The path for Bitcoin still remains bearish as price action remains below the 200 SMA on the daily timeframe. Dollar Index continues to climb adding additional bearish pressure for Bitcoin. As of writing this article, I don't see any reasons to buy at these prices. I see Bitcoin dropping lower towards 14000 and beyond that towards 10,000
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Personally there's no need to watch BTC until we get a break above the 200 SMA on the 4 hour timeframe.
The above chart is the 4 hour. Here's the Daily Wait for a retest of the 200 SMA on the daily timeframe. Set an alert and keep it simple. Here's the Weekly Trade Safe - Trade Well
Starting with the 4 hour chart, I like the fact that RSI is above 50 while we're not too far away from the 200 SMA. If we can break above the 200 SMA on the 4 hour, this should validate my next predications on the larger timeframes. Let's take a look at the Daily chart. So, the daily chart has some bullish RSI divergence as traders are still calming their...
Here's a decent setup for USDCAD. I'm not suggesting go all in, but risking 1-2% of the equity for this setup is somewhat low risk in my opinion.
Starting with the 1 hour timeframe, as we head into the NY trading session, traders will keep an eye out for the NY Empire State Manufacturing Index at 8:30 with expectations for an improvement from -9.10 to -5.00 As of writing this analysis, bullish price action is beginning to stall out. Let's now take a look at the 4 hour timeframe == 4 HOUR == The 4 hour...
Nice U Shape formation on the 4hour chart. Now just waiting for the perfect snipe setup on 5 min timeframe to enter and target channel resistance on current timeframe.
If price can drop down to 1.16, based on the current chart read, I suspect a 30-50 pip scalp off that level should be fairly low risk. A break lower however, may expose the ascending channel support for a second bullish retry to the upside.
Waiting to sell around the 61.8% fib pullback from the most recent bearish impulse which may coincide nicely with the 200SMA.
Last 4 hour candle had a nice push to the upside. Now just waiting for the perfect snipping opportunity around the 1.65 handle.
At this stage, going short doesn't feel like a low risk setup as a pullback seems possible. But the question is, how much of a pullback will we get? Will price action trade back in the previous descending channel, or will we get some bearish continuation off the descending channel resistance? For this reason, I'm staying out of this pair and waiting for a better setup
Waiting for a long entry around the 1.01 handle. Currently price action is in a profit taking phase so a short at these levels seems like it should work but if you're interested in only low risk setups, wait for the retracement to 1.01
On the 15 min timeframe above, I'm waiting for price action to tag the 200 SMA for a potential buy scalp trade. Bullish confirmations on large timeframes are below. == DAILY == Bullish Confirmations 1. RSI Above 50 2. Above 200 SMA 3. Natural Intraday Pullback == WEEKLY == Bullish Confirmations 1. Above Ascending Channel Resistance now turn support 2. Above...
If Bitcoin holds below yesterday's low, expect 12k to be the next level of support.
The 4 hour chart above shows some bullish exhaustion as the bears start to close in. With that said, there's a good chance of another retest of the 200 SMA on the 4 chart before this pair makes higher highs. Stochastics is overbought and momentum candles have faded. This only leaves room for a possible reversal at this stage. Trade Safe - All the Best
I wont' spend too much time explaining my thoughts about this pair. The above chart illustrates in a nutshell my expected predicted projection for EURUSD - around 3rd week price to be around 1.03 Now let's take a closer look at some of my thoughts. Jumping over to the daily. Reasons to be long include: Stochastics Oversold RSI Above 50 Bullish...
Starting with the 4hour chart above. At time of writing this thesis, I'm not seeing any reasons to go long with this pair leaving only further downside probability in play. RSI is trading below 50 and larger timeframes remain bearish. See further details below. == DAILY == * Downside pressure remains * Trading below 200 SMA and 50 RSI * Bearish channel...