USDJPY has broken the trendline drawn from it's high in Oct22 and joining LHs. It was well supported at 50% fib level of the run-up it had in last two years (low of Jan-21 and high of Oct-22). Currently it is trending in a triangle formation with a very narrow trading range, but with a bullish bias. Today's FOMC will offer the move and possibly it will be upwards....
The current price is at confluence of:
1. Retest of broken trendline (purple)
2. 50% fib retracement
3. First retest of EMA100 since a little more than a year.
4. Hidden bearish divergence (orange)
On HTF, EUR is overall in downtrend irrespective of the current spectacular bull run from the lows below parity. However It will continue it's downtrend from here and...
AUDCAD is currently trading at upper trendline of a descending channel on the weekly timeframe. This can give a good short opportunity with a confirmed rejection from the trendline and price moving below the resistance zone. Aggressive traders can take a short now with a SL above 0.932 as there is bearish price action on LTFs. With successful trade, I would book...
Dear traders,
It appears like BTC is forming a bottom here. There is strong Bullish Divergence (blue thick lines) formed on 1W timeframe. It is fiddling with EMA-100 on Monthly TF. It has already broken the resistance trendline (purple line) in Oct-22 and gave the retouch in the week of 7th Nov. The price is forming a falling wedge which is again bullish reversal...
Hello traders,
The 1D symmetrical triangle breakdown on Jul 12th came out to be false. The target was set to $20. However it continued to form a rising wedge with a breakdown on Aug 19th. This formation is also pointing to $20 target.
Gold broke it's major support at 1700 giving us a confirmed double top formation on weekly timeframe. With the breakdown, we may see gold trading at sub 1400 levels.
There is a weak bullish RSI divergence to watch out for. Price retracing back above 1700 will invalidate the double top formation.
SOL has formed Triangle pattern on daily and currently bouncing off the lower trendline. RSI is in bearish zone pointing downwards. If we get the breakdown here, SOL will be diving towards $20 which was seen as a strong support last year. If it breaks upside, $60 is not far.
ETH retraced more than 40% from it's recent low of $880. But there is still a dark cloud hanging over it. We can see the regular bearish divergence and RSI is yet to cover it's path. Most importantly, there is a rising wedge formation supported with decreasing volumes. It's a wait to see if and where it breaks down. We will post the update.
Some see the inverted...
Hello dear traders!
Bitcoin has been trading near the crucial level of $20K during this week. Though it has been trading a little above it mostly, there have been a couple of wicks below it as well. We already have seen the hidden bullish divergence on the 1W timeframe. RSI is oversold but it is turning upwards now. There is a good chance that it can bottom out...
Bitcoin appears to be forming the bottom. On weekly timeframe BTC is in oversold territory and a hidden bullish divergence is in play. This divergence will invalidate only if BTC falls below $4K which is a very distant probability. However there is no trend reversal indication on HTF yet and may further drop to $12K.
