We have stopped at a former triple bottom which has been tested as a resistance twice now already.
So it may become a double top now. This the more that it was a top on May 23rd already.
The Moving Average is another resistance.
On November 14th we have opened window that may want to be closed.
Mind the trading range from mid March to 20th May which you can see...
Ahead of the important supporting MA we seem to halt amidst an open window. If we fail to close it we will likely go back to retest the all time high again.
The 78 % last controlling the rise Fibonacci level had been taking out already last week.
The big window that had been opened October 25th has finally been close now and the upward pressure is dwindling. That's why I prefer the close of the 2nd November window now instead of the continued rise to close the 24th October upward window.
The risk is that the bears may be unable to close the window that had been opened yesterday with the spike up. I...
The window opened on October 6th has been closed at the October ultimo but there is another window ahead luring to be closed as well. We have started the move towards it and when the price falls its better not to hold it.
In overbought conditions Ethereum has reached a very important resistance. It reached back as far as mid March. This level has been support and resistance several times and was the upper and lower border of trading ranges since.
It will be hard for the krypto to overcome this level easily.
This support reaches back until March 2020 where it has been the low so far.
Despite the 2 years substantial fall there is still a long term uptrend. And the support gives the market the chance to recover and make some retracements of the fall.
Nothing special here but AMAT is struggling the fifth day with the current level.
Of course this may be a consolidation level. Therefore a bet on an upward correction must be combined with a tight stop.
The price seems to hold within the trading range that lays above the MA. This confirms it as the coming bottom. The idea is also supported by Fibonacci. By its rules we have just retraced the September low and may seek an upward correction now.
In August and at 4th October the present level has been the low. It is a confirmed bottom now that we have reached now again. The Hammer can be seen as another confirmation. Thus it is more likely that the bottom will hold and we may see a retracement in the next days.
On Friday 13th a window had been opened that has been closed now. The window was an outbreak of the trading range since 6th October. The upside of the range serves as a support now. I expect an upward correction from here therefore. If the overall market will retrace upward we may even see a further rise.
Mind that United Health has behaved better than the market...
On Friday we have risen above the MA which became the current support now. After a short downward correction we have recovered already what is confirming the support.
After today's Hanging Man we failed to test the support again.
I take this together as a bottom for a coming spike up.
2 days ago we have overcome the short term trading range. This has been confirmed yesterday. Now this outbreak has been retraced by Fibonacci rules.. The promise of the outbreak may be realized now.
The MA and the bottom of the trading range left are supportive.
We have reached a multiply confirmed support zone now. It comes from March and has been renewed in the beginning of May. As is has been confirmed, broken and confirmed again multiple times I assume that this may continue for a while. Thus I expect a rise next to test the August-October high once more at least.
BAND has risen sharply today but has reached a hidden resistance now. Thus I am expecting a correction downwards before it perhaps may rise again. Mind that we are within a bearish trend and we have not fallen through the previous low to trigger stoplosses.
It is a little bit difficult to describe what I see.
2 different VWAPs(a rising and a having turned downward) indicate a bottom and on Friday we have re-entered a 3rd VWAP which is following the downtrend since 15th September.
In my opinion this says that we shall test the upper lines of the price band.
I know that this seems to be a bit strange but due to my...