SmoothJB

SmoothJB

on oct 21 I had predicted that their would be a drop in bitcoin value a.ka correction upto a 30K level. I was mocked for that and then all these Furus and Bottom callers starting laughing at my post. Any way I won't go into the whole rant about these Furus. The current situation is pushing towards the defined support zone of around 30k.

SmoothJB

the pair broke the ascending channel on the downside and then failed a retest and now is possibly looking at some more downside in the nearterm.

SmoothJB

According to gold technical analysis: Despite the recent performance, the price of gold still has an opportunity to rise, as long as it adheres to the psychological resistance level of 1800 dollars an ounce. As I mentioned before, the stability above it will motivate gold investors to think about buying and the closest to them are 1818, 1827 and 1845 dollars,...

SmoothJB

According to the technical analysis of the pair: The return of the price of the EUR/USD currency pair to the vicinity of the support 1.1330 returned the pair to the neutral zone with the most tendency to the downside, as shown on the daily chart below. Accordingly, the bears may have a stronger opportunity to launch further, and the closest to them is now the...

SmoothJB

At this point in time, I believe there is a significant amount of support extending all the way down to the $38,000 level, so it is really not until we break down below there that the support level will have given way. Sure, a breakdown below the $40,000 level would catch a lot of headlines, but there is a lot of noise underneath there. If we break down below...

SmoothJB

If we do break down underneath from here, then the market clearing the 200 day EMA could open up the possibility of a move down to the 1.35 handle, which of course is a large, round, psychologically significant figure and the 50 day EMA. Breaking below that would make the entire move above the downtrend line a bit of a “throw over”, or what some people call a...

SmoothJB

The inability of XRP/USD to crash through the 79 cents level and challenge 80 cents a handful of days ago might have been the ‘best’ attempted bullish run higher.  XRP/USD is challenging important support levels and if the 74 to 73 cents marks are flirted with and broken lower, speculative bearish traders may believe further nervous selling may prove strong. 

SmoothJB

The Australian dollar rallied most of the week, reaching towards the 0.73 level, but we ended up breaking down significantly to form a bit of a shooting star for the week. That is a negative sign, and it looks like we are going to continue the overall negativity that we have seen in this market. Because of this, it would not surprise me to see a “sell the rallies”...

SmoothJB

The euro had a wild week, as it initially fell towards the 1.1250 level before turning right back around. We got an explosive move to the upside as we sliced through the 1.14 handle, and then went racing all the way to the 1.15 level above. The 1.15 level is a psychologically important area, and we saw the US dollar strengthen late in the week. Because of this,...

SmoothJB

The US dollar plummeted against the Japanese yen but did recover slightly during the Friday session. At this point, it looks as if there is a lot of selling pressure, so I think if we do rally at this point, a significant amount of resistance may cause some issues. At the first signs of exhaustion, I anticipate that there will be a lot of traders out there willing...

SmoothJB

The Bitcoin market has pulled back just a bit during the trading session on Thursday as we continue to see a lot of noisy behavior in general. Because of this, I think you need to be cautious with your position size more than anything else, as we will probably get thrown around quite a bit. That being said, it is worth noting that the $40,000 level has offered...

SmoothJB

I wrote on Wednesday last week that we had a close fight between bulls and bears and it was hard to tell who is going to win over the medium term. I thought that the best potential trade would be a long from $1.1261 or $1.1250. Although those levels were never quite reached, I was correct to see the best odds as on the long side, as has been proven by the slow...

SmoothJB

Retail Forex traders have two things going for them that they can use to grow their trading accounts, both of which can be easily identified by using freely available price charts. The first factor is the trend: locate currency pairs or other instruments that are trending, and trade only those pairs/instruments, in the same direction as the trend. The second...

SmoothJB

The euro spent most of the week falling, but on Thursday and Friday turned around to show signs of strength. The question now in my mind is whether or not we can break out to the upside. The 1.1375 level has been significant resistance previously, so I think if we can break above there it is very likely that the euro will continue to go higher, perhaps reaching...

SmoothJB

Bitcoin fell again last week for the second consecutive week, finally breaking below the key support level at $42,651 which now looks like it has flipped cleanly to become new resistance. Bitcoin has just made its lowest weekly close since July 2021. These are clearly bearish signs, but I see the nearest support level at $38,728 as likely to be very important. If...

SmoothJB

The USD/JPY currency pair made its highest weekly close in 5 years for the third week running, but the candlestick formed is a pin candlestick which looks only weakly bullish, if at all. We do see a strong bullish trend, but the souring of risk sentiment last week had the effect of boosting the Japanese yen, so I do not want to go long here until we see a daily...

SmoothJB

The weekly price chart below shows the U.S. Dollar Index printed a weakly bullish near-pin candlestick last week, after previously rejecting the resistance level identified at 12257 three weeks ago. Note how this key resistance level has held again – in fact, it held just after the FOMC release some weeks ago when it was tested, which may be a bearish sign. While...

SmoothJB

Ethereum markets dipped ever so slightly on Wednesday but continued to find buyers on dips. It looks like we are trying to form a little bit of a base in order to recapture some of the recent losses. In fact, if you look at the bigger picture, you could even make an argument that we are forming a “falling wedge”, which is technically a bullish sign. That being...