Hello Bitcoiners, hope you doing very well these days!
This 35% Bitcoin correction is not happening for the first time, did same thing in the past for several times (30% average correction) I think this is a healthy correction.
BTCUSDT rejected the 0.618 fib level at 42k which was a resistant and seems to turn into a support now (Hope it holds)
The 4h candle...
After reaching ATH, we might see a correction to the downside which is normal. if we broke this rising wedge then a 6% down is achievable. This scenario will give a good buy opportunity to join the bullish trend.
No confirmation yet! watching how price action plays.
Hello traders, EURUSD is in an interesting zone, this pair could give us a very good RR ratio trade. at this moment EURUSD is in the process of making a H&S pattern. The market has shown these multipole short confluences so far :
- Broken uptrend
- H&S pattern
- Tirth daily downtrend touch
- Price rejected 50MA
Waiting for more confirmations, this is just a...
Gold is still bullish and it can bounce higher from this support to make its fifth impulsive wave (HH) targeting 1800.
Price is in a very crucial zone now, facing support and EMA100 (4H), waiting for more price rejections of this correction at 0.5 or 0.618 fib levels.
Some people panic and will always panic in every market correction because they only hodl and think that the market will always keep going up, when you trade you don't care if market goes up or down because you can make profits in both ways, you just have to understand the market structure to anticipate good RR trades with proper risk management.
Back to the...
GU forming what is called "cup and handle" pattern, what do we expect? an impulsive move to the upside targeting +1.41 with a tight stop loss which gives us a nice RR ratio!
Note: Breaking resistance at 1.4 gives the option to add more in the position size!
DXY is very bearish:
GJ long confluences:
Uptrend third touch
Pullback retesting broken range
Price rejection at 0.681 fib level supported by MA;50
Cup and handle chart pattern
Scaling : Buy stop order set at 152.14
Good luck everyone!