Altcoins like Shiba Inu are gaining momentum as Bitcoin edges closer to a new all-time high.
For Shiba, the last 135 days of price action on the 3-day chart reveal two significant patterns. First, an inverse head and shoulders pattern suggests that a breakout above the October 18 high could drive Shiba Inu up by 37.71%, reaching the upper level indicated on the...
Israel's targeted strike, which avoided Iran's energy facilities, is driving crude oil prices sharply lower. After closing Friday at $75 per barrel, prices opened today at $72.61 and quickly dropped to a low of $71. This has created a notable gap between today’s high and Friday’s close, which could be filled if prices rebound temporarily before resuming a...
On October 15, we noted Bitcoin was consolidating within a bull flag pattern, with a break to $70,050 that could drive the price to $83,000 per coin. The price action has recently shaped a smaller double-top, possibly an ascending triangle pattern. With this interpretation, a breakout above $69,500 would trigger the double-top formation, potentially propelling...
Last week, we noted that Solana triggered an inverse head and shoulders pattern by pushing higher on Sunday, October 20. This pattern has a target of $201 per coin. Interestingly, the price reached as high as $178 before being rejected lower, forming a lower high than the high from July 28. We can now draw a descending trend line by connecting the highs from...
The S&P 500 experienced a turbulent week, dipping below several short-term trend-defining levels as markets reacted to heightened bond yields and shifting rate expectations. Despite the volatility, the overall trend remains bullish as long as the index stays above the critical support level of $5,760. The primary value area begins at $5,797, with initial...
Gold prices remain in an uptrend, with continued bullish momentum expected as long as prices hold above the key support level of $2,710. Traders who aren’t already positioned may look to enter on pullbacks around $2,732 to optimize their risk-to-reward ratio. Near-term upside targets for gold are set at $2,757, with a secondary target at $2,780, in line with the...
After nearly 27 days of consistent decline, from as high as 1.1205 down to 1.0761, EURUSD appears to be stabilizing, and showing signs of a potential reversal. Two key factors suggest this. First, the pair is bouncing off an upward trend line that supported prices on June 26. Additionally, yesterday saw a false breakdown below the August 1 lows, and now the price...
Is SOL heading to the heavens following the triggering of an inverse head and shoulders pattern this Sunday, or is it just a false move? The inverse head and shoulders pattern will remain valid as long as the price stays above $157.39.
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USD/JPY is consolidating in a triangle pattern ahead of the US retail sales figures and the ECB rate meeting. The ECB is expected to cut rates and may hint at more cuts due to inflation falling below 2%. If they turn dovish, it could help USD/JPY break to the upside.
US retail sales data, likely to have a bigger impact on USD/JPY, follows the ECB meeting....
After crashing 2% on Tuesday, NASDAQ 100 has resumed its up trend and will continue to be short-term bullish as long as it trades above Wednesday's low of $20,053. The next resistance level is at $20,482, followed by $20,600. Traders not already long may wait for a corrective move towards $20,246 to improve their risk-reward ratio on bullish positions.
This...
The next few days will be interesting for Ethereum traders and HODLers. The price has been stuck in a large sideways pattern for roughly 70 days and has formed a shorter triangle pattern over the past 54 days. Following such consolidations, a strong breakout is often expected, making Ethereum particularly intriguing right now, especially as Bitcoin attempts to...
We definitely need to keep a close watch on Bitcoin over the next few days. The price is currently stuck in a bull flag, and a break of the trend line, which is around the 68k mark, could signal the resumption of a bullish push. The challenge with this pattern is that the trend line varies slightly depending on who draws it, but it generally sits between 67k and...
GBP/JPY has been stuck in a range for about 19 days. This range now resembles an ascending triangle pattern, with a potential break above 195.78, which could lift the price by 381 pips to 199.70.
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The British pound is getting a boost after the UK unemployment rate dropped to 4%, better than the expected 4.1%. Wage growth met forecasts, but the claimant count rose to 27.9k, higher than the expected 20.2k, which is a negative sign.
This data supports GBPUSD, holding just above the September 11th low of 1.2999. A break below could lead to further declines,...
The China A50, an index focusing on mainland stocks, rose impressively by 46% from September to its peak on Monday, October 7th. However, since then, the index has slumped by 17%, making it an exciting market to trade.
There is a risk of continued downside, as the price remains in a downtrend, and this will persist as long as it trades below the critical level...
While we all want Bitcoin to trade higher, as that's where the best risk-to-reward lies, in the very short term, it remains in a downtrend. As long as it trades below the October 7th high of 64,473, the downtrend is expected to continue. A more tactical bearish entry could be between 61,486 and 62,810, which are key levels below the 64,473 high. This range offers...
USDCHF remains in an uptrend, turning higher between 0.8566 and 0.8522. The short-term risk-to-reward ratio favors upside potential within this range as long as the price remains above the lower of these two levels. The next targets are the weekly high around 0.8608, followed by 0.8655.
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They say "buy low, sell high," and that has been the strategy for short-term Nasdaq 100 traders over the past few days. The price has bounced twice from the 19,630-19,800 range, only to be capped just above the 20,000 mark. The price now appears ready to move lower again, potentially offering traders a third opportunity to repeat the trade. However, if the price...
