At this point bitcoin has proven that it shall not be tamed.
Any smart short seller is keeping his money out unless he hates having it.
Short term resistance expected at current levels of $55,800
She pushes straight through to $68,000
In anycase Bitcoin is coming for 68,000. the question is simply how long it takes to get there.
At this point,...
Nasdaq's daily outlook is pretty straightfoward.
Currently trading in an ascending channel. Watch for the bottom bound of channel for reversal patterns for a long.
Watch for a breakout of the bottom bound, as well as a daily candle close outside of the bottom bound. At this point analysis turns bearish. with reversal targets at previous resistance levels.
Dow possible contraction of upwards of 40% is possible according to technical analysis.
Perhaps the divergence between the stock market and job market in America will finally consolidate. Perhaps the road to vaccination becomes less clear and causes panic.
Idk. not really my job to predict the future.
But the chart says this is a possibility.
CADJPY is currently in a large rising triangle structure on the 4hr chart.
Price has the potential to break out of structure. should this happen, we would be looking for bullish opportunities after a retest of previous resistance.
However I am currently bearish till this happens.
Watch for break of smaller rising support within triangle for short...
LONGTERM OVERVIEW: Bearish.
- Price is at significant daily resistance level
- Both RSI and MACD showing bearish div since April - Should price break below rising support, it will complete H&S pattern driving it down to the .61 Fib
- MACD and RSI showing bearish Div since April
Alternate View: Bullish should price break above and find support at 74.000...
EURUSD is due for a significant correction that may already be underway.
If one is not already short on the trade, a retracement after wave 1 of the larger degree completes will be an attractive point of entry. Especially if this coincides with the resistance provided by the outer band of the resistance channel that was just broken.
If one is already in a...
USDJPY is teetering on breaking the bottom support of a gigantic triangle that has been forming since 2014. If this plays we could see a 20% drop . The trade is simple. place stop loss above previous high.
The USDCHF pair is providing signs of downward price action in the coming weeks. The price has been trading in an upwards channel since early August. However, prices have recently broken the bottom support and bounced off it on a retest.
A few patterns and indicators give us confidence of future downward price action.
Channel support break and retest
Expecting GBP to fail the current resistance level with a head and shoulders, at a retest of the rising wedge support level. This move could set up a possible cup and handle entry for a second test of the 1.256 level. This lines up well with what would be the .50 retracement level.
Been in this trade from 0.6325. Retrace just provided another entry. First Target is provided by the butterfly formation. If price breaks above 0.6449, it will confirm a cup and handle formation, this gives us a second and final target around the 0.662 level.
Sharing a current trade of mine. The Butterfly, Elliot wave extension and head and shoulder formation give us healthy targets at the 1.634 levels. Likely in subwave one of wave 3.
For those looking to join the action, getting short at 3 might be a good trade. I do not like trading 5th waves so I rarely suggest them.
Pretty good possible Gartley pattern on EURCHF. We are currently attempting to hold resistance.
Two possible targets present themselves. The first is provided to us by the Gartley in confluence with the -.236 fib extension.
The second target is prior resistance.
Just recently started applying harmonic patterns to my utilized skillset, couldn't ignore this glaring possible butterfly in BTCUSD. if we breakout of the current triangle we may prices as high as 14k before a major retracement. Lets hope for the best, but manage our risk along the journey.
If ETH rejects from its current levels, which in my opinion is high in probability as it heavy historical and fibonacci resistance, we could see price fall to support before testing $260 again. Should price break above in a second test, we would have a confirmed cup and handle with substantial upside. I am currently shorting ETH as a result of this resistance,...
Right before I went to bed last night I couldn't help but notice a smaller falling wedge had formed inside the larger wedge I had been tracking. This fractal presented a must take entry. As you can see LTC is currently doing about 15% on the day after breaking out. This could keep riding provided BTCs bull run continues. Possible exits are based on trendline...