Short pink line on FT of the pin-bar low.
SL above the swing high.
PT support at green line - and hold onto part of the position, because price has already tested this level multiple times - thus more likely that support will break.
Short the green line because the line represents an untested level - the low of the pin-bar at the swing high.
SL the white line because it's 2 levels of resistance above.
PT the the white line because it would appear to be an untested level of support - the high of the pin bar at the swing low.
Here are three levels I believe are untested on the BTCUSD 4 hour in the current uptrend.
As we continue to lose support, I imagine that price will come and test these levels.
Because price is in a longer term downtrend (note the failure of price to achieve the $20,000 ATH by failing at $14,000) - it's more likely that price will :
> Bounce off of these...
I hate to say it because I think that the economy is fundamentally strong, but my price action based trading would have us rejecting around 2960 and then moving down.
In terms of shorter term, I'm thinking we reject at 2960 and then test 2730-2750.
For a swing trade, I'm thinking we end up touching 2520.
THIS IDEA WILL BE INVALIDATED IF WE ARE ABLE TO CREST...
CHFNOK is in a run up on the daily period. By taking a Fib from the major impulse high - to - low, we can see that we're nearing two fib levels, the 1.414 and the 1.618- I'm going to look for a short entry around these levels, targeting a test of the most recent level gained, indicated by the "level gained" text.
Price blasted the level and I'm confident we'll...
The USD cad, if it holds the level indicated, looks poised to continue higher.
If, however, we fail here, then I would expect a return back to 1.31.
Keep an eye on DXY for dollar-strength and confluence.
EURUSD 4hour made a swing low below the previous level of support and then rallied to to the previous range. By trading assuming trend-continuation/failure, I'm taking shorts in the pink-circle range with stop-losses above.
I'm expecting a visit of untested levels indicated by the pink line, and then one of the two scenarios I drew.
If we break below the pink...
This is the USDCNH on the 3day. Big breakout day today, breaking pretty major weekly/monthly/quarterly highs here. I'd start looking for shorts/profit targets around that 4.618-5 area, I'm thinking we test 7.2-7.25.
I'm looking for a retest of this 4 hour level on bitcoin. I think this is a good spot to reject. If we break the pink circle, then I expect a test of $10,600.
Fail(10,600) ---> Test(10,200)
Fail (10,200) ---> Test(9600)
Failed (9600) ---> Test (9200)
Bitcoin (BTC) has formed an Adam and Adam double bottom with a bull flag/handle on the breakout price. While this could form a sign of reversal, I tend to think that the shorts are now too low; overhead resistance appears quite strong. We're in a consolidation area, awaiting breakout in either direction. I tend to think we'll break DOWN; however, I cannot...
Ethereum looked like it was forming an Adam and Adam double bottom on the 4hr; but, ETH failed to crest above the peak between the two valleys. Hence, Ethereum (ETH) doesn't look like it's reversing the downtrend at this time. On the contrary, ETH appears to have formed - and broken below - a bear flag.
Ethereum (ETH) found bid support sub $500 and v-bottomed. As it stands, ETH is at $530 and is nearing short term resistance around $540-$550. Considering the overall bearish market, Ethereum seems poised to turn back down in the near term to $490-$500.
Scalping sub-500 Ethereum has thus far proven to be a profitable trade; however, I am not certain that this...