After a week of consolidation at resistance on the 1d chart the markey has finally broken through with strong bullish momentum.
On the H4, selling momentum has been decreasing with each test of resistance.
I've set a buy limit to allow for a better risk reward. There is a chance i may miss this trade but entering at market would not be worth it considering...
STOP LOSS: 82.2
Selling momentum is increasing on h1 timeframe with each test of resistance (81.95) leading to a larger rejection.
Multiple timeframe confluence with the daily candle closing as a bearish rejection of resistance at 82.00.
The stop loss is protected by that same resistance level.
There is a support level at 81.7. I'll...
Selling momentum is lost with each test of resistance. The previous 2 tests at resistance had instant rejections, the market consolidating now indicates that there may be no more sellers left and an bullish move is coming.
Next resistance is at 131.500.
Market is at daily support level (1.818).
Previous daily candle has closed as a bullish pinbar after breaking through and now retesting support.
Stop loss protected by minor level at 1.812.
Target is at next resistance level.
After a previous test of resistance and consolidation the market has broken through with a strong bullish candle.
The consolidation indicates that there are few sellers left and the price is likely to climb higher.
Target is next resistance at 1.5300.
Technicals are looking good for dollar strength this week.
After previously consolidating at resistance, the market has broken resistance and is retesting as support.
Weekly candle has closed as a bullish pinbar which gives further confluence to dollar strength.
I posted 2 ideas yesterday about bearish head & shoulders at daily resistance levels.
This trade idea is no different.
Yesterdays 1D candle also closed as a bearish engulfing candle rejecting resistance.
Targer for this trade will be 1.14000
A bearish head & shoulders has completed at daily resistance.
The daily candle has closed as a bearish engulfing candle rejecting resistance at 0.95800.
Possible extended target based on daily chart at 0.9440
DXY has been consolidating at resistance for a while.
Bullish momentum has been increasing with each test of resistance.
1d candle has closed very bullish.
Next resistance is at 96.00 but i'm anticipating the dollar to strengthen further.
The neckline has closed on this inverted head & shoulders pattern.
Yesterdays daily candle has also closed as a bullish engulfing candle at previous resistance now support.
Will be looking to go long if the market breaks the neckline.
Bitcoin/USD has produced an inverted head & shoulders at a previous support zone (5900). This could be the start of a bullish move for BTC if the neckline, which is also previous support now resistance, breaks.
If the neckline break I'll expect BTC to rise until the next resistance at 7600.
A bearish head & shoulders pattern has completed at a daily resistance level.
I've posted previously about how this market is likely to retest support level at 1.306.
The target for this trade however is at 1.312.
Selling momentum was lost with each test of resistance. (Indicated by the orange arrows)
There is also an inverted head & shoulders pattern and the neckline is the same level of resistance.
Yesterdays daily candle closed as a bullish engulfing candle breaking resistance.
I'll be looking for a buy if the market retests previous resistance now support.