Looking at this potential GBPJPY Short. The 1.4000 is a key long term resistance and also a psychological level. A double top reversal or retracement pattern already formed last week closing. If the sellers come in strong we will see a sell to the nearest area of support.
Multisession double bottom on H1 with RSI bullish divergence. At a very strong support zone (1.3000). Once the neckline of the double pattern is broken with price closing above 1.3060 resistance level. We may see further push upwards. However, this is an annoying ranging market. So, positions have to be watched properly
The $250 to $230 was strong consolidation zone for close to two weeks. But price eventually broke downwards and has retested that zone and that retest seems to be failing.
I am positioned for a short, and hoping to sell to the next key support level around $214 while watching the $225 l level as a potential reversal zone.
Bitcoin price action seem to have consolidated into a bearish penant after the strong bearish impulse move of June 10th 2020.
The bears are in charge are may likely drive prices further down to the next key support zone around $8500.
But I wont just sale right away, I will wait for price to break the penant to the downside and/or retest it before I sell.
Price broke through the 1.26000 area which has served as a key resistance level since April 2020, for price to continue its uptrend, the retest of that zone has to hold.
on H1, price is setting up for a pullback with a nice M pattern. Although i have gone short, the break and retest of the M neckline will confirm the sell bias.
Keep your risk...
It is not clear if Bitcoin price action is in a bullish ascending channel or a bearish flag.
With Bitcoin current fundamentals after halving, I would like to side with the bulls. But given that anything can happen, its is always safer to consider more than one scenario.
Scenario 1: Price breaks through the ascending channel and breaks through the $10,500...
The last two days have been pretty volatile for bitcoin as sudden impulsive moves up and down has liquidated a lot of short and long positions. My initial bias for the last two days was bearish but with these recent moves I am somewhat neutral and have decided to do a top down analysis from the monthly, weekly chart down to h4.
The MONTH OF MAY IN REVIEW: Prices...
EURCAD is at a Key Support level. Price has formed a W pattern signalling a probable reversal. The H1 bearish trend line has been broken upwards.
We are currently waiting for price to break the W pattern neckline and close above it decisively as our confirmation to buy. Our stop loss goes below the 1.5070 area for a nice 1:2 Risk:Reward Ratio.
Happy Trading &...
Whilst men slept, Bitcoin the offspring of Satoshi Pumped and we got stopped out of our short position.
Now, we sold two days ago because price was within a resistance zone and had broken below our rising wedge pattern, we held unto the sell because price retested the $9.6k resistance level severally but failed.
Eventually at about 10pm, price broke back into the...