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GOOGL Weekly Resistance| S/R Flip| Blue Sky Breakout Evening Traders, Today’s Technical Analysis – GOOGL – breaking a multi-year weekly resistance with strong volume. Consolidation and a retest of structure will confirm a new range. Points to consider, - Multiple weekly closes - Strong volume - S/R Flip retest (confirmation) - Local high (blue sky breakout GOOGL has closed consecutive weekly candles above structural resistance. this shows strength in price action as volume was considerably high at the point of break. A Support/Resistance Flip will further confirm a true break as this will solidify the new support GOOGL is in a strong multi-year bull trend, taking out the recent highs will establish a blue sky breakout. Overall, in my opinion, GOOGL confirming an S/R flip will be extremely bullish. This will mean that the multi-year range has broken and price is likely to establish new highs. What are your thoughts? Please leave a like and comment, And remember, “The hard, cold reality of trading is that every trade has an uncertain outcome.” ― Mark Douglas,
NASDAQ:GOOGLLong
by The_Alchemist_Trader_
ETHBTC Weekly Candle Close| Support Zone| Price Action Today’s Technical Analysis – ETHBTC – testing a weekly level with an important candle close Points to consider, - Weekly structure - S/R flip - Volume below average - Structural resistance ETHBTC is testing an important weekly zone that must remain as support to further solidify the S/R Flip. A bullish candle close (hammer candle) on a weekly structure will show strength in price action. It has held previously, leading to an impulse move into structural resistance. The volume at current given time is trading below average, similar at previous hammer candle closes. Bull volume needs to increase for follow through, price has been declining for the past 3 weeks, a relief rally will at some point be imminent. Overall in my opinion, a candle close above the support zone is quite bullish especially on a weekly time frame. If price breaks support zone, this will mean breaking structure, lower levels at previous double bottom will then be targets. What are your thoughts? Please leave a like and comment, And remember, “The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.” - Paul Tudor Jones
Long
by The_Alchemist_Trader_