong support at the $60 level, and prices have deviated very far from the 20-EMA, which is a sign of it being oversold.
The overall trend is still bearish, and if it does rebound, I would expect the sellers to step back in at around $64 to...
