The pair is making HH and HL. Took support from 0.618 Golden pocket where Trendline support lies as well. Also there is a Bullish engulfer candle that pushed the price above. Now the price is testing Resistance zone for correction. We can enter the trade either break above of the resistance or after the resistance is respected then at any Green candle.
1. No Bearish Divergence on RSI or MACD
1. LHLL in Daily and 4 hour
2. Price is at Downtrend Resistance line
3. Price is at Resistance zone
4. Bearish Engulfer candle in 4hr and 1hr TF and at Resistance
5. Rejection from 0.618 Fib
6. BC leg completion of ABCD pattern
Hi mates, hope you are doing great and had a profitable ride.
As you can see the price is moving in a zone
now and for those who could not take the trade,
Here is an opportunity. Gold is still in uptrend with no signs of weakness.
You can enter the trade on break above of this channel with
your stop loss slight below the bottom of channel.
TRADE PLAN: Wait for any rejection from Resistance zone and Bearish Candles formation then enter the trade.
1. Resistance at 81.90
2. Fib Resistance 0.5 at 81.90
3. RSI Regular Divergence
Wait for Bearish Candlesticks signal then enter the trade.
1. Resistance broken
2. Lower high broken
2. Trendline resistance
3. Fib Resistance 0.236
4. Last time fall after 43% gain, Now again at 43% gain
5. Time cycle of 60 days rise is completed
6. Overbought on RSI
7. RSI Divergence on 4 Hour TF
Gold has been in uptrend but now it seems to be losing its momentum. According to cyclic patterns it top to top duration is completed so now the bulls should take some rest. Enjoy the ride
1. 1800.00 Resistance level respected
2. Fib Resistance level 0.5 at 1807.55 Respected
3. Three black crows
4. Time cycle from TOP to...
2. Inverted Hammer, 3 black crows
3. Support broken
4. Rejection from trendline resistance
5. Rejection from Moving average 20,50 resistance
6. Rejection from Fib resistance
7. CD Leg is in progress
There is bearish momentum in this pair as the double top pattern is formed and there is also bearish divergence on RSI and MACD.
If the trendline, fib supports are broken, it will further add to bearish momentum.
The pair has gain respect from trendline support and price action support level. There is also bullish divergence on Daily and 4 hr time frame. It has also completed cup pattern on daily time frame so we can expect some bullish move to complete its handle before depreciating further.
Entry exit levels are mentioned on chart.
BTC is in bearish momentum now but we can expect a little bullish activity from here to break the Trendline resistance.
1. Bullish Hammer
2. Respect 0.5 Fib Support
3. Price Level Support respected
Entry, Exit, TP levels are mentioned
1. Bullish Divergence on RSI
2. Rejection from trend line Resistance
3. Bearish Engulfer
4. Rejection from Resistance level
5. Rejectioj from Fib 0.786
6. Major support level has been Rejected
Btc is in bearish trend now and testing downward trend line support. Also Head & Shoulder pattern formation
is completed. If this Trend line support is respected we can see a bullish momentum otherwise it can
depreciate further to Fib 0.786 Support Level.