The analysis seen above is classified as an ünlikely outcome' but possible in the world of trading, patterns are the things we use to form analysis and the pattern i saw led to the analysis above. how many of you saw a similar setup at some point. Comment with your view on bitcoin on the daily or lower time frame.
The pair still has bullish allowance, a close above the resistance level could mean more bullish potential.
we are monitoring the pair closely, a rejection on the resistance level confirms our short trade.
throughout from the 3rd and 4th quarter, the pair has respected the parallel channel. The pair has traded within, rejecting breakouts from the support line,we expect another rejection on the support with a false breakout. Our expected entry will be around 1.259 - 1.256, remember we take entry once we have seen multiple rejections on smaller time frames....
Dominant bias is bearish in my view, expecting a bull momentum before the bears can takeover. The pullback can reach 1900.00 area, i advise you to apply risk management at all times.
patiently monitor the pullback or trade the expected rise also while waiting for the possible bearish movement.
downside movement is limited, while the upside potential is not. begin looking for buy entries while applying money management.
capital is at risk.
you can place a pending order at 19597.3 and SL will be limited by your money management.
buy limit between 18767 - 18333
on the weekly time frame, we can see that the pair is consolidating between the 1.339-1.302. the break out will be the best swing trade.
if the minor support created using the rectangle shape holds its best to buy with your SL at ; 1.309
if the minor support breaks, the bullish expectation is invalid.
we are currently on level 2 rise, a retest should be seen towards the support area at 11718 or close to it. that would be a good entry for the buy, remember we only buy once we have seen rejections and bullish momentum taking place..
looking at the patterns forming with the election delay could lead to good swing opportunities for traders.
our first target is the 50 EMA followed by the resistance level.
entry will depend on your risk management ratio
like and follow for more updates on the pair.
feel free to comment with a link to your chart.
we see a support that it failed to break, it bounced on the level which was set on level 2 consolidation. this could be changed if they constantly trade around that zone. Sasol is best left alone for now as it is unclear with its movement.
patterns are said to be the same across all instruments, we are currently seeing a rest before further downside movement.
for sasol to rise we need strong bullish moment as oil is taking a hard hit which also affects sasol.