Just putting this out there for posterity... :) Decouple soon? :)
Bulls are hoping this is simply a 2-legged pullback and, certainly, since we're at support level, time is ripe for a leg up to resume the bull trend, right? I'm not so sure about that because something tells me we could see the market break lower because of this sole reason: The 3-week bear trend trend looks intact. If you just look at the closing prices of...
A bit of wedge porn today. One of my favorite setups are these nested wedges but while these are bullish, right now we are sitting at a key support level at 3,230 after 3 weeks of sell-off so there could be some bearish momentum here. The smaller wedge is still forming so we shall see how this pattern ends up. A daily close below 3,230 is certainly bearish...
A quick post just to point out that we are at key support that bulls need to hold to stop/stall the carnage. Market is forming a possible double-bottom pattern at 3,230 which is a known inflection point a few times before in the past. This level is also around the 50% retracement of the JUNE swing low and the SEPT swing high. Today's bear candle is pretty...
Here's a good study for the chart pattern freaks. EURUSD has broken out spectacularly out of a consolidation pattern that started forming in JULY of this year. This consolidation pattern has all the appearance of a textbook head & shoulder reversal pattern which we all know could be used to draw a measured objective. Let's see now.
Channel has held since OCT 2016. Currently seeing significant selling pressures on the weekly chart and a break lower is looking imminent. Let's see how the week closes.
My 0.0143 level broke down shortly after my last post. Strong sell-offs like that "deserve" at least one more leg down to retest lows. Right now the market is finding some support at 0.012. If this level holds on a daily closing basis, we might see a bit of a rally and then another push down to re-test 0.012 before deciding either to go higher to re-test the...
We did get that weekly close above 0.0143 so i maintain my near-term bullish outlook. It’s reasonable to expect at least one more attempt to break that trend line resistance. If we see that then we are likely to see the price higher to target 0.02 again in the coning days/weeks. Note that we could still see a leg down to test 0.01 again. The 0.0143 level is key...
That SEPTEMBER 2020 sell-off was quite strong and most traders should be (rightly) expecting another leg down after some form of consolidation--- like a bear flag that we could be looking at in the chart. But this bear flag just seems to keep on going (looking at the 4 HR chart) so maybe (just maybe) this is not looking so bearish anymore? Recent price action is...
While the market has been rallying in recent days, a leg down to re-test channel trend line support is still likely so bulls will want to see a break above 11,070 to keep things interesting for them. We are technically still in a bull trend so I think market should see some continuation soon. Market just broke out of an inside-inside bar formation and is now...
Things have been looking up for my favorite coin in the past 3 days. It's currently trading above a key level (0.0143) and just below a trend line resistance from that AUG 9, 2020 HIGH. A break above this trend line line should indicate further strength (at least in the short term). We could still see another leg down to re-test 0.01 but if the market breaks...
Currently attempting to break out of consolidation. Just needs that follow through! First target here would be that previous high at about USD 2,070.
My levels for this pair. We may be seeing the last legs of the EURUSD bull trend but I also have doubts given that the preceding trend is pretty strong and tight. That said, 1.18 is an area of support that I think is key for a bearish scenario while 1.20 is key for a bullish continuation scenario. Let's see.
Bitcoin may be forming up for push higher to re-test 7800 level which was the most recent high formed by the November 24 - 29 upswing. I am looking at the current levels as the possible bottom of a descending wedge (i.e., bullish wedge) where a breakout may turn out to be the beginning of a bull leg with a first target around 7800. Current level is also at the 50%...
The current bull leg isn't particularly impressive but you never know. Chances are that this will go sideways some more before it decides where to go. I am looking for a break higher for a possible long.
After moving sideways for more than a day and 2 good attempts to break above the recent high, we seem to be seeing a selloff with some urgency. This could still be just a bear swing inside the the sideways range that we've been having since yesterday but a strong break and close of the hourly chart below 1.0945 may mean we will see the price lower with improved...
Here's another possible wedge breakout setup that I'm currently watching, possibly in anticipation of a transition to a more sideways movement or possibly even a reversal back to the bulls. Granted the bear trend still looks pretty strong, we are currently stalling at key support (around 106.80 area) and I am seeing a falling wedge price action with a false...
Nice bull trend with price making big swings up but appears to be contracting in a rising wedge. Possibly overbought at this point as we see big bull candles/swings with bad follow-up price action (hence the wedge). Looking for a re-test of the recent high (1.0973) and see if the bears show up strongly.