The daily RSI shows we hit an important resistance and the pitchfork shows we could be retesting the center line around the same area as the POC around 3.4 k. In case we break the RSI resistance, this idea would be invalidated, and the bull trend would resume.
On the RSI 8h there is a bearish divergence that should take the pair down to at least 0.9. Daily RSI is also overbought and showing the same type of divergence, there is good potential here.
We reached again this important angle and feels like bears are now ready for their attack. Unless Iran and/or Trump comes to spoil this party with their twits and their Ormuz blockades, I believe it is now worth to risk for a short with a great potential.
Check my last idea published and also an important RSI divergence formed on the weekly.
I pubished before about LTCUSD that is now on a bull trend too. I believe there are greater opportunities on these two rather than BTCUSD, purely from a technical analysis perspective. This trade is for a +10% profit, but the same run on bitcoin only gives me +7% so I am more inclined to long these on the crypto family.
The TP here corresponds to the confluence...
We just hit again the bottom of the fib channel and yesterday we were at the time fib 0.618 from the last run up. There are several signs on 4h and daily time intervals that this might be a stable bottom that's worth taking the long risk. The target on this idea is on the 0.236 price fib, where there could be some retrace for TP and evaluate the strength of the...
Simple lines could be enough. One of them a previous resistance now turned support and also marked the beginning of the strong uptrend before once it broke. The other one, a support that's been holding for almost a year. Now that we are at the cross of these lines, it seems price is getting ready for some nice upper action. Also the resistance on the RSI that came...
After the news that caused that spike, it is now fading and completed this butterfly pattern. The PRZ is tested and there is enough evidence to try a short at this level. Targets indicated on chart.
Good luck and thanks for your comments.
Too much evidence is accumulating that hints a short in crude. This fib fan has some history and the importance of its angles has been proven. We have now a clear resistance on the 0.618 angle and momentum and volume also peaked. The long term target is on the 0.5 angle with good possibilities of continuing further down.
On the 4h time frame there is a head and...
As the wedge formed on the bottoming seems to be breaking, this pairs seems to be ready for reversal. There is also support at the Gann angle and the R/R for this trade is worth to try. Better wait on signal before engaging.
Thanks for your comments and good luck.
Wonton Group Forex Division
In the current environment of uncertainty it seems reasonable to think about gold. After the last attempt to break the POC around 1276 that took us to the 1360 peak, retrace with last two bottoms are showing an Adam and Eve pattern with strong support at the aforementioned POC. There is also the Gann 0.5 angle that seems to be holding.
Let's see how market reacts...
We just hit the upper quarter channel and this pair is still over extended on daily and weekly basis. There is a potential for a long term play with a young bear that will take us down to the 1.50 area. There is a similar behavior on the EURNZD.
I am still working on the EURCHF as stated on the link to related idea.
Good luck and trade safe.
Even if this bull run is to be sustained, retrace seems inminent at this point. Volume and price action both show that there is a potential for a short now. Last time we didn't get the signal to engage, so there was no harm. Now there is a first signal through CCI and will keep waiting on RSI to add. First target on the 0.75 angle, and next one on 0.618 close to...
Having just hit the pitchfork channel and the POC here, it looks like gold will retrace and extend from its previous uptrend to test the lower part of the channel. The R/R for this trade is fair enough to take the risk. Lower time intervals show some overbought condition that confirm.
Good luck and thanks for your comments.